By Thomas Britt
When the unexpected happens, chaos can result. Remind you of any current events? We know it’s important to be prepared, but without a plan of action in place, doing what’s best for you and your family in the midst of a crisis is infinitely harder.
I’m talking specifically about a financial plan, which is essentially having all the details about your financial life in one place, including your savings, debt, assets and investments, life insurance, and other elements that apply to your financial situation. (1) This means that when a crisis hits, rather than resorting to panic or stress, you can rely on a thorough plan of action for handling your finances.
Be Ready When Chaos Comes
Let’s start with the elephant in the room, or more accurately, the potential virus in the room. This is not the first time (and won’t be the last) there has been a threat to your health, lifestyle, or money. Since we know this reality, being prepared for when, not if, these circumstances arise is key for having stability and security, no matter what comes your way.
When there is already a plan in place, the panic some people feel is eliminated. Plans set people up for success and everyone deserves the chance to succeed.
Achieve Your Goals
Did you know you are 42% more likely to achieve your goals if you write them down? (2) Having a financial plan is not just about managing your money, it’s about making sure the time spent to earn your money is used to reach the dreams you have for you and your family, giving you a life full of satisfaction and contentment.
What do you want for your life now and in the future? What about your loved ones? Whether it’s vacations, having more time at home, putting your kids through college, retiring with dignity, or some other desire, chances are that it involves having some money and a plan for how that money should be allocated.
Starting a financial plan now will allow the future you desire to become a reality.
Secure Your Future
Review the following actions you can take now to secure your future, which are the basic building blocks of creating a financial plan:
- Know your current situation by creating a budget.
- Have emergency savings for when unexpected expenses arise or to weather a potential job loss.
- Total up how much debt you have and calculate how much of your monthly income is going toward minimum payments. Create a plan of action for paying down those debts.
- Determine the household income you need to earn in order to reach your goals.
- Understand how much you need to invest per month for retirement, which is something a trusted financial advisor can help you determine.
Are You Ready to Create a Financial Plan?
If you don’t currently already have a financial plan in place, now is the time to create one. And as you’re likely spending a lot more time at home lately, it’s a great opportunity to tackle this task. We know this can feel daunting, but remember that our team at Benchmark Wealth Management is here to guide you. We can assess your current financial situation, help you make the necessary changes, or affirm that your investments are exactly where they should be. Don’t hesitate to call 860.434.6890 or email me at email@example.com to arrange a consultation.
Thomas J. Britt is managing director of Benchmark Wealth Management, LLC, with 20 years of experience in the financial industry. He specializes in executive financial planning, retirement planning, investing, as well as the management of trusts and endowments. Thomas is a Certified Financial Planner™ (CFP®) professional and holds the Master Planner Advanced StudiesSM (MPAS®), Certified Investment Management Analyst (CIMA®), and Chartered Retirement Planning Counselor (CRPC®) designations. He earned a Bachelor of Science in Finance from the University of New Haven, an MBA in financial technology from Rensselaer Polytechnic Institute, and a Master of Science in Personal Financial Planning from the College for Financial Planning. He is also a proud veteran of the United States Navy Submarine Force. Learn more about Tom by connecting with him on LinkedIn.
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