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Nerd Wallet Feature
/Another national media feature from one of our Advisors!
Props to Andrew Mitchell for his recent feature in Nerd Wallet! Check out the article "Spring cleaning your finances."
How to Communicate with Your "Nonfinancial" Spouse
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In marriages, it’s common to have one spouse who enjoys the finance part more than the other. Do you get excited to do the budget each month? Do you know your retirement account balances at all times? Can excel sheets provide you happiness? If you answered yes to any of these questions, there’s a good chance you are that one spouse. (Disclosure: this is 100% me). But what about your spouse who doesn’t seem to share in your financial giddiness? I’m here to tell you their input on your financial life is just as important - even if they don’t smile when they hear the word “excel”. Let’s dive into how you can include your “nonfinancial” spouse in a way they want to be included.
No Assumptions Here
A conversation around how much info they want to know is a must. Don’t assume they want to walk through every little detail of the budget with you, but also don’t assume they want to take the word “budget” out of their vocabulary. It is as simple as asking, “would you like to do the budget with me or would you prefer to know a general update?”. Most times, they just want to hear “we did good this month” or “hey, we need to cut back on eating out”. Opening up this conversation takes out the guessing and immediately puts you two on the same page.
Less is More
9 out of 10 times you will find your spouse simply wants a taste of your financial well-being. This does NOT mean they don’t care about your financial health (gasp!). This simply means a brief overview will give them comfort. My husband and I decided that giving him a quick “here’s what we were able to put toward fill in the blank this month” makes him feel he has a good handle on where we’re at but not too much to put him to sleep. Plus, I give him general updates on our saving account balance and goal progress. After having the conversation we talked about earlier, you will understand if your spouse needs more or less. Typically, less is more in the “non-financial” spouse’s mind and yes, that means they still care.
Hear Them Out
If your spouse has an idea or a financial recommendation, let them be heard. Sometimes as the financial spouse, we tend to think we know all the answers (guilty!). I have found myself quickly shutting down my husband’s ideas or concerns because, well I’m the financial spouse! And that means I must have all the perfect answers, right? Nope. Remember, your financial plan is built around both of your goals, dreams, and hopes. Just because you were able to crunch some numbers, design a seamless timeline, and constantly know your status does not mean it is a one-sided plan. Allow your “non-financial” spouse to be heard. I also have found that my husband’s ideas actually make a lot of sense and provide a new perspective.
They Care, I Promise
If you don’t record your daily steps, how many calories you took in for breakfast, or check your heart rate every 30 seconds, does that mean you don’t care about your body? Absolutely not. Think about your spouse’s perspective in this way. Just because they aren’t constantly checking the pulse of your financial health does not mean they don’t care. They do. The sooner you can learn that and understand that about your spouse, the clearer the communication will be. Sharing is caring but sometimes too much sharing is not caring.
By not making assumptions, giving brief overviews of information, allowing them to be heard, and understanding your spouse does care are ways you can love your “nonfinancial” spouse better. Like I always say, financial intimacy is just as important. Money can be hard in marriage and can cause a lot of stress between the two of you. It all starts with open communication and understanding your spouse better. Take these tips and techniques with you as you power away entering data into your excel sheet (now, without your spouse falling asleep in the chair next to you).
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Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
5 Steps To Fast-Track Your Business Through Mentorship
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Being a business owner means the work you put in, the opportunities given, and the paths you take are all on you. Sometimes, being a business owner can feel like you are all alone, left with the heavy task of figuring out how to succeed. But you are not alone! Every business owner goes through the same season. We all start somewhere. With that in mind, we have the opportunity to use others who have been down our same road and learn from them. Mentorships are powerful tools that we all can use right now. Here are five steps we can use to fast-track our businesses through mentorship:
1. List Your Inspiration
Who’s that person who is farther down the road than you in your line of business? Who is that woman or man that is just crushing it and you dream to be in their footsteps? Start writing a list of names. Think of your connections local and nationwide (Zoom calls, people!). If you haven’t talked to this person in years or maybe ever, stop fearing what could go wrong and start asking what could go right.
