Broker Check

Getting Your Financial House In Order

October 17, 2022

In this uncertain and turbulent economic environment, making your financial health a priority is top of mind for many. Our team has compiled three steps to get your finances in better shape than they may be today. After reading the below, should you have questions or would like to schedule a complimentary financial planning session, please do not hesitate to contact me.

Step 1: Design Your Present Position

Most people base their decisions on opinion and hype. They forget to take an inventory of where they are and put strategies in place that focus on the rate of return instead of on efficiency and top maximization.

For example, we're sure you've heard one or more "financial experts" on a national channel say things like: "You're in it for the long haul." or "Don't worry about risk because the market will always come back."

The challenge with this strategy affects those who intend to retire soon or are currently retired. Their accounts are down 20%, and they are now forced to draw on them while losing money. Although most likely, those accounts are no longer down 20%, they're down more like 30% because they are tapping into their principal since the portfolio is declining.

Why not position yourself where you could still be in the market but then have options and access to dollars that are no longer affected by market volatility? This approach takes preplanning to help you get into positions to capitalize on the recommended strategies.

This approach starts with getting all the facts together and designing an accurate present position to put your finances in the best possible condition to weather market volatility.

Step 2: Be Prepared for Unforeseen Situations

We strongly recommend preparing for a successful future, even though you may not plan to retire within the next five or ten years. Many of our clients either have no desire to retire or have a few years until they want to retire. Regardless, those folks still have to be prudent and have solid financial strategies in place so that if they can no longer work due to medical reasons, they will still have a very abundant lifestyle.

Step 3: Review Your Existing Policies

This last step may sound a little trivial compared to the other two, and many overlook something this simple. However, reviewing your policy from a life insurance perspective, including the list of beneficiaries, is essential.

Please contact us with any questions about these financial strategies or others. We welcome the opportunity to be a resource to you.