Despite the scourge of Covid-19 which continues to linger and touch almost every facet of our lives, April is still recognized as “National Financial Literary Month”. As far as I know, nothing has changed, and the month is still celebrated as a reminder that financial education (promoting the value of planned savings, good credit and smart money management) is still a key to a well-balanced, secure, and financially sustainable life.
As the U.S. continues to corral the medical and economic devastation caused by Covid-19, it may not seem the perfect time to re-evaluate the vulnerability of your personal financial footprint. After all, there are so many questions to answer. So many medical and political issues that may change the way you live and do business in America and abroad. That said, the question becomes:
“When is the Right Time to Plan for the Unplanned?”
If you haven’t already planned for the “un-planned”, when is the right time to do so? I won’t bore you with statistics but suffice to say that people who identify tangible financial goals and wealth management strategies in advance of unplanned events, fare better than those who do not. The mere process of exploring wealth preservation programs and the many options that both the US government and private industry offer is an enlightening and potentially self-motivating experience.
During this month, I encourage you to become better informed of your financial strength and weakness. In the next 30 to 60 days, learn more about financial planning options that millions of people have employed to manage risks by incorporating the uncertainties of life in a well-balanced portfolio.
Contact a financial professional and let he or she walk you through; 1) Loss job or business income scenarios, 2) Refocused pre and post retirement goals, 3) Medicare and Long-Term Care decisions you need to make now and, 4) Estate Plans and Tax saving tactics that are available now as a result of newly sanctioned Covid-19 laws. (If you are a business owner, now is when you want to qualify for smart loans or grants that can benefit both you and your employees.)
“We are not out of the woods yet.”
Don’t let the debris settle or the fog fade before you act. We are here to help! The perfect time to have fresh eyes help you prepare for the next “event” is now. Sometimes, amid a storm is when you see most clearly.
It’s Your Life, Plan for It.
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-3542188-040921