How can a financial planner help me?
ACS Answer
When you started treatment, you probably formed a team with your doctors, nurses, and others. This team has been helping you with your physical and, perhaps, emotional health. You also can form a team to help you with your financial health.
To get a clear picture of your financial health, you first need a "money checkup." This means that all of your finances are reviewed. This includes everything from job benefits to your bills. Some financial professionals, such as financial planners, take this "big picture" approach. Others, such as accountants, insurance professionals, and attorneys, focus on specific areas. For example, an accountant can provide needed advice on taxes but may not be trained in investments. The focus of this information is on financial planners because they look at overall finances. Still, much of this information may be used to find professionals who offer specific services or products.
A financial planner looks at all of your money matters. This will likely include your bills, income, employee benefits, taxes, insurance, investments, and so on. A skilled planner works with you to develop a plan so you reach your goals. For example, if you have completed cancer treatment, you may need a plan that allows you to repay your medical bills while you rebuild your bank account. A financial planner can help you accomplish both. Or, if you're thinking about going on disability, your planner can show you how to prepare financially for that time. A planner can help you identify your options. He or she might even be able to come up with sources of income that you hadn't thought of.
In reality, most people, not just those being treated for cancer, could be helped by working with a financial planner. More than ever before, we are on our own financially. At the same time, life is complex and hurried. It's hard to find the time to make a sound financial plan. Yet, planning has its rewards. For example, a recent survey found that households that had financial plans saved twice as much as households without plans. And these were households that had an annual income of less than $100,000.
But, as someone with cancer, you probably have some unique financial challenges. Not all planners have experience in handling the financial issues related to cancer. Therefore, you need to find someone who is not only a skilled planner, but who can make a plan that fits your specific needs.
Related Resources
Request a copy of the American Cancer Society document Financial Guidance for Cancer Survivors and Their Families.
Find books that cover this and other cancer topics at the American Cancer Society bookstore.
Recommended Consultation
You should consider discussing this issue with a financial planner.
