Happy Valentine’s Day!
Question: Are you in LOVE with your financial plan?
What should your financial plan do for you beyond simply managing your investments?
The role of emotion management in financial planning has been clearly evident over the past few years. A thorough financial plan can give you good data for decision-making during difficult times. Without good data, we are left with only our emotions to make a “gut feeling” call when times are tough and tensions run high.
A good financial plan is tested in a variety of circumstances:
A good financial plan considers your baseline risk tolerance but also challenges it through education.
Attempting to make your pile of money as large as possible isn’t necessarily the best financial plan. It’s important to consider your goals and direct your money toward them individually.
Many life insurance recommendations are made by those who sell a product. It’s a good idea to get an unbiased recommendation from a provider who doesn’t have a product to sell.
A good financial plan has a well-defined methodology for managing cash. I’ve seen many clients who have much more cash than needed “because it feels good”. That’s okay, but maybe there are more efficient ways to get the same feeling.
Tax efficiency is an important part of a financial plan. We introduce our clients to accountants that are a good fit, and we make sure that we are making tax efficient decisions when investing and making account contributions.
Your financial plan should consider many issues around your aging and eventual death.
The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Wheeler Financial LLC and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove it to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance does not guarantee future results. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.