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What Should I Look at During October’s Financial Planning Month?

What should you look at during October's financial planning month? Here are the top six items that need your attention in your financial plan.

Full Transcript: 

Hello, welcome to Arista Advice. 

Question of the week is: "Paul, what should I look at during October's financial planning month?" Wonderful question.

There's six key areas that you need to be looking at inside your financial plan, whether you're 20, 30, 60, 70, or 80 years old. 

The first one is cash management. Cash management includes looking at your sources and use of your revenue and your expenses. Look at your spending habits and your money that's set aside for unplanned expenses. 
Number two: investment approaches. Consider your personal goals, time horizon, and risk tolerance. Just last week I was speaking with a client, and she said "My husband drives a Mercedes, and I drive a Buick. Does that tell you about my risk tolerance, Paul?"
Number three: retirement preparation. The chief concern for 49% of Americans is will they have enough money in retirement, and will they run out of money.
Number four: health care considerations. Did you know that 44% of Americans cite declining health as their 2nd biggest retirement concern? Get out there and become active. Do something, get up and move. Last night I was visiting with an 83 year-old man who plays table tennis and is heavily involved on a daily basis and still going strong.
Number five: tax management. Do you know what tax bracket you're in, and do you know what the next tax bracket is, and what you're doing to avoid going into it?
And number six, your estate plan. It's not what you make, it's what you keep. Understand the exemptions and get your assets protected. Probate is public and expensive and laborious. Have an estate plan to protect and to designate where you want your assets to go.

Please consider these six things during October financial planning month, and we look forward to talking to you soon.