Singing in Financial Harmony

If you’ve stumbled across this page, we can only assume that you enjoy listening to people sing in harmony. If you want your financial plan to be making the same kind of beautiful music, these are five vital things you should focus on:

1) Create an inventory of what you have. Make a list of all of your various accounts—bank accounts, retirement accounts, and non-retirement investment accounts. Don’t forget about old 401Ks from jobs where you no longer work, individual stocks that you’ve been holding on to for years, and even life insurance policies that have a cash value. You might find that you have assets that you didn’t even think about because you weren’t organized until now!

2) Determine if each asset is doing the job it’s supposed to be doing for you. If assets are supposed to be growing for the long haul, have they been doing that? If something is supposed to be creating income for you, is it doing that? If you’re like most people, you probably haven’t given a specific job to each dollar, and that’s a problem! Every dollar needs to know which part it’s supposed to be singing, that way you can tell if everything is singing on key or not.

3) Assess your tax efficiency. Do you know and understand the tax implications of each investment you have? It’s entirely possible that you’re paying taxes that you wouldn’t have to pay if you were just paying more attention and asking the right questions.

4) Understand your limitations but also make the most of your potential. Wouldn’t it be silly for a baritone to try and sing a part meant for a soprano? But at the same time, wouldn’t it be just as sad for an extremely talented baritone to never even join the choir because he doesn’t know the talent that he says? Your money can be the same way. It’s so important that you’re creating the absolute best life you can create for yourself, while also understanding what’s realistic so that you don’t have unreasonable expectations for what retirement is going to be like for you.

5) Pay attention to your conductor. Even the most talented group of singers would struggle without someone directing them. If you don’t have someone conducting the different pieces of your financial plan, give us a call for a quick conversation. Click here to schedule a time that works for you.