Preparing Your Finances for Uncertain Times
Preparing Your Finances for Uncertain Times – Episode 6
There have always been (and there will continue to be) uncertain times in the world. We all can agree we’ve seen some of those uncertainties recently!
For example, we’re seeing inflation, a likely increase of interest rates on the horizon, along with the normal uncertainties in life, like our health.
While we can’t always be sure what tomorrow will bring, we can always be proactive in planning for the reality of uncertain times. The people that can best weather the storms along the way are the ones who have taken the time to plan and prepare before those storms come.
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1) Your financial plan is what helps you remain steady in uncertain times.A great plan is designed with the reality of the uncertainties in life in mind. This strategy is what you can hold on to when it feels like everything else is out of control. The people we’ve seen experience the most fear during uncertain times are the people who don’t have a clear plan.
2) The market can’t go straight up forever. The market had been generally moving up for quite some time, but that can’t be the case forever. When market corrections come, we need to be ready to weather those bumps along the road.
3) Be proactive. In today’s episode, Phil uses the example of purchasing a new car. We aren’t guaranteed that something will never happen to that car, so we make a plan by immediately calling our insurance agent. We prepare for uncertainties. We should do the same thing with our financial plan overall.
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All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. A Roth Conversion is a taxable event and may have several tax related consequences. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified tax professional for guidance before making any purchasing decisions. The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. 210 Financial is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and 210 Financial are not affiliated companies. 1310795 – 5/22
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