Personal FinancePersonal finance maybe wasn’t on the top of your mind in 2020. We’ve all been through a lot over the last 12 months. But as the calendar has turned and we are beginning to get vaccinated, it’s also a good time to start to plan for the future. If you don’t already have a will, now is a good time to speak to a professional about getting the process started. Hopefully, you’ve also seen the importance of healthcare documents in case someone you know or love has been sick with COVID-19. You want to make sure that you’ve got the right people making the right decisions for you. And if you do already have an estate plan, how long has it been since you updated it? Now is a good time to get it reviewed – if nothing else for the peace of mind that things are properly drafted for you and your family.

Not sure if you need an update or not? Click here to take a quick survey about your current plan and if it needs to be updated.

15 Personal Finance Lessons

This week, the Wall Street Journal has compiled a good list of 15 Personal Finance Lessons We Can All Learn from the Year of Covid-19. For their story, they spoke to a variety of financial advisors and other professionals with their lessons:

  1. Emergencies do happen.
  2. We can be financially disciplined.
  3. Buy when others are scared.
  4. Manage your risks.
  5. You need a will.
  6. Your personal finances reflect your values.
  7. Retirement plans need flexibility.
  8. Things won’t stay bad – or good – forever.
  9. This time is different. Not.
  10. Markets always fool us.
  11. You should have a three-bucket strategy.
  12. Rebalancing pays off.
  13. Stay invested.
  14. Have a side gig.
  15. Yes, bonds are still important.

This list is a good one to keep handy and check back on later this year. If you begin to go through these items, you’ll be on a better financial footing by the end of 2021.

5. You Need a will

The fifth item on the list stood out for me. Once again, it’s another reminder of the importance of having an estate plan. You don’t need to hear it from me, Ted Jenkins, the co-CEO and founder of oXYGen Financial summed it up nicely,

There has never been a better time to put front and center the need for every adult to have a will. No one expected the level of tragedy that occurred world-wide last year. And people don’t want to think about the idea of dying one day—a reason why they often kick this can down the road. But a big lesson of 2020 is that you should be prepared for the worst.

If you don’t already have a will, let’s set up some time and get that ball rolling for you. And if you do already have a will and aren’t sure if it needs to be reviewed, you can click here and take a short survey to see if a review is what you need.

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Next Steps

If you don’t have a will yet, or if you have one that you may need to update, call my office to set up a Legal Strategy Session and we can review the best options for you – (877) AMAYERS.

Andrew Ayers
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I work with business and estate planning clients to craft legal solutions to protect their legacies.
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