After checking your medical plan, getting supplies, padding your bank account, getting an estate plan in order, and deciding if you will return to work and how you will handle childcare, you may be asking, “Am I all set?” “Is it smooth sailing from here on out?” Not quite! Let’s look at three more items that should be on your new parent financial checklist.
Check out what Brightworth advisors and planners have to say about wisely managing your financial future.
One thing that has become abundantly clear through the pandemic is the fundamental role of technology in our lives. Technology has helped to bridge some of the gaps between us, our loved ones, and our communities. Thanks to video chat, you’ve been able to check in on family across the country and participate in birthday parties and graduation celebrations. You’ve used streaming services to watch movies and listen to music. You’ve used online news services and social media to keep up with current events and essential healthcare developments. These were likely things you did before, but like many trends, they rapidly accelerated in 2020.
The decision of whether to return to work and setting up an estate plan are two of the most important financial decisions a parent needs to make. Patricia Sklar discusses both topics in this article.
The US is one of few countries without national paid maternity leave. While the Family and Medical Leave Act (FMLA) guarantees 12 weeks of job-protected time off, this law only applies to public agencies, public and private elementary and secondary schools, and companies with 50 or more employees. Your employer decides whether, and how much you will be compensated when you go on leave. As a result, most families will need to protect themselves financially.
Volatility is back! Last week the stock market suffered one of its worst declines in months leaving many investors questioning if the rally from the March lows has come to an end. Prior to this sharp drop stocks had been consistently marching higher and higher leaving many investors perplexed as to why. After all, consumer confidence remains low, corporate earnings are projected to collapse 30% or more in 2020, and unemployment is over 13%. Couple this with an escalation of geopolitical pressures abroad and racial tensions here at home and you seemingly have a perfect storm for financial market Armageddon.
When it comes to your financial lives, ignorance isn’t always bliss, especially when it leads to procrastination, avoiding hard decisions, and not accepting the limitations of your resources. Living in ignorance or denial is not a healthy, long-term posture for financial success. But 2020 has been an unusual year, to put it mildly. I would imagine we have all had an ostrich moment or two in the last few months as many of our usual escapes - sports, social events, vacation, etc. - are not available.
On Thursday, May 7, 2020, the Brightworth Business Exit and Transition Services (BETS) Team hosted a webinar for business owners with Jonathan Minnen, an attorney with Smith, Gambrell and Russell. On the webinar, Jonathan spoke to business owners about best practices for reopening businesses which have been closed or operating in a reduced capacity, as a result of the novel coronavirus. Following is a summary of Jonathan’s remarks.
Last month stocks delivered their best monthly return since 1987 with the S&P 500 rising 13%. Stocks have built on these gains marginally in May, pushing the index up 34% from its March low and down less than 9% for the year. Keep in mind this comes on the heels of a 31.5% return in 2019.
Things are different than you planned. The assumptions of your plan have changed. That may require a new approach and a resetting of what your “retirement dream” will be. Use this time to refocus on what matters most in your life. Use the strength of your experience to craft a work-life and retirement around that purpose.