Regardless of if you are a recent graduate, mid-career professional, approaching or in retirement I would offer the same advice for life: "Don't get too comfortable." My experience has shown that the most rewarding and beneficial experiences I have been through were born from me getting out of my comfort zone. Getting into a rut is easy (easier still if you have been working from home, or not able to travel and seek new experiences the way you would choose to.) Getting out of one can seem close to impossible if you don't have those that push you to learn and grow every day. I feel fortunate to have a group of industry peers I trust to hold my feet to the fire to follow-through on those important goals and strive to be better every day. Sometimes we all just need a friendly nudge to do what we already know is in our best interest. If you don't already have such a person in your life, I would encourage you to seek that from a colleague, friend or family member.
Good economic conditions and strong market returns can also cause us to get too comfortable in our financial plans. If money comes easily and seems plentiful, we are less likely to invest the time to be thoughtful and intentional with it. Interestingly enough it is during the calm rather than the storm when we should be taking the time to pause and re-assess our circumstances rather than making knee-jerk reactions under pressure.
"The Time to repair the roof is when the sun is shining."
- John F. Kennedy
Many retirees believe their financial plans are laid the day they retire so there is no need to review things. Life happens, tax laws change, children get married or grandkids come along, markets move up and down, we may own insurance and other financial products that no longer serve our needs. These are just some of the things that can cause our plans to become stale and out of date. We believe your financial planning relationship should be dynamic and adjust with your needs and situation over time. That is one reason we created the 5 Point Retirement Checkup to help those that are earnestly seeking this type of relationship with a financial professional.
Where do you go from here? If you are finding yourself in a rut that is difficult to get out of, I would offer you a second piece of advice. "Take one small slightly uncomfortable step and commit to that 100%". I'm pretty confident the rest will fall into place from there.
Disclosure
Visionary Horizons, LLC nor any of its representatives provide tax preparation or advice. Please consult with a tax professional prior to implementing any strategy. Registered Investment Advisory Services are custodied at Schwab Institutional, a division of Charles Schwab & Co., Inc. ("Schwab") Member SIPC., TD Ameritrade Institutional, a division of TD Ameritrade, Inc. ("TD Ameritrade") Member SIPC.
Securities offered through Purshe Kaplan Sterling Investments, member FINRA/SIPC, Headquartered at 80 State Street Albany, NY 12207. Purshe Kaplan Sterling Investments and Visionary Horizons, LLC are not affiliated companies.
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