Am I gonna be ok? Show 30


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The holidays tend to usher in a time of self-reflection for me. If I’m being honest though, I’m always reflecting on what I could do better or more of, or maybe what I should do less of. I have a tendency to always be striving for next thing.

Many people are reflecting this year. Just look at your social media newsfeed. This year has brought turmoil for many.

Interpersonal evaluation is good thing, but over analyzing a situation usually isn’t productive.

There’s only so much we can do personally to impact many situations. Sure, we should do our best to have a positive influence on what we can influence, but I’ve found focusing on what we can control is what’s most important.

As a financial advisor, what I’ve found is when most people come to me, they are looking for assurance that they’ll be okay.

Most people don’t state it quite like that, but that’s the underlying concern that they have. It’s merited. We all want to know what to expect or how to prepare. And if we’re not asking these questions, we may have issues down the road of life.

The next question clients have for me is, “How can you help me have greater financial peace of mind?” Again, they don’t say it quite like that, but I’ve found that is what they are asking.

I’ve found that putting together financial plans that are all weather proof generate the most peace of mind for my clients.

The first thing we do is we use financial tools that do well in bull markets and they can still do well in recessions.

Second, we don’t want to depend on just one tool to build our financial plan. If you hired a contractor to a build a house and he showed up to the job site with only a hammer and he said, “I’m prepared to build your house” it may or may not work out.

I can tell you though that my wife, being an interior designer, would not approve of the aesthetics of the house.

Third, we create plans that are nimble and capable of change. If one thing is certain, it’s that nothing stays the same. As we meet at least yearly we want to have a plan that we can make adjustments to and have room for change.

Research shows that most spend more early in retirement and their spending goes down as they age. Except for healthcare. Our spending on healthcare tends to increase with age.

I’ve mentioned this before, but the reason I’m passionate about seeing this detail is addressed is because I’ve witnessed firsthand the devastation long-term care expenses can have.

About two and half years ago my mom at the young age of 63 was diagnosed with dementia. Her healthcare expenses have been extraordinary. If you’re not prepared for a long-term illness like Alzheimer’s or dementia it may bankrupt you.

It’s great if you have money to self-insure and pay for your long-term care out of pocket. The problem becomes when your spouse doesn’t have any assets left to provide for their needs after your illness. I implore to you find what you can do to help yourself in this capacity.

It’s not possible for everybody to have long-term care due to various limitations, but it’s important to have a plan in place for your long-term care needs if possible.

This issue can be addressed in a number of different ways. I’d be happy to review those with you in a 15-minute call.

Click here to schedule a 15-minute call with me.

If you’re ready to get started building your all weather financial plan, use the link above to schedule a call. We’ll discuss what the first steps are and there won’t be any cost or obligation.

I hope you have a wonderful Christmas celebration with your family! We’ll see you back here next week. Merry Christmas!

Until next time,

David C. Treece,

Financial Adviser

Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Clients Excel, LLC are not affiliated companies. Investing involves risk, including potential loss of principal. Any references to protection, safety, or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and/or trademarks of podcast hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.

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