2. Tax-Deductible Cup of Joe
Once you have a good list of who you want to connect with, offer to buy them a cup of coffee or a glass of wine. A welcoming offer like that can set the tone right. Plus - don’t forget, this is for your business. You bet you can deduct 50% of the bill from your taxes! Express to them their expertise would be valuable as you are trying to deepen your knowledge in the field. Never underestimate the power of buying someone else a $3 cup of coffee.
3. Prep, Prep, Prep
Before you meet with your new-found mentor, develop a list of questions you want to ask. Some good financial questions to keep in mind are what unexpected expenses came up while growing their business? What is a realistic prediction of income growth? What area of their business did they invest the most time and money into? Having a list of questions ahead of time keeps you on track and makes sure you are getting the most possible value out of your time with this expert.
4. Vulnerability and Advice
Don’t be afraid to ask for advice. Maybe you are stuck between investing more money and energy into advertising or into in-person networking. Maybe you don’t know which direction to take next. Whatever it is, don’t be afraid to be vulnerable and ask for their input. Remember, they were once in your shoes too. Even if there isn’t one hill you are stuck on, ask for a piece of general advice from them. Their wisdom and mentorship are too good to pass up.
5. Let the Motivation Take Root
After your meeting, your mind is probably going to be running a hundred miles an hour. Different ideas and sparks are going to be all over the place. Don’t let that go to waste! Grab a piece of paper and pen and let the thoughts flow. There is something about getting all your thoughts on one piece of paper and from there, you can start to digest each to figure out which direction to take. Ignoring the motivation defeats the purpose of the mentorship meeting. Accept the motivation and let it come rushing out.
Anthony Douglas Williams once said, “Knowledge comes from learning. Wisdom comes from living.”. Mentorship gives us the opportunity to gain knowledge from a wise individual. Surrounding ourselves with people we want to be like will often point us in the right direction. We all can use the tool of mentorship to fast-track our business to where we want it to be in the future. Listen, live, and learn. And maybe, when you get to your future self, you can be a mentor to someone else. We are in this together.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
What is a 'Fiduciary' anyway? And why is it so important that everyone make sure to hire a Fiduciary as their Financial Advisor?
/Several of our Financial Advisors recently recorded their brief thoughts on this topic.
Ben VerWys
Tom Blower
Leanne Rahn
Andrew Mitchell
Drew Howard
Why re-brand after 6 successful years of business with a perfectly fine name?
/In 2020, we re-branded from Action Point Financial to Fiduciary Financial Advisors. Our old name worked fine. So why disrupt? As Fiduciaries, it is important to put our fee-only approach to financial planning & investment management front and center.
Watch this video to learn more about why we changed and why being a Fiduciary Advisor is so important to us (and you!). To learn more visit: https://forfiduciary.com/
3 Reasons Business Owners Should Consider Rolling Over Their 401k to an IRA
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So you took the leap and started a business. Whether that was recently or years ago, to you I say congrats! What an accomplishment to leave your old employer to begin a passion-driven career that you design. With all the excitement your new business brings, it can be easy to forget about that old 401k you had with your previous employer. Here are three reasons why you should consider rolling over your 401k to an IRA:
More Investment Options
Typically, 401ks have a set list of investment options you can choose from. This limits you to what’s on the paper in front of you. Yes, there is a chance you could have a great list of investment options, but there is a chance it could be the other way around too.
IRAs open up many other investment opportunities. Instead of potentially only having a few mutual fund options, you can choose from a variety of different mutual funds, ETFs, individual stock, bonds, and more. IRAs have more choices to fit a whole range of different needs. Who doesn’t love more customization?
Lower Fees
With more choices, may come lower fees. Management fees, administrative fees, and fund expense ratios can have a big impact on your retirement savings. This will look different for every 401k plan, but it is worth looking into.
If your plan has costly mutual fund options, IRAs could open a door to potential savings by choosing lower-cost investments. By rolling your old employer plan over to an IRA, you could be getting more money back in your pocket come retirement.
Better Communication
Your old 401k may be sitting at an investment firm that may have long hold times, poor communication, and more pains in your side. It may be harder to get information on your plan than if you were a current employee.
