Transitions

Get a Financial Plan

Get a Financial Plan

Throughout our lives, we all experience transitions— ones that have the ability to impact us financially. Whether it be a divorce, birth of a child, retirement, loss of a spouse — it is important to have a plan as you navigate these changes. 

A good financial plan run with realistic projections can bring clarity to many questions you may have. It can include a budget, retirement projections, life insurance needs analysis, social security assessment, and investment portfolio review.

The other benefit a financial plan can offer is increased confidence. It is very common for these thoughts and concerns to creep back into our head from time to time. Having a written plan gives you something you can go back and reference when those concerns show up. It will show you that we have addressed these issues and are ready to move forward. 

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Financial Decisions

Focus on evaluating personal and household expenses and budget, making sure you understand money flow, how bills are paid, and maintaining proper liquidity. 

Learn where your money is behind held. Is it in banks? Brokerage accounts? Retirement plans? IRAs? Looking through past tax returns, online bank profiles, and investment statements may help. 

Ask For Help

Ask For Help

Evaluate advice given by a well-intentional friend or family member very carefully. The advice given out of proper context can have major ramifications. Consider consulting with a professional and bringing your trusted family member to the meeting.

1. Understand the decisions that are being made. If you are not comfortable and you don't understand the pros and cons, ask them to explain it another way or get a second opinion.

2. Do not be pressured into a decision that could have long-term consequences. Be aware of annuities or other investments that can reduce liquidity or charge a fee for access within a certain period of time.

3. Make sure the advisor is willing to tell you how they are compensated and that it aligns their interest with yours. Plans need to be adjusted over time so make sure your advisor is keeping in touch with your situation and meeting regularly. 

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