InFocus August 2021: Sway With The Wind

August 2021

Greetings!!!

I spent a fantastic week in NYC helping our daughter settle in her new home. What a fun place Lower Manhattan is! Many experts predicted New York's decline. But my time there reminded me how little this city needs to roar back to life and again tempt people in hoards with a promise of the extraordinary feat of living there. Many young professionals are taking advantage of how their personal economy changed and allowed them to work remotely and live where they genuinely want.

I am inspired by this generation coming of age during the pandemic and facing extraordinary uncertainty and stress in their lives. Watching them manage their lives in the face of uncertainty offers excellent insights.

When we're under stress, most of us are inclined to focus on near-term risk and reward. We minimize the impact of what will happen far down the road and instead base our decisions on their more immediate consequences. Making good choices with the long view in mind can be tricky, especially if our established frame of reference is being challenged by change, whether it affects our finances, business, relationships, or the state of the world. Even a slight departure from "normal" can feel huge when things have been a certain way long enough. That's why so many of us feel like our lives have been upended over the last eighteen months. We can put short-term and long-term risks and reward into better balance by holding a positive vision of the future and bringing future benefits more into the present. Explore some perspective on maintaining your financial life plan amid the many – and sometimes tricky – situations that life can throw our way.

This unofficial final weekend of the season, get out of your routine, step up your leisure game, and have a full of joy time.

Dream. Plan. Prosper.

SWAY WITH THE WIND

Economic circumstances can at times shift quite quickly and unpredictably. But we can still plan ahead and prepare contingencies so that our finances are better able to bend with whichever way the winds may blow. Get acquainted with some first steps to help ensure that your financial life is resilient enough to effectively accommodate even sudden changes in personal economy. Read the full article.

BUSINESS OWNERS: 10 STRATEGIES TO CREATE, MANAGE AND DISTRIBUTE WEALTH

Whether your business is booming or under a bit of strain, a key question remains: How is your personal financial situation? Are you where you want to be? Learn how to get more intentional about achieving your most important priorities for the future with a roadmap that lays out strategies and processes for comprehensively connecting your business and your personal financial health. Read the full article.

AFTER YOUR DIVORCE IS FINALIZED, WHAT’S NEXT?

The judge has signed off and you are now officially divorced. But hold on a minute, because you may not have reached the finish line quite yet. While the experience varies from couple to couple and individual to individual, there are probably still some important action items to accomplish. Consider these common financial to-do’s to address and then cross off your list once your divorce is finalized. Read the full article.

THE ENDOWMENT EFFECT: WHY WE HOLD ASSETS WE OUGHT TO SELL

The endowment effect describes our tendency to value something more than it’s objectively worth simply because we already own it. But, in the absence of costs, the decision to hold is actually the same as the decision to buy. Learn how this quirk of human behavior can lead to poor investment choices, like keeping assets that we really should sell when implementing a holistic financial plan. Read the full article.

CREATING A CHARITABLE LEGACY

Some may feel uncomfortable about leaving their charitable mission in another’s hands, but it also might not be practical or optimal to donate all the dollars you wish within your lifetime. If you’re interested in leaving a charitable legacy, read on for some prudent and reasonable ways to navigate these concerns, find the right fit, and help ensure that your ideal outcomes come to fruition. Read the full article.