The What IfsSubmitted by Financial Planning Solutions, LLC on June 25th, 2020
This week, one of my tenants called me at 8 pm because a carbon monoxide detector was beeping. They tried changing the batteries but it was still going off. Even though the heat was off so I felt there was no danger, I still felt I needed to drive over and check it out (turned out to be a hassle but the joys of rental property can be a far cry from how wonderful HGTV makes it look).
Anyway, As I was driving over there, I was listening to the radio and an old Paul Simon song came on. You can call me Al.
One line from that song stuck out. "What if I die here?" That's about as gloomy as it gets (the whole song is a bit on the gloomy side) but it made me think about all the areas of one's life we look at when we are crafting a comprehensive financial plan for a client. "What if something happens to me? Will my family be okay financially?" "What if I lose my job? How will I pay my bills?" "Will I run out of money in retirement?" These are the types of "What Ifs" that are addressed in a good financial plan.
Lyman and I are pretty positive people however; we have seen enough go wrong in people's life that some components of a good financial plan can make the outcome so much better.
Bear in mind, a financial plan can't stop bad stuff from happening but as I said in my intro video from way back, with a good comprehensive financial plan, life could go on much better.
If you haven't seen this video of a younger version of me, click HERE.
If you are wondering about the "What Ifs", please don't hesitate to reach out to me.
We are here to help.
In good health.
All the best.
Rick Fingerman, CFP®
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