Money Monday!

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?

Manage Your Emotions

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.

Measure Various Scenarios 

A good financial plan is tested in a variety of circumstances:

  • What if I make less money than expected? Or, what if I make more money than expected?
  • What if either I or my spouse dies earlier than expected? What if one of us becomes disabled?
  • What would happen if we bought that boat or beach house?
  • What if we had another child? Kids are awesome, but expensive!
  • When can I retire?
  • When should I collect Social Security?
  • Which pension options are best for me?
Consider Investment Risk

A good financial plan considers your baseline risk tolerance but also challenges it through education.

Be Purpose-Based

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.

Life Insurance

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.

Cash Management

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.

Estate Issues

Your financial plan should consider many issues around your aging and eventual death.

  • Who would handle your affairs if disability left you unable to?
  • Do you have beneficiaries named on the appropriate accounts?
  • Do you have a good attorney to help with planning?
  • Have you considered tax efficiency in passing your money to your heirs?
  • When should you consider updating your will?
  • Does your executor know where your will is stored?




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.