At the most basic level, business transition planning is a strategy that can be put into play when a business is sold or changes hands. For company owners nearing retirement, a successful transition plan can play an important part in creating and preserving the value of the business after it has changed hands.
Atlanta Financial Blog
Focusing on Results that Matter
Recently, my wife and I bought a new house. She fell in love with it immediately and could see us raising our girls in the house, how could I say no? But of course, there were financial matters to consider. So, the planner in me immediately went to my budget spreadsheet to “crunch the numbers” and determine if we could afford it. We have both been blessed in our careers and while this new home is a stretch to the budget, the answer is yes, we can afford our dream home. So we decided to move forward. Now just the minor details of negotiating the purchase of the new home and selling our old home.
This is where I think I approached the process differently than many. There was only one result that mattered, purchasing our dream home – and a couple of variables that could derail it, the purchase price of the new home and the sales price of the old home. If those numbers worked, we were moving forward. With that in mind we made an offer which was accepted on the new home (and luckily below asking price.) From there, we just needed to sell our current home – with the emphasis on “just.” I had a floor in mind, anything below that just wouldn’t work. Note, that floor may not have been the absolute floor to allow us to afford the home, but the floor that allowed enough margin in the transaction and our budget to avoid undue financial stress going forward. The other side of that is that I was willing to leave some money on the table to accomplish the goal that was important to me, buying the house and moving our family into our Dream Home. How does that relate to retirement planning? Many people compare their results to the S&P, which has had a great run but does have a lot of potential risk, downside, and volatility. And especially in retirement, downside volatility can derail all your best laid plans. If you’re comfortable in retirement, you should be willing to trade some upside to achieve your ultimate goal, not outliving your money.
I’m learning from the older advisors in my life and other role models that while numbers matter and you must not make hasty decisions, there is a difference in maximizing your net worth and maximizing your financial happiness. Sure, could I have haggled with the seller a little more, possibly? If I would have waited longer, could I have gotten a few thousand more for my house, maybe? Could doing either of those have derailed my ultimate goal of buying THIS house? Absolutely. In the long-run, would $5,000-$10,000 affect my long-term financial success? No way. Should I have pressed it? Absolutely not. When you face an important life decision, seek out the objective perspective and wisdom an advisor can provide, reach out to me at [email protected] if you would like to discuss what’s on your mind.
The travel industry has begun to see growing demand as we move closer to summer. However, not all travel will be the same, as much of the demand is directly related to the COVID-19 vaccine and reduced CDC restrictions. Instead, industry trends have emerged based on individual comfort levels as they apply to different modes of travel.
Below we will explore some of the factors that have contributed to an increase in travel and how different industries are responding to it.
Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest – inflation. In fact, a recent study found that people are Googling the word “inflation” at a rapid rate, with a peak not seen since 2010…
As mothers, sisters and daughters, women are often counted on to be caregivers for family members in need. Whether it’s something as small as a cold or as debilitating as a terminal illness, women are typically the ones to care for and help out when a loved one is sick. But what happens when the caregiver is in need of her own care? Too many women are stuck facing this dilemma head on, instead of preparing for it while there’s still plenty of options, resources and time ahead. Below are a few reasons why it’s so important for women to plan for their own long-term care strategies now.