Failing to plan is a terrible mistake, every time it is tried.
Do you have a financial plan?
If yes, you are acting wisely.
If no, you can still make things right.
According to a recent Forbes article titled “3 Common Mistakes to Avoid When Making A Financial Plan,” you need to be intentional in your financial planning.
What does this mean?
You need to start by creating a plan.
What does a "comprehensive" plan include?
It takes all aspects of your life into consideration.
It involves things like risk management, taxes, long-term care, and insurance.
Choosing to limit your focus on just an investment portfolio is not beneficial.
Another issue is not revisiting your portfolio.
You have a balanced portfolio now.
You should adjust for how the market ebbs and flows.
You will also need to vary the amount of risk you take depending on your stage of life.
Act on your plan.
It is one thing to make a plan.
It is quite another thing to execute it.
Turn your talk into action.
If you do not know where to start, work with an experienced financial advisor.
He or she will be able to help you create a plan with the big picture in mind.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Forbes (April 6, 2018) “3 Common Mistakes To Avoid When Making A Financial Plan”