Each month, Andy’s answering a question that he wishes more clients would ask him, addressing timely topics that he thinks are worthy of the spotlight.
When should I notify Andy outside of my usual planning meetings?
Financial plans are living breathing documents. That’s why we revisit them regularly, tweaking and adjusting as needed.
Big life changes and decisions rarely occur right before our scheduled meetings, but that doesn’t mean you should wait to bring us up to speed. Your Prosperity Plan is meant to be a decision-making model. So, if a major life event has occurred or if you’re debating making a big purchase that isn’t part of your current plan, call us.
Yes, we’re here to help you design a plan, but equally as important, we’re also here to adjust your plan when things come up.
Do we need to be notified with every single purchase you make? Of course not! But if it feels significant to you, then it’s likely significant to us, too.
Do we need to know if you plan to purchase a $5,000 shed for your backyard? Unlikely, particularly if you’re able to buy the shed without it affecting your savings plan. But what about if you’re thinking about investing in a vacation property with family? That’s something we think is worth contacting us about — even if you’re not pulling investments to cover the purchase.
Why? Because you may not have thought about the ripple effect. For example:
Do you have a solid understanding of the value the property will add to your investment portfolio?
Have you accounted for the ongoing expenses that come with maintaining a property?
Are the maintenance expenses for this new property factored into your cost of living once you retire?
Have you thought about how the investment will affect your cash flow?
Life is joyfully unpredictable. And we’re here to help. In many ways we’re your on-call, personal CFO. If you need to talk through an opportunity, weigh the financial pros and cons, or understand how a life decision can impact your long- and short-term financial circumstances, reach out! That’s why you hired us in the first place.
Here are just a few of the common situations that may justify reaching out to us for a quick consult:
Change in employment status
Family birth
Family death
Investment opportunities
Purchasing big ticket items: homes, cars, boats, college, all-expenses-paid trips to Disney for all 15 of your grandchildren
And ultimately, when in doubt, just ask!