When the unexpected happens, chaos can result. And right now, chaos and change seem to be a part of daily life for all of us due to the ever-evolving coronavirus pandemic. More than ever, preparation and having a plan of action in place is necessary for you to do what’s best for you and your family in the midst of this crisis.
And when I say plan and prepare, I’m talking specifically about a financial plan. Having a financial plan means having all the details of your financial life in one place, including your savings, debt, assets and investments, life insurance, and other elements that apply to your unique financial situation (1) so 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. Here are some of the many ways a financial plan can make a difference in your life.
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 it 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 creating stability and security, no matter what comes your way.
When there is a comprehensive plan in place, panic is eliminated and rash, emotional decisions can be avoided. Financial plans set people up for success no matter what life or the economy throws your way. Everyone deserves to have that chance.
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 dream, chances are that it involves having enough money to feel financially secure and knowing where and how to allocate that money.
Creating a financial plan now will get you one step closer to making the future you desire a reality.
Secure Your Future
A financial plan covers everything from basic to complex financial matters with the goal of securing your future. It can help you:
- Know your current situation by creating a budget.
- Have emergency savings for when unexpected expenses arise or to weather a potential job loss.
- Add 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 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 Sirius 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 636-449-4890 or email firstname.lastname@example.org to schedule a virtual appointment.
David Domian has been working in the financial services industry since 1980 and specializes in financial planning with a focus on retirement planning. His planning concentrates on four specific goals: the accumulation of wealth, the reduction of taxes and volatility in retirement, the necessary strategies to deal with the risks of longevity, and the passing of an estate in a private, tax-efficient, and protected manner. David holds designations as a CFP® CERTIFIED FINANCIAL PLANNER™, ChFC® Chartered Financial Consultant, CLU® Chartered Life Underwriter, and AEP® Accredited Estate Planner®.
David has been married to his wife, Sue, for over 41 years, and together they have four children and eight grandchildren. Dave is a big believer in family and still has family dinners almost every Sunday with most of his kids, grandchildren, and even his 97-year-old mother. Dave and Sue have lived in St. Louis all their lives. He enjoys spending time outdoors, especially fishing with his grandchildren; he knows they will only be young for so long and you have to live in the moment. This year will be Dave’s 18th annual cross-country motorcycle trip with three college friends; together they have traveled through over 40 states on these memorable road trips.
Dave and Sue support many charitable organizations, including the MS-Society, Cystic Fibrosis, the Lupus Foundation, St. Louis Men’s Group Against Cancer, and the Mary Culver Home for vision-impaired women, where his mother lives. Their support comes in an unusual way: Dave and Sue donate a BBQ (including a pig roast, cooked, carved, and served on site), which is auctioned off at one of their live events. This popular auction item is a great way for Dave and Sue to have fun and do some good in the community. Dave also serves as a board member on the Estate Planning Council of St. Louis.