Are you worried about your financial plan?

7/15/2021

Are you worried about how the coronavirus pandemic impacted your financial future? It is time to REVIEW, REVISE, and REFOCUS to gain a sense of clarity and control over your financial life.

Review: Sit down with your financial advisor to review your financial plan. Find out exactly where you stand and how 2020 might have changed your financial situation. Then decide where to go from here. Do you need to adjust your spending, investing strategies or retirement plan? It is mid-year 2021 so it is a good time to check-in and see where things stand and make adjustments as necessary.
Revise: Revision may or may not be necessary to your financial plan. Review your financial goals and double check if you were affected by the pandemic in 2020 to decide if your financial plan needs changing. Your financial advisor can also help you decide on your retirement-timing concerns.
Refocus: After the year we had in 2020, it is easy to get emotional and make rash decisions. Instead, plan for the long-term and don’t make decisions based on a snapshot of what is happening in the markets at this moment. Take some time to reflect on how your priorities may or may not have changed after the pandemic. For example, maybe you learned from the pandemic that you are content with less luxuries such as dining out or vacations.

After reviewing your financial plan with your advisor, you may find that it simply needs a little fine-tuning to bring it back on track. Keep in mind that even small changes now can have a great impact on your financial future. For more information or to talk to a financial professional, please reach out to Traditions Wealth Advisors at Brien@traditionswealthadvisors.com Sarah@traditionswealthadvisors.com or 979-694-9100.

Source: Rosener, Jason. 16 June 2020. Goldman Sachs. https://www.goldmanpfm.com/investment-blog/worried-about-your-financial-plan-3-ways-to-help-maintain-perspective

6 Comments

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12/29/2021 07:46:46 am

I want to make sure that I'll be able to retire one day. It makes sense that planning my finances would be important. I'll be sure to work with a professional to ensure that I handle things properly.

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3/4/2022 03:28:12 pm

I'm glad you talked about financial plans and the importance of reviewing yours with a professional! The other day, my mom said she's been worried about her retirement plans. My mom kept putting off her financial planning, and now, she's concerned about her future, so I'll be sure to suggest she finds a professional advisor now! I appreciate your insight on checking our investment strategies with a financial planner!

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9/26/2022 10:53:14 pm

Financial planning is really important to consider and must be prioritize in many aspects. Great content you shared.

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5/10/2023 01:25:59 am

Thanks for delivering such an exciting post. I hope to see more great posts like this in the future and keep the good work going on.

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7/5/2023 09:34:48 pm

I find it interesting when you said that you have to review and revise your plans if ever they might have been affected by the pandemic which means it needs changing. It will be the first time that I will meet with a financial advisor this year because I wanted to plan for my future and my retirement. And I need these pieces of information in the coming years to know what I should do and expect, especially if my golla is to retire early.

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7/13/2023 11:28:12 pm

This is a very informative and helpful blog I have read in a very long time. It gives all the right information a person needs to know. I recommend you read this blog.