Our very own Casey Marx was interviewed by Indianapolis Fox 59 News giving out his best 3 mid-year financial planning tips. Here is a summary of the interview.
- Mid-year is a great time to look at your spending habit for the year. You can start by analyzing your budget, look at your expenses and make sure that you’re saving more than you’re spending. The pandemic last year highlighted the need for that.
- Estate planning is key because you never know what will happen. That includes having a financial power of attorney a will with a named executor regardless of age, making sure they are updated with the correct information. If you don’t, your estate goes through the courts or if you’re in the hospital, the hospital is going to determine who that person is. It’s a very difficult thing to figure out on the fly. Take care of this now.
- Risk capacity. Your risk tolerance changes as you get older. Maybe you don’t have money from a job coming in or another change in your life. When the utility of your money changes, you need to make sure that you are balancing the risk. It’s great if your equity positions have done well, but you want professional help to determine whether or not your investment portfolio is overweighted into any one asset class; otherwise, you could lose a lot of money all at once.
Looking for professional help managing your financial life. We created the RetireShield® financial planning approach. It covers your 401k, IRA, individual investments, tax planning, estate planning and more.
We encourage you to sign up for our complimentary financial plan review. You can meet with our team in person or via the computer. Schedule a time right now online that is convenient for you.