I believe that most people would agree that it is important to look at your financial situation. You want to make sure you are on track for your savings goals, debt reduction, and retirement. We all know though that life can keep you busy and time can be scarce.
There is no better time than the present to take control of your financial life.
If you will put an appointment on your calendar to evaluate your finances, you will be amazed how simple the process will be. Having a financial plan in place gives you peace and allows you to focus on enjoying your life.
These are the top 3 excuses I hear for not getting your finances in order:
#1 My finances are too disorganized
“Once I get everything in order, I’ll be able to think about putting a plan together”
If you will set an appointment with a financial professional, they will help you organize your finances with a streamlined process that is quick and painless. You will be asked basic questions that will help them organize your information and put it together in a neat and easy to understand report.
#2 I don’t really need to look at my finances
“I have a good income, I am putting money into my 401k at work, and my job provides me with insurance.”
Saving for retirement is certainly important, but knowing how much money you need to achieve the retirement lifestyle is more complicated. How can you be sure you are putting enough money into your retirement account? Do you have the right investments to match “your” retirement timeline? How can you be sure if you do not know how much you will need?
When we meet with our clients, we are able to determine how much you will need for the retirement age and goal you have in mind. We factor in Social Security, inflation, your current assets, and your retirement preferences to help attain your retirement goal.
#3 I don’t have time
“I’m just too busy. I’ll get to it as soon as I can”
It is heartbreaking to meet with a client who waited too long to get their financial life in order. Some have waited until they have a medical condition that makes them uninsurable. It can make them unable to shop for life insurance to cover their debts, final expenses, and to provide an income for their family. Others have let their retirement account be exposed to aggressive strategies without adjusting them based on their time horizon. Instead of retiring when and at the level desired, they have to work longer and adjust their lifestyle considerably. Some have entered into retirement and have failed to position their nest egg in a vehicle that provides growth potential with zero-risk. With money exposed to market losses, they worry that they will not have enough money to last the rest of their life.
It is heartbreaking to meet with a client who waited too long to get their financial life in order.
Taking the time to plan helps drive away fear and uncertainty. Retirement shortcomings can be avoided and you can be prepared for the unexpected financial events in your life. Procrastination prevents you from realizing financial success.