Clichés, while often annoying, hold truths that have generally been proven valuable over time.
Haste makes waste. Measure twice, cut once. An ounce of prevention is worth a pound of cure.
In this newsletter, I want to revisit a planning idea we all know to be true but may not always know when or how to use that truth. Sometimes, the best move to advance your cause is taking a step back. In my personal experience, the clichés are often served up by a friend, a mentor or my loving wife – after I did something totally avoidable.
There are moments in life that offer the rare opportunity to do something new:
Retirement – a total change in life rhythms and financial structure
Inheritance – an opportunity to deploy fresh capital in ways you could not before
Big promotions or raises – new, unallocated income
These are just a few examples of the moments that come along and invite us to think clearly about how we want to move forward. But as the title of the newsletter implies, sometimes we must first step back. Sometimes we need to clean up old messes, re-enforce savings accounts or check-off maintenance on tired houses or cars.
Immediately moving forward might feel better in the short term, but once that money is allocated it can be very hard to fix the things we’ve been putting off till later. This is part of what we call knowing your “financial location.” It’s a sober understanding of where you are and what your actual condition is.
These are the moments in your financial life we really want to help you get the best outcomes! Taking the extra time to review your overall structure and what might need to be “shored up” is such a big opportunity. Once that capital or income is committed – it’s hard to come back and try to undo or fix what was overlooked.
If you want to make sure you are getting the most out of new opportunities and using your resources in ways that honor your values, let us help!