With an IRA and working with a Fiduciary Financial Advisor, you can have direct access to me and the company your IRA is held at. Instead of being an old employee, you are my client - a relationship I take seriously. No long hold times or lack of communication. Instead, one-on-one communication, questions answered, and your best interests first.
Don’t let your old 401k be a nagging concern as you continue to drive a pathway in your business. Let’s look at your old 401k together and figure out the best option for you. More investment options, lower fees, and better communication may be in your future. Sounds like a pretty good future to me.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
Action Point Financial Planning, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
How to Actually Keep Your New Year’s Resolutions
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New Year’s Eve has passed, the ball has dropped, our resolutions are made, 2021 has begun. I love the New Year. There’s something about getting motivated to be better and to do better.
You know what I don’t love? February, March, maybe even mid-January when our motivation toward our new goals runs and hides. We’ve all been there - killing it the first few weeks then falling back into comfortability.
I’m here to shed some light on how we can keep our New Year’s resolutions. I believe this is just as important as making your resolutions in the first place. Here are five simple steps to kill it the whole year:
You’ve Got a Friend in Me
Support, support, support. I know this one is cliche and you’ve probably heard it a million times, but there may just be a reason that’s the case.
Trying to make some major dents in your debt, increase your retirement savings, actually use your gym membership? Team up with your spouse, a close loved one, a friend, literally anyone who will encourage you and check-in with you.
Whoever it is you choose, discuss how often they will check-in and return the favor. Teamwork makes the dreamwork, ya know.
All About the Progress Tracking
Want to run a faster mile? The first thing to do: actually time yourself at the start of your training. Trust me, I know this seems obvious. But, I’m sure we can all think back on a year (or years) where we never bothered to track our progress.
Let’s make this a priority this year. Grab a notebook, open up notes on your phone, and record. What’s your current debt balance? What’s your retirement contribution right now? How many times do you go to the gym each week? You get the point.
Listen! Don’t stop there. Weekly, monthly, quarterly, whatever it is record those same numbers. Nothing better than seeing your positive progress. Not so great progress can be just as powerful to motivate you.
Put It on The Calendar
We all know how time can magically slip away from us. Reoccurring self-evaluation and progress tracking is typically not something we put first on our list of to-dos.
Physically block out a time on your calendar (and add a notification) to sit down and check how you are doing with your resolutions. Take control of your time and your resolutions.
Patience is a Virtue
Think about it; typically, our resolutions are about reversing some bad habit we’ve had for years. If we’ve done (or not done) the same thing for months and months, we can’t expect to complete one-eighty with the snap of a finger. New habits take time. Patience needs to be our friend.
Consistency is key and it should be paired with patience. Start simple. Don’t try to change your life in one day. Accept good things take time and use that as your primary motivation to keep on keeping on. Patience can be a comforting companion.
2021 is a fresh page. I think we all appreciate the New Year just a little more this time around. Whether you have some major financial goals you want to tackle this year or you are just sick of falling into the same “resolution rut” each year, take these ideas with you: find support, track your progress, block out your calendar, and remember - patience is your friend.
I have the privilege to help people like you work toward their goals every day. It’s always New Year’s with me. Have questions about what financial strides to take? What investment accounts to utilize? Looking for opportunities to minimize your portfolio fees? I got you covered. I can be your support, help you track your progress, and remind you self-evaluation and patience are vital. Let’s start this New Year off right - together.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
Why I’m quitting a good job, in the middle of a pandemic, with my first kid on the way, to pursue my passion for financial advising
/As I began to share with family, friends, and coworkers that I was changing careers to become a financial advisor a common question they asked was, “why?” or “why now?”. I think I knew on some level the answers to these questions but having to actually explain “why” out loud clarified for me what motivated this change and made me more and more confident I was on the right path.
I want to be able to see the impact my work has. I truly believe Steelcase and my work there has helped contribute to more inspiring work environments, but it can be hard for that to feel immediate or personal. For me, seeing the direct impact of helping people attain their goals and plan their financial futures will be more fulfilling.
