For whatever reason, this has always proven to be a great time for financial planning. I assume a few factors:
• The kids are back in school
• Summer vacations are behind us
• Us adults are back in the “work mode” frame of mind
Clear minds. Updated goals. New questions. The desire (and time) is there to create a plan!
Also, let’s be honest, the 34 days between Thanksgiving and New Years are for chaos, fun, family and festivities (my favorite time of the year)!
For those reading this that don’t have a financial plan: “The best time to plant a tree was 20-years ago. The second-best time is today.”
For those with a financial plan, it’s a perfect time to reengage and recalibrate if any of your goals or circumstances have changed.
Here are some things we’re hearing:
• Clients enjoyed a vacation over the summer in Michigan and have decided they need to be able to spend time in Mackinaw City upon retiring.
• Couple wants to adjust their timeline—move the goal post to see what it would look like to become financially independent at 52 instead of their originally planned, 62.
• Family received an inheritance that needs to be worked into their long-term plan.
• Couple in their late 40’s received a large pay raise.
• Long time clients want to buy a lake house, what impact will this have long-term?
• New clients have ESOs that they’re nervous about (taxes).
When do we change the plan, when should we talk? We should talk when your circumstances change, we should change the plan when your goals change; This aligns with our primary financial planning belief at Know My Plan:
• Your goals determine your plan.
• Your plan determines your portfolio.
• Your portfolio is nothing more than the funding mechanism of your plan.
If you or someone you’re close to is a high-achieving professional that could use help aligning their finances and establishing a financial plan, please reach out to us, we’re accepting new clients and eager to help.
Cheers, Nic
