“It was the best of times, it was the worst of times … we had the best before us, we had nothing before us …”
These are the opening lines of “A Tale of Two Cities” by Charles Dickens. We might not liken ourselves to the oppressed French peasantry of Dickens' classic novel of the French Revolution, but we have each suffered in some way from the historic economic downturn that has beat us up over these past months.
Countless individual investors have experienced significant losses in their portfolios, either in personal accounts and IRA's, or through retirement plans such as profit-sharing and 401(k)'s. Businesses have been hammered with sharply lower revenues, prompting many to cut workforces and employee benefits, including health care and retirement plans, or go out of business.
Real estate values that had buoyed the balance sheets of home and commercial property owners in recent years have fallen, shrinking equity values, forcing foreclosures and limiting access to liquidity. Interest rates are so low they offer a tiny return for those seeking shelter from the storm.
Middle-agers are often sandwiched between children in college and older parents needing assistance with care. Those approaching retirement age are reeling as they see the retirement they envisioned slip away.
After experiencing the worst times since the Great Depression, it appears there is a faint light at the far end of the proverbial tunnel. It could be a signal the economy is coming around and we can once again anticipate better times. Now is a good time to re-examine your family's needs, goals and wishes and re-evaluate your financial resources to bring these to reality.
They might include a comfortable lifestyle, secure retirement, education, growth opportunities, inheritance for your children, new endeavors and contributions to the community. You will need to determine the resources required to fund those dreams, now and later.
Next, gather statements that document the current values of all of your financial assets. Then prepare a balance sheet and income statement.
In some cases, this will be painful, but you must know what you have in your personal and retirement accounts, as well as business assets, and how much comes in and goes out.
Consultation with a financial advisor, preferably an independent certified financial planner bound by fiduciary standards, can be helpful in this process.
A professional planner can help you organize those short-term and long-term goals, recommend an asset allocation appropriate for your risk tolerance, can often arrange for institutional management of the investment assets and will monitor performance.
An ongoing relationship will help keep you on track with your investments and plan, giving you greater peace of mind.
Although we've experienced the worst of times, now could be the best of times to carefully plan for your family's financial future.
For more information, contact Gina McBride at (760) 918-9361 or [email protected].
These are the opening lines of “A Tale of Two Cities” by Charles Dickens. We might not liken ourselves to the oppressed French peasantry of Dickens' classic novel of the French Revolution, but we have each suffered in some way from the historic economic downturn that has beat us up over these past months.
Countless individual investors have experienced significant losses in their portfolios, either in personal accounts and IRA's, or through retirement plans such as profit-sharing and 401(k)'s. Businesses have been hammered with sharply lower revenues, prompting many to cut workforces and employee benefits, including health care and retirement plans, or go out of business.
Real estate values that had buoyed the balance sheets of home and commercial property owners in recent years have fallen, shrinking equity values, forcing foreclosures and limiting access to liquidity. Interest rates are so low they offer a tiny return for those seeking shelter from the storm.
Middle-agers are often sandwiched between children in college and older parents needing assistance with care. Those approaching retirement age are reeling as they see the retirement they envisioned slip away.
After experiencing the worst times since the Great Depression, it appears there is a faint light at the far end of the proverbial tunnel. It could be a signal the economy is coming around and we can once again anticipate better times. Now is a good time to re-examine your family's needs, goals and wishes and re-evaluate your financial resources to bring these to reality.
They might include a comfortable lifestyle, secure retirement, education, growth opportunities, inheritance for your children, new endeavors and contributions to the community. You will need to determine the resources required to fund those dreams, now and later.
Next, gather statements that document the current values of all of your financial assets. Then prepare a balance sheet and income statement.
In some cases, this will be painful, but you must know what you have in your personal and retirement accounts, as well as business assets, and how much comes in and goes out.
Consultation with a financial advisor, preferably an independent certified financial planner bound by fiduciary standards, can be helpful in this process.
A professional planner can help you organize those short-term and long-term goals, recommend an asset allocation appropriate for your risk tolerance, can often arrange for institutional management of the investment assets and will monitor performance.
An ongoing relationship will help keep you on track with your investments and plan, giving you greater peace of mind.
Although we've experienced the worst of times, now could be the best of times to carefully plan for your family's financial future.
For more information, contact Gina McBride at (760) 918-9361 or [email protected].