Doing something I’m truly passionate about will bring out the best in me. I’m conscientious and hard-working regardless of what I’m doing, but I also know I’m at my best when doing something I really care about and enjoy.
I realized I had no control in the corporate world. A lot of people and companies had to do whatever it took to get by in 2020. I think Steelcase handled things as well as they could! But project cuts, people cuts, and being told how many hours you’ll work and where puts your lack of control in the corporate world into clear focus.
Change will only get harder. I certainly won’t have more time or energy once kids are part of the equation! That plus inertia makes me believe a leap like this will only get harder the longer I wait.
I never wanted to wonder “what if?”
If I’m honest with myself, there are a lot of “I’s” and “wants” there. In many ways “pursuing a passion” does feel selfish and privileged, especially this year. Because of that I’m even more grateful for a supportive wife who encouraged me to get serious about pursuing this new career when she could have told me to be practical and keep a reliable job with a salary. I’m also thankful for family, friends, and coworkers who have offered encouraging words when they could have discouraged me or rolled their eyes. Thanks for being part of my team!
Lastly, thank-you to Fiduciary Financial Advisors for taking me on… I’m so excited to be joining an independent local firm that is doing things the right way! I never would have made this leap if it wasn’t to join something I really believe in.
Have you made or thought about a big change during 2020? Would be nice to know I’m not the only one!
Home for the Holidays Magazine→
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HZ PHOTOS
How to Hire a Financial Advisor
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Ready or not, the holidays are headed our way. Soon, we will be carving the turkey, scrambling to get our last-minute gifts, hearing jingle bells in our sleep, and pulling out our ugly sweaters for their once a year use. Although family gatherings may look completely different this year, safely in-person or virtual family conversations will still be in our midst.
Remember that unspoken rule that you shouldn’t talk about money or politics at family gatherings? You know - the rule that somehow always gets broken at holiday parties? Well, I’m here to help you be prepared with what to say. Let me back up: I’m here to help you with the money convos - not the political side. You’re on your own for that one.
Financial Advisors are one of the many money topics that get brought up. Whether you are currently working with an Advisor or are on the hunt for one, knowing how to hire a Financial Advisor is a skill worth knowing. I’m not encouraging you to break the unspoken rule, however, I am encouraging you to continue reading to impress your Uncle with this valuable piece of wisdom.
Fiduciary All the Way
Did you know that there are Financial Advisors who have no legal obligation to put your best interests first? Not only that but they can recommend investment products to you that actually pay them more. This sounds crazy - I know. The craziest part? Over 90% of so-called “Financial Advisors” are NOT fiduciaries. You don’t want to ever question if your Financial Advisor advised something because it was best for you or for them.
Financial Advisors who are true fiduciaries are held to a legal standard where they must put your best interests first. They cannot earn commission off a product they recommend. They will disclose any conflicts of interest.
Know How They Get Paid & How Much You Pay
Financial Advisors can get paid in many different ways. Commission-only, fee-only, fee-based are all examples of how they receive a paycheck. Make sure you fully understand how they get paid and what they will charge you. If they aren’t giving you a straight answer on their fees, this should be a red flag.
Want a hint? Fiduciary Financial Advisors are classified as fee-only. They could charge you on a flat fee, an hourly rate, retainer method, a percentage of assets under management, or a combination.
Don’t forget about your investment portfolio’s expense ratio. The expense ratio is charged by the investment company to the investor. This fee reflects the cost of the investment company’s management and operating expenses. Even though this percentage does not go to your Advisor, it’s important that they are transparent about your all-in costs.
Transparency is key here. Don’t leave the Advisor’s office without a complete understanding of how they get paid and how much you will pay.
Understanding Your Relationship
Communication and access to your Advisor are important. You should have a clear idea of how your relationship will work. Will you meet once a year? Twice a year? More? How can you get a hold of them? Everyone has a different idea of how often they want to talk to their Advisor.
Be on the same page with the expectations of your relationship and also the Advisor’s capability to meet those expectations.
Good Educators Matter
When you are interviewing your Advisor - remember, you are hiring them - ask questions and listen to how they respond. Do they take the time to explain and teach? Are they patient with you? Most people like to have a basic understanding of why their money is doing what it is doing. Advisors need to be good educators and focus on making sure you understand. Who wants to leave their meeting confused and unsure?
