Article

Resolutions in the Heat of Summer

Resolutions in the Heat of Summer

Amid the draining heat of mid-summer, do you remember your New Year’s resolutions regarding your personal financial planning? How are you coming with your to-do list? Now is the time to check in and see how you’re really doing. Time passes quickly. August is just around the corner and then the year is half over. This is a great time to take action to keep your resolutions on track.

July 13, 2023
Resolutions in the Heat of Summer
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

Amid the draining heat of mid-summer, do you remember your New Year’s resolutions regarding your personal financial planning? How are you coming with your to-do list?

Time passes. Our children grow up and we get older. Sand keeps passing through the hourglass of our earthly sojourn. The year is over half gone. Soon children will start back to school and traffic will worsen. The summer break for most will be over. So, it’s high time to get done what you need to get done.

As a financial planner, it’s amazing to see the number of people with no wills or obsolete wills. Such a lapse in planning is especially critical in a marriage with minor children in the mix. An old will is better than no will, but it carries potential problems for minors, especially if both parents die at once, or a single parent passes on.

Often the bulk of a couple’s savings, or that of a single parent, resides in retirement plans. There too, money passing to a minor presents problems. Have you checked both the primary and contingent beneficiary designations on retirement accounts, and personal and group insurance policies?

For those with young children, have you funded a 529 college savings plan? Anyone, a parent or a grandparent, annually may gift to such a college plan. Gifts are made with after-tax dollars but the money grows tax-free and may be spent tax-free to meet qualified college and graduate school expenses.

How are you coming with plans to pay down debt and build savings outside of your retirement plans? Think about creating Your Personal Freedom Fund – a pool of liquid capital equal to at least one-year’s worth of living expenses. Living paycheck to paycheck is motivation-draining stress. Liquid and available capital creates peace of mind and freedom to roll with the punches or pursue opportunities.

If you are a key breadwinner in a family or household, are you adequately insured against the consequences of disability or death? The same question goes for key persons of an enterprise, including business owners. Is there a succession plan? Is it up to date?

August is almost upon us. In less than three short months, Christmas and holiday decorations will pop up in your local mall.

And if you haven’t made progress on your New Year’s Resolutions, don’t worry – you still have time.

Other content you may like

  • Keeping Sight of Personal Priorities

    Keeping Sight of Personal Priorities

    September 11, 2022
    Many business owners become so engrossed in company operations they inadvertently neglect their personal finances and their own personal priorities and goals. This article explains ways that you can develop strategies with your financial advisor that will help strengthen your personal finances, which can change over time with the growth of your company.
    Read this Article
  • How to Measure Your Portfolio in Uncertain Times

    How to Measure Your Portfolio in Uncertain Times

    May 10, 2022
    Too often during uncertain times, we inadvertently compare ourselves to the people around us – and that leads us to make financial mistakes. Consider looking at the big picture instead to make sure your investment helps you towards your true life goals. This article helps with examples that clarify changing to a bigger perspective.
    Read this Article
  • Consumer-Driven Flavor and Color Innovations

    Consumer-Driven Flavor & Color Innovations

    May 12, 2024
    Four trends have been identified as driving the 2024 innovation roadmap for the food and beverage industry. These trends reflect a changing global palate where consumers are more informed, connected, and expressive than ever before. These key trends can provide a peek into consumer-driven innovation to apply to a variety of businesses looking to update their brand.
    Read this Article
  • How to Combat Emotional Investing

    August 2, 2024
    There are strategies that can be taken to navigate market volatility with confidence instead of being driven to invest by the Fear Curve. Here are five foundational rules to be aware of that can help you make more rational investing decisions and avoid the emotional roller coaster of the fear curve.
    Read this Article
  • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    phone-handset