2020 Unintended Consequences

2020 has had many unintended consequences…

When we think about 2020 the big issue is COVID 19! It has been and continues to flow into many parts of our lives.

If you, your family, or friends have suffered from COVID my thoughts are with you. Even if you have not, I am sure you know many friends or businesses that have been devastated. My friend and accountant Jim Boltz has mentioned that he always knew people needed a fall back, “safe money”, this concept escalated to the top of many people’s mind this year.

When you have “safe money” stored up, money that is accessible and that you have control over - You are in charge. There is nothing wrong with money in retirement plans or equity in Real Estate but either the IRAs or Banks control that money.

Covid hit many folks financially. Many did not have access to funds to pay bills (especially when their income was cut or lost) Others could not afford to keep employees paid, pay college expenses for children, fell behind on Student Loans, credit cards, car loans, and house payments! Yes, many payments were deferred but they still need to pay back payments plus the current ones. If the Pandemic has taught us one thing it is that anything can happen, and we need to be prepared in case something we cannot even conceive of happening. The adage “fool me once”- when it comes to money you do not have the luxury to be fooled a second time.

The ability to have accessible money stored to use for opportunities or setbacks is critical to financial success. Many will not be able to easily recover from this Pandemic.

An additional unintended consequence of 2020 has been the realization that our health can be compromised very quickly. Whether it is our parents, ourselves or others. This has taught many to evaluate their:

1. Health Insurance

2. Disability income insurance

3. Life insurance and our own mortality

4. Major potential expenses for Long Term Care type costs.

We have helped many in 2020 review their plans and obtain a peace of mind in these areas.

You do not want to be caught short either financially or healthwise; for the first time - or again!

I can help you build a plan to be in control of your cash and cash flow! My experience in helping clients plan for these unintended consequences can help you!

Reach out to set up a time to talk!