Atlanta Financial Blog
At the start of a new year, many of us sit back and make resolutions about a number of different things. It may be spending more time with your family, losing weight, traveling more, any number of things that are important to you. These are probably things that you have resolved to do previously but many times as the year goes on, you find that your resolve has dissipated.
However, resolutions around financial goals can be different. Many of these are things to consider and decide on. At the end of the process, you can feel confident that you have considered what is important for your financial health and move forward to the end of the year resolving to do the same the next year.
Want to see some amazing results in your life? It’s been said that a man with health has a thousand dreams, while a man with no health has but one. Don’t you owe it to yourself, your family, your career and your community to have not only a thousand dreams, but also the energy and engagement to make them happen?
A few months ago, I saw a sale sign in front of my neighbor Gina’s house. She’s lived on my street even longer than I have, so I was surprised that she was selling her home. I bumped into her a week later at the supermarket and asked her where she was planning to move. She told me (with some regret) that she was downsizing to a less expensive house. The alimony payments she’d been getting from her ex-husband had ended last year, and she hadn’t prepared for the loss of that income. She soon realized she could no longer afford to live in her home.
I’d like to believe that everyone understands the value in a year-end review of their personal finances. Statistics that I’ve seen indicate that over half of people who make resolutions indicate a change to household finances and saving money is a priority in the new year1. What is a bit of surprise to me is that so many put off (or neglect all together) actually reviewing their finances before year’s end. My conclusion: one of the biggest deterrents is the time it takes to get things organized.
When it comes to being successful with money, strong organization will empower you more than anything else you can do to take control of your finances moving forward. With my personal and professional understanding of the challenges of this process, I’ve put together an 8-step checklist to get your finances organized, take inventory of where you stand, and ultimately get you ready to close the books on 2019.
When talking with my clients who own businesses, many of them have a goal to sell their business for full value so that they will be able to fund the retirement lifestyle they desire, take care of their family, and support the charitable intentions that are important to them. Unfortunately, many owners will probably not be able to sell their businesses when they are ready because they are not taking critical steps needed toward a transition or toward getting the full value of their enterprise, even though many of them have 80-90% of their financial assets/net worth based in the business itself. 1 The fact that most business owners are not taking the critical steps to prepare their businesses for sale is supported by a recent study conducted by the Exit Planning Institute that showed that only 20-30% of the businesses that go to the market actually end up selling.2 If you are a business owner and your plans include selling your business sometime in the future, what can you begin doing today to enhance your business’ value and make it more attractive to a future buyer?
Believe it or not, some financial advisors do not have to abide by their own version of a Hippocratic Oath. As a physician, you are a fiduciary, a professional who is obligated to put your patients’ best interest first. But, did you know that not all financial advisors are required to abide by a fiduciary standard? As a physician, you have a Hippocratic oath. It’s a smart idea to find a financial advisor that is bound to the same set of standards to serve your interests first. Here are three things you should ask in your search for a financial advisor.
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