When you’re in an accident that has left you with major or permanent injuries, no amount of money can make up for it. After an accident, your injuries may keep you out from work, unable to play with your children and other major life changes. Sometimes the road to recovery is a long and difficult one. But thanks to Personal Injury law, you can receive financial compensation to help make life a little bit easier. Oftentimes victims of accidents are awarded a large amount of money, sometimes more than they thought they’d ever have. The one piece of advice I give my clients when they’re walking away with a large check is to get a financial planner.
A certified financial planner, who charges by the hour rather than a percentage of assets, can help you weed through the complicated landscape of financial ownership. Your financial planner will sit down with you and help you create a holistic financial plan you understand and can manage yourself. Financial planners can help you reduce your spending, pay off any debts you may owe, and teach you how to save and invest for your future.
I like to explain financial professionals like doctors. There are plenty of specialists out there, instead of oncology or dermatology, you can see a financial professional specializing in taxes, life insurance, estate planning, risk management, stocks, and other areas. A Certified Financial Planner (CFP) is more like a General Practitioner. They’re usually a safe bet for you to see when you’ve come into money after an accident.
You can expect your CFP to sit down with you and ask a few questions such as what your financial priorities are, if you are planning on investing if you have a 401ks or IRA, what your current financial situation looks like, and if you’re saving already. Together, you and your CFP will work on a plan that is easy for you to manage while setting you up for whatever life may throw at you in the future.
It seems like a lot of money when you see a few zeros at the end of your check, but the money goes quickly if you’re not careful. Mismanaging large sums of money like this can lead to financial ruin later in life. If you’re dealing with major health problems now, you want to make sure you’re financially set in case you are faced with problems down the road. Because hopefully, you will never be in a situation again where you need financial compensation for an accident you were a victim of.
If you’re a client of ours, you can reach out and ask us for a list of Financial Planners in your area that we suggest you interview and shop around for the planner that you sync well with. Think of a CFP as your employee, you want to hire one you get along with and trust their expertise in the field.
Stuart Personal Injury Attorney
If you have been injured in an accident, slip and fall, or other personal injury matters, give Philip DeBerard, Injury Attorney a call. We offer free consultations and will provide the one-on-one service each of our clients deserves.