My husband says we should see a financial adviser, but can't an accountant do what you guys do?
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Accountants and Financial Advisers focus on two very different aspects of money.
When you say Accountant, I am going to assume you mean a Tax Accountant. Tax Accountants aim to minimise the amount of tax you pay.
For Example, you may have to pay $37 tax on every $100 that you earn, leaving you with $63 to use as you wish.
A tax accountant will look at how you spend your money and advise on ways that you can reduce the tax from $37 to a lower amount and therefore increase the money you can use as you wish!
A Financial Adviser tries to help you focus what you do with your money after you have paid tax. The main areas a Financial Adviser focuses are wealth creation and wealth protection.
For example, of the $63 you have left after tax, you have to buy food, pay debts and other bills. After paying these costs you may have $30 fun money left over for entertainment, hobbies, holidays etc.
You can spend that whole $30 on fun stuff, but you have to go back to work the next week and start again as nothing is left.
What if you worked out a plan where you put some of the fun money away on a regular basis and earned more money on it until you had enough to be able to pay for your lifestyle and fun stuff without having to work anymore?
This plan is where a financial adviser can help you.
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