Something To Do

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I spent some time this morning helping a client get some money out of one of his investments. The virus has made a mess of his business for at least the first half of 2020. He came in this morning to sign some paperwork, because as you know, there is always paperwork in this business. We were talking about the benefit of “having a plan.” We had discussed where the money should come from among his options.

I was talking to another planner about how to help our clients in the current environment. His advice was to “empathize and give them something to do.” The presence of a task helps our brain deal with stress. So, here is the task for this week. Estimate how many months of income you have in cash or cash like accounts. If you are uncomfortable with the number you get, and would like to talk about where the next chunk of cash might come from, let’s talk.

We very well may not need to put the plan into effect, but it might help to have the plan in place before you need it. 

The Most Important Question in the Financial Life Planning Process

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I started working in this business in 2006. One of the first lessons I got from my Father and business partner was this “Our clients have two questions; the first is am I ok, the second is where are we going to lunch?” While I might argue for a more sophisticated wording, this has proven very consistent. Our clients want to know if their plan is still on track, and then they are ready to talk about something else.

In this current world of 5:00 beers with Governor Beshear, let’s not forget to look at your plans. We can go anywhere to hear about “the market.” Let’s talk about your goals, your dreams. That’s much more important to your short term mental health and your long term financial life once this current upheaval slows down.

Send me an email, pick up the phone. I’m happy to take a new look at the current plan, and suggest any adjustments. My guess is there will be some adjustments you would like to make. Let’s talk about it.