Gotta Click With Them
No one wants to be bouncing around Financial Advisors throughout their lifetime. In a perfect world, you and your Advisor could have a relationship that lasts your entire life. If we go into it with that mindset, you need to click with them. Relationships matter! Feel out how you jive with them and make sure it is a good match.
Do you love the company but just aren’t clicking with one Advisor? Be honest with the Advisor and ask if they recommend another Advisor from their company. This is your financial life and working with someone you enjoy should be a priority.
What’s Their Investment Philosophy?
What are the beliefs and principles that they will make investment decisions based on? Do they align with your goals? An Advisor should be able to clearly explain this to you. Another great question to ask them is, do you or would you personally invest in this fund? That answer can lead you in the right direction.
With this guide, you can now go confidently to your holiday parties. You may even want to break the unspoken rule. I don’t blame you - people need to know this. Do you or a family member already work with an Advisor? Challenge them to answer any area of this guide you may not know.
Hire a Financial Advisor who is a fiduciary, transparent of their fees and your all-in costs, clear about your relationship, a good educator, someone you click with, and has a defined investment philosophy.
The holiday season always flies by. Soon the ringing of the jingle bells will be replaced with the ringing in of 2021. Start your new year off knowing how to hire the right Financial Advisor and doing so confidently.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
The information contained herein has been obtained from a third party source which is believed to be reliable but is subject to correction for error. Action Point Financial Planning LLC does not give legal or tax advice. The information contained does not constitute a solicitation or offer to buy or sell any security and does not purport to be a complete statement of all material facts relating to the strategies and services mentioned. Past performance is not a guarantee or representation of future results.
What Investors Can Learn From the Coronavirus
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2020 has not been the most welcoming year. Our world has been shaken by the coronavirus and many have experienced the financial tensions it has brought along. Even though we can’t say the coronavirus is completely behind us yet, investors can rule out some important lessons the rocky season has taught us.
Your Risk Tolerance Matters
Each of us are unique individuals. Each of us think differently and react differently to situations. Therefore, each of us have a unique tolerance toward risk. In other words, the amount of risk we are willing to take within our portfolio looks different for all of us. Aligning your portfolio with your risk tolerance can save you a lot of sleepless nights.
Recently, the market fell tremendously due to the coronavirus pandemic. Investment account balances dropped, fear roared, financial advisors were googled, and stress was thriving. If your investment portfolio took on too much risk, you may have experienced one of those things. Just because your portfolio and risk tolerance are aligned, doesn’t mean your investment account balance won’t go down or your emotions will be seamlessly composed. Balance changes and the aftermath feelings of a loss are normal within large market fluctuations. However, when the two are cohesive, you will feel more comfortable knowing your portfolio is built to comply with the risk you are willing to take.
Selling Low = Locking in Losses
Remember the “buy low, sell high” phrase? Well, it’s more than just a phrase - it’s an investment strategy. The owner of our firm, Ben VerWys, said in the midst of the tumbling market and virus pandemic, “your 401k is like your face: don’t touch it!”. Emotions (and germs) were everywhere not too long ago and if you dwelled on your emotions, you may have considered selling investments. Going back to what Ben proclaimed, touching your accounts during a low market period might not be the best idea. Why? It locks in your losses. Think about it: if you get out of the market at an all-time low, not only are you opposing the “buy low, sell high” strategy but you also have no chance to ride the up wave. You lock in your losses when you get out of the market, not giving your investments any chance of recovery.
I know emotions of fear and stress are always in full swing during impactful market fluctuations. However, if your portfolio resonates your risk tolerance and you understand selling investments at a low point leaves no opportunity for restoration, I believe reigning in those emotions becomes a much smoother process.
