Mid-Year Financial Review

When are you most likely to check on your investments? Is it when they are doing well, or is it when the markets are down and you’re feeling anxious? Chances are it’s the latter.

This isn’t always the ideal time to make investment decisions as emotions are running high. That’s why taking the time to do annual and mid-year reviews gives you a better baseline from which to assess your portfolio.

Also… much can happen in half a year. Is your financial strategy in-line with these unforeseen changes?

Your review should consider each of your financial priorities and your strategy for reaching them. If the conditions have changed,
adjustments need to be made to make these priorities attainable in your desired time frame.

Priorities also change, you may need to rebalance some of your investments.

If your family is growing, you might want to increase the amount of your life insurance to protect your loved ones. On the other hand, many people find as their net worth climbs and their children reach adulthood, they need less life cover.

Thinking about a will, health care proxy, and power of attorney can be uncomfortable, but the alternative is letting someone else make these decisions for you. If you don’t have these key documents, take the time to set them up. If you already have them then a review might be in order. Life events such as moving, having children or
grandchildren, or losing a loved one can have a big impact on your overall plan.

Careful planning is essential in all economic climates. Are you preserving your assets? Are you protecting your income? Are you saving tax efficiently? A review can help prioritize financial decisions that you need to make to support your own and your family’s goals across generations.

Need help reviewing your financial goals and the strategies in place to reach them? Call me and let’s set up a meeting.

Posted in Blog, financial planning.