Dear Members and Friends,
It has been some time since I last wrote an article for this newsletter, but I cannot think of a better time than the present. I was going to write this on Sunday evening prior to the market opening on Monday, but I decided to wait and see how the day went. I was not surprised by the results at the end of the day and yet I remain optimistic in spite of those results. And all of this in light of the fact that I had spent long hours pondering over what or what might not happen on Monday when the opening bell rang at the New York Stock Exchange.
Here is the long and short of all of this: Get your house in order. In previous articles I have tried to encourage you to consider updating your estate plans, reviewing your insurance programs, monitoring and revising your investment strategies and overall just keeping an eye on things as this market and this economy works itself out.
I do not look at what has happened in the market with anything other than the fact that it is more important than ever before to look closely at your resources and protect them as best you can. This process does not involve being sold the hottest stock or the best performing mutual fund. It involves being prudent with the assets over which you have some degree of control. It involves being a good steward in times of trouble as well as times of prosperity. It involves allocating assets both as to your risk tolerance, your income needs and your timeframe. If you have not done this, then do not waste any more time in waiting to do so. I cannot use any simpler phrase: Just do it!
Do not wait for any of these so-called government programs to bail you out; do not wait until it is too late to do anything about it; do not wait until Standard & Poor’s upgrades the United States of America again to an AAA rating (a question of when and if); do not wait. Just do it!
For those of you with 401k plans and Individual Retirement Accounts, you have the best and easiest method of riding out this storm. For those of you with investments outside any type of qualified plan, you can weather the storm as well but you need to put some tax-advantaged methods into your planning. But keep in mind that making changes to improve your situation involves being creative in many areas of planning and not necessarily just one. There are many time proven principles to choose from that can work for you instead of working against you.
I would encourage you to get started now. Call me if you would like to schedule an appointment to discuss any of these areas and how I may be of service to you with your particular financial planning needs.
Just do it!
R. Dale Adcock