Perhaps you started the New Year like the owner of a new car. Excited about the possibilities of where it would take you, with clear financial goals like a clear gloss paint finish. And you even implemented some steps to get your financial life in order, just as washing and buffing the outside keeps the car looking its best. But you can’t neglect the internal components that matter most to get you where you want to go. So, how about a midyear tune-up?

To keep a car running great, you can’t assume it will keep running on its own. Likewise, the key to a good financial plan is to revisit it, especially as life events occur: a birth, marriage, death, job change, etc… These events can affect your risk tolerance and trigger tax implications that could send you off the road.

Start with these tips:

• Change the oil: Clean up your budget to make your cash flow more efficient and to reduce whatever is dragging down your performance.
• Balance the tires: Do you have the desired amounts in your emergency fund, retirement accounts, health savings accounts, and discretionary spending?
• Check your alignment: Are your debts prioritized and managed alongside your savings goals?
• Inspect everything under the hood: Re-evaluate tax strategies, view your credit report, and make sure all the parts of your estate plan are working together.

We can help you preserve financial stability, despite the bumps, twists, and turns in the road. Our investment philosophy is to stay the course when it comes to adhering to your financial plan and risk appetite; to be a driving force regardless of when the economy shifts gears.

Some maintenance you naturally do on your own. But don’t be hit in your blind spots* with tax inefficiency or anxiety over market outcomes. There’s no shame in seeking the help of a professional for the best performance in your car and your financial affairs. Schedule a call with Asset Advisors to tune-up your planning with smart investments to keep you on the road to financial freedom.

 

*Read more about blindspots in this article from Kiplinger.