I think we can all agree that 2020 was a most challenging year and many people have been through some unexpected upheaval. With that said, how can you make sure that 2021 is going to be an outstanding year for personal and financial growth?
While many people spend their lives making and accumulating a great deal of money, some are not very good at managing it. I suggest that you take a holistic approach towards your finances and start off the new year on the right foot by developing a new financial mindset.
Know Where You Are
- Take an inventory and value all of your assets…these include not only your real estate properties, but also your cash on hand, investments, collections, business, and insurance policies
- Make a list of all of your personal and business advisors, including but not limited to your accountant/CPA, attorney, investment/wealth manager, insurance professional, etc.
- Are your will and trusts up to date?
- What does it cost for you to live? Make a list of ALL of your monthly & yearly expenses
- Education expenses
- Costs of daily living – food, medical, clothing, etc.
- Insurance – home, auto, life, disability, long-term care
Here are some important questions you need to ask yourself:
- Are you living within your means? Are you spending more than you are making? If yes, how are you going to change things so that you don’t run out of money?
- If you are earning a substantial income, are you utilizing your money to accumulate more wealth, minimize your tax obligations, have a plan for retirement and know that the distribution of your assets will be handled in your best interest?
It’s Time to Take Charge of Your Money
A complete financial overview and assessment can be somewhat challenging to many people. I take a holistic approach to your entire financial landscape and help you manage your money. I often find that although you are working with various advisors, such as your attorney, CPA, insurance agents, etc., there are often huge coordination gaps between them which can adversely affect your financial picture. When I begin a relationship with a client, I frequently uncover various opportunities that can save people thousands of dollars.
Here’s how we do it:
- Take a 10,000-foot overview of your total financial position
- Discuss your investment strategy and determine your risk tolerance
- Assess if you are taking advantage of all tax benefits allowed by law and what the implications to your wealth are
- Check to see if your will and trusts are set up properly
- Determine if your estate and retirement plans are on a positive trajectory
- Make suggestions for how you can increase your wealth in the future
I know that if you give me the opportunity to speak with you, you will have a much better understanding of what I can do to sustain and preserve your wealth. I hope you will allow me and my team to help you plan for a more secure financial future that will give you and your family complete peace of mind.
Reach out to me on my calendar and choose a convenient time to have a no-obligation conversation, or call me at 732-623-2070. I look forward to hearing from you.
Happy New Year and here’s to an awesome 2021!