It’s the day after Labor Day. For Minnesotans that means the kids are headed back to school. After a carefree summer, kids are returning to the familiar routine of school, extracurricular activities, and sleep (possibly with a little free time built in).
Familiar dates like this are a nice reminder that we adults should get back to work on some of our routine items. For instance, have you looked at your financial plan in the last year? Are you on track for retirement? Are you spending/saving at a reasonable rate?
It’s a great idea to review your financial plan annually. That allows you to make small adjustment along the way instead of being forced into major adjustments later. What sounds easier – saving an extra $100 a month or reducing your retirement spending by $500 a month?
Annual financial plan reviews also allow you to adjust your plan as your priorities change. If you’re in a relationship, it’s common for one of the two of you to have your priorities change at least every few years. Take the time to make sure your plan still fits your goals.
Of course, if you don’t have a financial plan, there’s no time like the present to start. Let me know how I can help.
Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. CTW gathers its data from sources it considers reliable. However, CTW makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.
About the Author: John O’Connor
John has more than ten years experience as an Investment Advisor. He focuses on devising and maintaining portfolios that meet individuals’ needs, investment research, and investment strategy. John has been recognized as a “FIVE STAR wealth manager” by Twin Cities Business Magazine 2016-2020.