Elections, political divisions, stock and bond market volatility, supply chain issues, trade imbalance, foreign wars and threats, and the annual flu and Covid. Aren’t you tired of thinking about all of that? A better question is, what can you do about it? The question is rhetorical as we know the answer, nothing or very little beyond becoming inoculated in keeping with your doctor’s recommendations.
What CAN you impact, and the answer is a lot, and none of it requires foretelling the future. Consider the items that are within your control and where you can make a positive difference in your and your family’s lives. This is the perfect time of year to plan and implement beneficial actions.
FIRST, GET IN THE RIGHT MINDSET. As we say each year, resolutions don’t work as they are negative and depriving in nature and you won’t stay with them longer term. The better course is to think positively about how you wish your life to evolve and take positive steps to achieve that vision. You are more easily attracted to the positive than you can be negatively repelled by sacrifice (like no more ice cream!)
NEXT, WHAT AREAS COMMAND YOUR ATTENTION IN EFFECTING POSITIVE CHANGE?
- Achieving a positive cash flow of income over expenses
- Building adequate, or even substantial, personal and retirement plan portfolios
- Creating an adequate retirement income
- Funding children’s or grandchildren’s education
- Paying less in taxes and redirecting that savings toward your goals
- Preserving and eventually transferring your estate to those persons and charities you care about
- Insuring against the ravages of long-term care expense
THERE IS MORE, BUT YOU GET THE IDEA. These actions are within your control and do not require you to
foretell the future, predict stock market movements or negotiate with the Chinese government.
The process for creating your unique plan is that which we have used for our clients since the 1970s and is also codified by the financial planning profession.
- Establish your life’s goals in writing.
- Take inventory of your current assets.
- Evaluate your cash flow dynamics.
- Create a financial plan and portfolio management structure that is unique to your situation and which utilizes proven textbook principles of financial and portfolio management.
- Implement and monitor that plan.
- Take advantage of tax saving opportunities connected with your finances and portfolios.
- Regularly review progress toward your goals, adjusting as needed.
This is what we do for our clients as part of our codified Client Experience. Proven steps toward achieving goals and no clairvoyance needed. If you are a client, your financial advisor here will trigger these steps along the way. If you are not a client, talk with us now so that we can start with you on the march toward the achievement of your goals.