The saying, “We live in uncertain times” has never been truer. The future isn’t likely to get any clearer, but when it comes to our finances, we can have some say about how things will go for us.
Economic and investment market conditions are hard to predict, but just as with embarking on a long trip or playing a golf game, we can plan our approach and adjust as events unfold. A sound financial plan prepares you for both the ups and downs of the economy and allows flexibility for the unexpected.
Controlling what you can
Here are some financial outcomes you can control:
Liquidity
One of the key protective measures you can take is to stay liquid. This means having money available in case of a shock to your finances. It also means not having so much debt that you are over-leveraged.
Market timing
Rather than trying to time short-term changes in your investments to match the market’s mood swings, you’re better off with a well-diversified all-weather portfolio that can withstand the ups and downs.
GUIDES
The Essential Guide to Retirement Planning
A 4-part series that answers key questions about building your plan, positioning your investments, and more.
Investment costs
High investment fees, commissions, and expenses can weigh down investment returns and derail your goals. Low-cost, commission-free investments are better choices.
Taxes
Taxes can impede your retirement goals just as investment costs can. Proper tax planning maximizes your “After-tax Wealth” over time as all the areas of your finances contribute toward tax-efficiency.
Preparing for “Life Happens”
Some things aren’t uncertain at all, but they sneak up on us if we haven’t paid attention to them.
Retirement
The need to produce income during retirement is a challenge that must be planned for well in advance. If you are not sure where you will generate your retirement income, it’s time to build a retirement income plan.
ACCREDITATIONS & AWARDS
We’re proud to have been honored by some of the organizations in our industry.
Health Issues
Preventing financial distress form a health emergency means having adequate health insurance, adequate funds to cover expenses and maintaining a healthy lifestyle to stave off medical issues.
Aging
None of us are getting any younger, but there are steps we can take to prepare for the future. Beyond exercise and healthy eating, preparing for longevity includes covering the high cost of home care assistance and custodial care.
Estate Planning
According to AARP, 60% of Americans have no will or other estate planning documents. In California, this can be an incredibly expensive and disruptive oversight.
To be truly prepared for uncertainty, your financial planning should cover all the areas of your finances. At Blankinship & Foster, we help you design these plans and we guide you through implementing them, so you can move forward with clarity, confidence and direction.
