Step 5 - Don’t go it alone.
One last lesson from the downturn is that you don’t have to go it alone. As the financial crisis started to unfold, 30% of our respondents said they turned to a financial adviser for help, while 26% chose a spouse or family members. But reaching out to others can help strengthen families financially and personally in good times as well as bad.
Include the family. As you build and manage your financial plan, remember to share it with your loved ones. Families across the United States struggle with the subject of money, and many consider it to be a topic that is off limits. Yet, the consequences of not discussing money issues with children often creates unnecessary angst and less than optimal financial decisions. That can mean setbacks later on in life, and makes it harder when it comes time for the family to talk about inheritance and estate planning.
Talk it over with a pro. Guidance from financial professionals ranked among the highest in helpfulness in our survey—at 90%. Now nearly one quarter of respondents say they rely more on a financial professional than they did in the past.
Five years after the financial crisis, the world looks different, with new risks and challenges. The good news is that many people are responding with a new commitment to taking control of their financial lives.
Source: Fidelity Investments
The information contained in this article does not constitute a recommendation, solicitation, or offer by D2 Capital Management, LLC or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. D2, its clients, and its employees may or may not own any of the securities (or their derivatives) mentioned in this article.
The Jacksonville Business Journal has ranked D2 Capital Management in the top 25 of Certified Financial Planners in Jacksonville. The Firm is also a member of the Financial Planning Association of Northeast Florida.
No comments:
Post a Comment