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Planning. It's Really Not So Complicated

When you finally do figure out what to do with the rest of your life…you’ll probably want the rest of your life to start immediately. How about today?Learn More

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Weekly eLetter 1/18/2019 – Basic Basics 101A

Each week we try our best to pass along some news and hopefully useful information. We look at markets and financial news and how we can be most helpful in serving our client’s needs.

Oftentimes our eletter content is prompted by current events and now is one of those times. Even though something in the news brought us to today’s subject, it is actually something that should never be too far away from your consideration. Accordingly, if you think it would be useful for your kids, grand-kids or friends, please feel free to share our eletters with them.

This past week I saw several reports on ‘financial news’ cable channels which were illustrating the plight of government workers who have been laid off.  It appears from those reports that many workers are in dire straits after missing one paycheck. That’s a sad situation for sure and, in many cases, it could have been avoided. So, I would like to reiterate ‘Rule 101A of Financial Planning’. It goes like this: Before you begin investing or house buying, and/or all those other fun things that fall under the financial planning umbrella, set aside enough money to cover a few months’ worth of your expenses.  How much exactly? Well, that’s up to you.  Some people are comfortable with 3 months’ coverage of living expenses, and some are not comfortable unless they have 6 months’ coverage or even more.  No matter what the number, a contingency savings account (or emergency account, or whatever you want to call it) is pretty handy when those unexpected expenses pop up. Whether it’s a new set of tires or replacing a dead washing machine, it feels so much better to just tap that contingency account – rather than reaching for a credit card.  When it comes to something much bigger – the unexpected layoff for example- one can sleep so much better knowing that a few months’ worth of living expenses are ‘in the bank’.

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