 |
 |
 |
 |
 |
 |
 |
 |
 |
Fact
Since 1860, the United States has only experienced three "double-dip" recessions, with the last occurring from 1980 to 1982.
– according to "Double-Dip Recession Unlikely." The Business Times. August 2010.
Quote
"The real source of wealth and capital in this new era is not material things. It is the human mind, the human spirit, the human imagination, and our faith in the future."
- Steve Forbes
Inside
Early Planning Tips to Lead to Smooth End-of-Year Sailing
As the season turns to fall, the preparation for colder temperatures begins in earnest. Furnace tune-ups, automobile winterizing, and garden pruning all serve to prepare the household for a comfortable and safe winter. Many households, however, fail to include a financial check-up as a part of these annual preparations.
Performing a financial check-up is a great way to track progress toward lifestyle goals, make adjustments based on unexpected life events, and prepare for end of year activities. To get started with your financial check-up, consider the following steps:
- Start with the plan – Begin your check-up by reviewing your financial plan. While your plan was developed with your end goals in mind, it may have been done at a different point in your life. Highlight the goals outlined, assets, expenses, and investment approach.
- Press rewind – Once you have pulled the highlights from your financial plan, write down any life changes that will impact your financial spending habits, such as a new baby in the house or a job change. Compare these changes to your financial plan to determine necessary updates.
- Review the portfolio – While investment management is done on a long-term basis, it is important to confirm your investment risk tolerance and philosophy once a year. Document any of the lifestyle changes you recorded in the previous step that may have impacted your needs regarding your investments.
- Jump-start tax season – Tax season may seem like a distant event, but spending a few minutes organizing now will pay dividends down the road. Compile any large purchases, charitable donations, or other financial events that may provide deductions or credits when tax season arrives. Capturing this list now will save you the headache of trying to remember these events and searching for paperwork later.
- Meet with your financial planner – Schedule a meeting with your financial planner to review your check-up. Provide him or her with your check-up findings and discuss any topics of concern you have identified. Regularly meeting with your planner will keep your financial plan up to date and focused on helping to achieve your lifestyle and legacy goals.
Performing a financial check-up is an essential part of active investment management. Your financial plan is a living document that will provide you with the best guidance when revisited regularly. A check-up allows you to remain knowledgeable about your progress in achieving your goals, while ensuring that your financial planner is regularly informed of changes that impact your financial behaviors.
Waller Financial encourages each client to participate actively in the financial planning process. If you would like to schedule your next check-up with your financial planner, contact him or her today at 614.457.7026.