Happy New Year! I hope the holidays treated you well and that you’ve managed to keep up your resolutions so far.
The start of the year is the best time to assess the status of each of the different areas of your life. That also makes it a great time to assess how your investments have performed over the last year. I’ve had several clients reach out to me regarding their current finances, and am in the process of walking them through a financial check up and assessment.
There are plenty of reasons to perform a financial check. First and foremost, you might be uncertain about where you stand financially, and want to use the turning of the year to your advantage. It’s a great time to set goals and get your finances on track – a decision you won’t regret when you look at the difference it made over the course of this year.
Another reason to have your overall assessed is if you are unhappy with their recent performance. You may feel like you got bad advice, or the decisions you made at the beginning of the year adversely affected your returns, but there’s an easy way to make sure this doesn’t happen again.
This especially applies as we head into what will likely be a transition period in the markets. Real estate and equities are hitting all-time highs, and it would be unrealistic to expect returns equal to those of the last few years. As the market goes into transition, so must your portfolio. If you’re earning a high income, your portfolio may need some additional optimization for the minimization of taxes. As a business-owner, you’ve got a wide array of possibilities in front of you. A financial check up is the best time to make modifications that will help minimize your tax liability long-term.
Finally, you might be reading all of this and feeling pretty happy with where your portfolio is right now, as well as being confident your investments will perform well over the future. This may be the case, but do you have any friends or family who would benefit from some expert input?
A financial check-up means looking at your goals, personal situation, and past performance, and then planning for the future in a way that protects your assets, prepares you for retirement, and puts you in a place where you can handle the unexpected.
Kismet Wealth Group specializes in helping sophisticated professionals whose businesses are doing well, but don’t have the time to handle high-maintenance wealth management strategies.
You can expect the difference to compound every year, and access to best-in-class asset managers increases your chances of having a stable portfolio that fits in with your lifestyle.