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.
Check out what Brightworth advisors and planners have to say about wisely managing your financial future.
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.
Most areas of life require us to take action when something goes wrong. If your house catches fire, you should grab a fire extinguisher or call the fire department. If you break an arm, you need to go see a doctor to get it fixed. But there are a few areas where it is best to do the least intuitive thing of all: absolutely nothing.
“I don’t know if I’m working too much or too little. I’m stressed out, but I don’t feel like I’m actually accomplishing anything.” A friend told me this, a month into her shelter-in-place. She’s not alone. In my new day-to-day in which video conferences supplement my previous electronic diet of texts and emails, there’s a recurrent theme emerging beneath the purely transactional messages. Am I doing enough?
In our Retiring Well content, we talk a lot about health and wellness. It should come as no shock that healthcare and health-related costs make up a significant portion of both potential retirement expenses and anxiety levels.
Business owners - when we finally emerge from the coronavirus pandemic, how would you like to take a nice, long vacation? I’m not talking about a week at your favorite spot on the beach or in the mountains. I mean a month, three months or more. Can’t imagine being away from your business that long?
With millions of people working from home now, and some suddenly having to get creative with their home office set up, make sure you are still working in a healthy environment. Here are some tips to improve your new workspace!
While most of the country focuses on staying healthy and safe during the current pandemic, it’s hard to escape the real economic impact all of this has taken. The general age group most susceptible to the health dangers of COVID-19, people 60 years old and older, and includes many Americans who are nearing retirement. The recent stock market volatility has, in most cases, hit their portfolios.
The most common question I have received from my clients over the last month Is “Should I invest some of the cash I’ve been sitting on?” Whether you have saved your last bonus, had a liquidity event such as sale of a rental property or received an inheritance, or you have just been thrifty, let me walk you through the exercise I take my clients on when answering this important question.
Having been in the business world for over 40 years now and having experienced several (let’s not count!) economic and stock market upheavals, a quote often attributed to Mark Twain (aka Samuel Clemens) comes to mind: “History doesn’t repeat itself, but it often rhymes”.