Your Financial Roadmap
It is not conveying anything new when we say that we are living in very uncertain times. But one thing we know for sure, just as you should use a roadmap when you head out for a trip, the same is true for your personal finances. You need a financial roadmap to arrive at the desired destination.
Rather than a just roadmap though, wouldn’t it be even smarter to have someone who can act as your personal CFO and financial guide? A person who could review where you are in your financial and investment cycle and assess how well you are prepared for your retirement and any other future life experiences.
If you are unsure that you are getting the best advice, we suggest that you get another opinion from a proven professional in the field. Simon Financial Group is offering a free personal Financial Check-up to evaluate how well you are navigating towards a worry-free and successful financial destination.
To get you started, here is a list of items to consider:
- You have several people advising you, e.g., an insurance professional, an attorney, an accountant, and a financial advisor. If yes, you are on the right track!
- However, it is probable that none of your advisors are speaking to one another and therefore do not have a total picture of your personal financial circumstances. Do you have someone taking a 10,000-foot overview of your financial affairs?
- Do you know if your current financial advisor is a fiduciary? That means he/she is legally responsible to act in your best interest and not in the best interest of themselves. If they are not a fiduciary, you may want to consider a review of their work.
- Where do you want to be financially in the next 3-5 years? Do you know if you are on track to meet those goals?
- What stage of life are you in now? Here are a few important tips to consider, depending on your age and life situation — 20s, 30s, 40s, 50s, 60s, beyond.
- If you have young children or grandchildren, are you saving for their college or advanced education through a 529 Plan or Coverdell Savings Account?
- Do you have a plan for retirement? How soon is that on the horizon?
- What interest rate do you need to earn to accomplish the goals you have set for your retirement?
- Do you own a family-run business? Do you have a succession plan in place?
- Are your legal documents, such as a will, a living will, trusts, etc., all in order, updated, and in one safe place? Does your next of kin know where those papers can be found? Are the ownership & beneficiary arrangements coordinated with your legal documents?
- With the changes in the tax laws over time, have you modified your legal documents to take advantage of these changes, which pertain to everyone?
- Are your children & family protected if you should lose your income due to illness, disability, or death?
- Have you addressed and protected your net worth with a long-term care policy?
- Is your family adhering to a budget to provide needed cash for monthly and quarterly expenses?
- Over time people can be unemployed, change jobs or careers. If you are in this situation, it could mean that:
- You are paying higher health premiums through a COBRA plan
- You have lost your group life insurance protection and/or disability insurance
- Your 401K is still with your previous employer
- You may have accumulated extra cash during this time, which is lying dormant in the bank – now is a suitable time to get the money working for you!
If you find yourself in the above situation, it would be helpful to have one person to call on who can advise you how best to move forward and protect yourself, your family, and your assets, as well as put you in control of all your finances.
You have worked so hard to accumulate your wealth, do not become one of the stories we have all heard regarding unanticipated issues with taxes, fees, and the additional distress for yourself & your loved ones.
With the uncertain times we are living in today, it is important to protect the ones you love and be as financially secure as possible. At the end of the day, will you have financial confidence, control over your wealth, and security for any contingency?
Simon Says® - Take advantage of our holistic financial review. There is no obligation to have Simon Financial Group give you a second opinion and confirm that you are on the right track.
I would be happy to discuss any of this on a Zoom call with you or feel free to reach out by phone at (561) 869-6464.