“The best laid schemes of mice and men go often askew” – Robert Burns, To a Mouse

We are meeting with lots of East Texans these days who have been thrown a financial curve-ball.

There isn’t a person on the planet who could have predicted all the twists and turns our economy has taken over the past several months based on the advent of COVID-19, and the resulting layoffs, government programs, rule changes, and other shifts from financial “normal.”

Economic disruption can be overwhelming, stress-inducing, and potentially disastrous if not managed appropriately. You can plan for a specific retirement date, big expenditure, house expansion, trip, etc., but many times external factors may do the planning for you.

Your financial plan does not have to anticipate every change, but it must be built for change.

How? Here are several factors that we consider in building plans that can confront complex change and can help give peace of mind.

  • Know your goals…have a written plan that is reviewed often based first on what is important to you, and then let the money follow. When the chips are down, you will know how to get your bearings.
  • Investment philosophy…do not go with your “gut”. Go with a long-term plan that is built around a risk profile and allocation that fits your timeline and is stress-tested for downturns.
  • Consider Guaranteed income…there are options out there to give yourself a secure base of guaranteed income from a reputable, dependable financial institution.
  • Know your personal exit plan. If you were to stop working today, what are your income sources? How do you manage health care? How will your expenses change? How will your taxes change? Have a plan ready to predict and position you for change.
  • Live Life on Purpose. Our goal is to give simplicity and organization to your financial life, so that you can live life on purpose. Our families, our dreams and our goals are what matter. Focus on those things and let everything else follow.

If you do not have a true family financial plan and are facing hardship or uncertainty, now is an ideal time to create one. Uncertainty feeds on a murky vision of the future. Uncertainty can make decisions difficult. When your vision is clear, your decisions are easy. A financial plan taking the whole financial picture into account will guide your decision-making so you can feel secure and in control.