By Tom Sponsel, CPA/ABV, CFF
Managing Partner
[email protected]
It’s safe to say we’ve all been preoccupied for the past 18 months, but now is the time to step back and assess your financial situation with a clear mind. Personal Financial Planning includes many facets:
- Preparing a Personal Financial Statement
- Analyzing Your Household Budget and Cash Flow
- Education Needs Planning
- Retirement Planning
- Risk Management and Needs for Insurance of All Types
- Estate Planning
We have come through a period of great disruption and uncertainty. In some cases, mere survival was in question. You should now take the proactive step of rejoining your many planning initiatives as a prudent manager of your personal finances. This, at a minimum, should be a regular annual analysis.
If you haven’t looked at your estate plan in a while, it’s definitely an appropriate time to do so, especially as we wait to see what happens with the various White House proposals. Ideally, you should review your estate plan every three to five years.
Now is also a good time for business owners to look at their financial condition after the challenging past year. Review what you did to survive in your marketplace and think about what you could have done differently so you can be better prepared as you move forward toward future challenges. History is a great teacher.
You know now what it’s like to be thrust into rough, unpredictable storms. So, take this time amid the calm to evaluate your personal financial situation and determine what you need to protect your net worth as well as your family’s overall financial wellbeing.
If we can assist you further with your personal and business affairs, please contact Tom Sponsel at (317) 608-6691 or email [email protected].