Everyone makes New Year’s resolutions. Many involve some sort of financial check-up or risk assessment.
This list is designed from a Comprehensive Wealth Management perspective. You need to look at your finance life, and its responsibilities, from a 360-degree perspective. Here we go….
1 - Get Properly Insured.
- This is #1 because the proverbial car accident can happen at any time.
- A review of your risk exposures is needed each year. You want to be sure you are properly covered in a cost-effective manner.
2 - Be sure your Estate Plan Docs are in good order.
- This is #2 because it is highly correlated with #1 - accidents can and do happen.
- Each state has a basic “Will” in place for all its citizens. If you have not drawn up your own, you will be subject to something a bureaucracy has come up with for you.
- Many Financial Advisors work under different regulatory regimes that do not require you be the #1 concern.
- Be smart; work with an advisor who is committed to the Fee-Only standard.
4 - Update your Financial Plan.
- What, you do not have a financial plan? Where are you headed?
- Today’s Financial Advisors are much better equipped than those of yesteryear. A Financial Plan should be a piece of the financial service you receive from anyone who is offering you financial advice.
- Pay yourself first. Make sure you are putting aside enough funds for the lifestyle you would like in the future.
- Once you have accounted for your future needs, please go enjoy yourself. Life is short and full of wonderful surprises!
There you have it. Follow these Comprehensive Financial goals in order, and you will be well positioned for whatever life brings your way. It is not that complicated.
This is being provided for informational purposes only, and should not be construed as a recommendation to buy or sell any specific securities. The views expressed are those of Southern Investment Management Collective (SIMC) and do not necessarily reflect the views of Mutual Advisors, LLC or any of its affiliates. SIMC, nor any of its members, are tax accountants or legal attorneys, and do not provide tax or legal advice. For tax or legal advice, you should consult your tax or legal professional. Investment advisory services offered through Mutual Advisors, LLC DBA Southern Investment Management Collective, a SEC registered investment adviser.
About the Author
Kent Fisher is a Chapel Hill, NC Fee-Only Comprehensive Wealth Manager at the Southern Investment Management Collective (SIMC). SIMC provides comprehensive financial planning, retirement planning and investment management services to help clients organize, grow and protect their assets. SIMC serves clients as a fiduciary, and tailors all solutions to each client's unique situation.