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August 14th is Financial Awareness Day (Archived)

August 14th is Financial Awareness Day (Archived)

August 11, 2021

Really? The middle of August?

YES!  According to the nonprofit group, Nationaltoday.com, August 14th, 2021 is National Financial Awareness Day

Well, for most folks, the only financial awareness going on in August will be checking hotel and travel rates for that last family trip before the kids go back to school.  Perhaps that exotic get-away for the young-at-heart or that annual all out golf and boating escape for the experienced senior travelers.

On the other hand, because of Covid-19’s effect on the economy and job market, others are staying close to home, living for the moment, trying to enjoy the sun filled days while they last. Trying to ignore the reality that many of the niceties that come with summer are easily obtained but mostly short lived.   Afterall, the warmth of a midday sun and a cooling evening breeze is still free…last time I checked. With Fall only days away, there will be plenty of time to worry about bills and money. Right?

Maybe not!

As a Certified Financial Planner (CFP®) and a strong advocate for financial education and awareness, I’m keenly mindful of the dichotomy between these two scenarios, these two lifestyles.  It’s a continuum – a continuous sequence of adjacent elements which are not perceptibly different from each other, although the extremes are quite distinct.* 

In other words, It’s not necessarily rich vs. poor, or privileged vs the disadvantaged.  In many cases, it simply is planned vs. unplanned, prepared vs unprepared.  You don’t have to be rich to be comfortable, and everyone needs a plan to be prepared. The issue at hand is determining how far you fall towards the extremes of this scale and what steps you will need to take to affect your position.

I’m on the board of several nonprofits, including, The Community Foundation, The George B. Thomas Learning Academy and The Wealth Club-Rising Sun Programs, all with the goal of supporting and educating individuals and the community towards intellectual and financial competence and independence. These organizations and others like them understand that financial support and literacy is a long-term exercise and their messaging doesn’t take summer breaks.  Nor should you. During August, I challenge you to find out where you are on this scale. 

Step 1:  Ask yourself;

  1. When was the last time I reviewed my financial footprint with a professional?
  2. Do I understand how my money is being invested and the risk vs opportunity it presents in today’s economic environment?
  3. How prepared is my household for the potential of a continued Covid-19 economic slowdown?

 

  1. Should I delay my retirement, look for a second income stream, rebalance my portfolio, or just let it be?

 

If you don’t know or like the answers, perhaps it tells you where you are on the continuum scale. 

 

It’s Your Life…Plan for it!

 

Eric D. Bailey

 

*Merriam-Webster Dictionary



Eric Bailey is a registered representative of Lincoln Financial Advisors. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Bailey Wealth Advisors is not an affiliate of Lincoln Financial Advisors CRN-3704641-080521