Investment Mistake

Procrastination is, by far, the #1 reason for financial failure. Do not feel alone, as we all procrastinate! It is very easy to put off the things we need to do, especially when it comes to financial matters. We all have limited time and need to prioritize.

Here is a list of 5 important financial areas that should not fall victim to procrastination, as it can be very costly for your family if you do.

1. Estate Planning

How long has it been since you have updated your estate planning documents? Has anything changed over the last 5 years? Don’t have an estate plan consisting of at least a will? Then it is time to schedule an appointment to get it done. Can you imagine what procrastinating about this could do to your family?

2. Risk Management/ Insurance

How long has it been since you have gone over all your policies with an independent insurance advisor to assure you are well covered for the best value? Do you think you are well covered in the event of an accident?

More often than not, we discover that property and casualty insurance was bought on price over adequate coverage. It would be a shame to be in an accident and think you are well covered when you may not be. Procrastination on this one…ouch!

3. Investments

How long has it been since you have had an annual review to make sure you are still on the right path for your specific situation? Are you well positioned for a potential major downturn in the markets, or a major rally to take advantage of the markets? Are you aware of exactly how all of your investments are positioned in old 401ks, 403bs or IRAs? Old brokerage accounts? Could you reposition your CDs or savings to another financial institution for a better rate of return?

Procrastination for very long on this one could mean thousands of dollars in missed gains.

4. Tax Planning

How long has it been since you have gone over all of the potential legal tax strategies you could be using to lower your tax burden with an experienced advisor? Taking a proactive approach towards tax planning if you are a high income earner can make a huge difference. Procrastinating could be costing you thousands of dollars in unneeded taxes. Could you use that money for better causes?

5. Daily Tracking Of Expenses

Do you know where everything is anytime of the day? 90% of the way we pay for ordinary expenses today like groceries, eating out, clothing, gas, etc. is with a debit or credit card. Many of us have multiple bank, investment, and even credit card accounts for personal and business expenditures that we pay off monthly. Fortunately, nearly all financial institutions today allow you to track your spending, investments, and account balances anytime with online access.

You may be old fashioned and say, “I don’t want to look at any of my accounts online,” but hackers do not think that way. If you are not monitoring all your accounts with different institutions daily, how would you know if a hacker got into any of your accounts until it is possibly too late to do anything about it?

With today’s technology, we have a system that you can monitor your accounts with different banks and credit unions, credit cards, and investment accounts (even your 401k) all at the same time on a daily basis! You can see these all on your computer or smartphone at any time of the day.

This system does not allow any money to be moved or transferred, but it is strictly a monitoring system. It keeps track of all your expenses and consolidates them daily so that you will know at anytime what you spent in any budget category for the month. It even lets you know if you have gone over budget.

This incredible monitoring system is offered free for clients of CIS Wealth Management Group. Why do you need it? Because those that know where they are financially do better than most of those who do not.

We can help you accomplish your goals in these 5 areas. Call our office today at (830)609-6986.

 

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  • Kathy Butler Williams

    I’d like to know more about the monitoring system.
    Kathy Williams