Long-Term Mindsets Are Essential
Have you ever tried one of those games where you get a small zoomed-in part of a picture and have to try and guess what the whole picture actually is? That’s what having a short-term mindset feels like. When we look at one small time frame of the stock market, our judgement may jump to conclusions. When we jump to conclusions in the picture game, we just get our answer wrong. When we jump to conclusions in the market, we may lock in our losses and be on the sidelines - watching the market roar back to life without us. The market goes up and down whether we are ready or not. If you can mentally remind yourself you are in the market for the long haul, not a small sliver or time, you can accept the fluctuation of the market with ease. This is why having a long-term mindset is so crucial.
If you aren’t close to retiring, zooming out of this dip in the market and remembering you have years and years to recover can save you a lot of stress. The previous lessons come into play here as well. If your risk tolerance aligns with your portfolio, the ups and downs of your account balance don’t lose you sleep. If you follow the “buy low, sell high” investment strategy, you will ride out the market downturn and not be tempted to sell out at a low point in the market. If you have a long-term mindset, contradicting the previous lessons won’t be a temptation. Just remember, sometimes you have to take a step back to see the beauty of the whole picture.
The events of 2020 have not been the most welcoming, however, the lessons we can take away from them are here to stay. There is still a lot of uncertainty in the world. Will there be a second wave? Will the markets fall again? What else is 2020 going to throw our way? We may not have the answers but we know, as investors, how to push through. Here’s to 2020: the year that, so far, has taught us life long lessons.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
How to (Safely) Kick Your Cabin Fever to the Curb
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Cabin fever is alive and well in many of us. Places are starting to slowly open back up, the weather is getting nicer, grills are in frequent use, and the itch to get away (even for the day) is intensifying. There are some important factors to consider when you start to plan your upcoming travels - more than just “should I pack a mask?”
Budget First, Book Second
True story: my husband and I had two trips planned for 2020 and both were cancelled (not by choice) due to COVID-19. Cabin fever hit me hard. I started looking around for places to escape to. I found the cutest Airbnb and started the booking process. With my debit card in hand, reality hit me. Within a matter of 15 minutes, I was ready to book this vacation for my husband and I. This vacation would have cost us more than our original two trips’ expenses combined! Cabin fever and my emotions got the best of me - almost. I immediately put a halt to the booking process and came back down to earth.
What I’m saying is you need to have a set budget BEFORE you start your travel planning. Being stuck inside for months has the power to make your common sense be a thing of the past. Sit down with your spouse, yourself, or your family and decide what is a realistic budget for your trip. Once this is accomplished, book away. Trust me, you don’t want to let your emotions get the best of you and be stressed from a trip you couldn’t afford in the first place.
Flexibility is Key
I think we all would like to mute the words “corona virus/COVID-19/pandemic/etc.”. Everywhere we turn, it's in our face. The reality is, it’s still a concern and we still have to be informed. As places start to open up and new rules are in place, we need to make sure our plans can be flexible. Not only our plans, but our mindset needs to be open and flexible as well. As you go through your travel planning process, remember that the places you visit might change their guidelines, be at their full limited capacity, stop allowing out of state residents, and more. States are still trying to figure out how to navigate these unknown waters and we need to be open to that.
The best way we can be flexible is to have a backup plan or two. If you have your go-to restaurant every time you visit Traverse City, be willing to try a new place if they are at full capacity. Hey, who knows? You may even find your new go-to restaurant this way.
Do Your Research
I’m not a scientist, I don’t work in healthcare, I have not experienced the corona virus first hand. The good news? Trusted resources have shared their wisdom with us. Research, people! See what the professionals have to say about flying versus driving. Should you stay in a hotel? What will be open and what activities are safe to do? All of these are important questions and thank goodness there are people out there who have a lot more knowledge in this area.
If you are traveling out of state, make sure to research if they have different rules or guidelines. Visiting a famous monument? Research to see if they will actually be open. Staying in an Airbnb? Reach out to the host and see how they are personally taking precautions.
I know research is not the exciting part of planning your next vacation, but this time around research is a high priority that must be done to have a stress-free trip.
Don’t try to ignore your cabin fever because I can promise you, it will get worse. Be smart and don’t forget your common sense. Making a trip budget before checking out travel ideas will save you a lot of stress. When the time comes to get out of your town, be flexible with new guidelines and a potential change in plans. Just as importantly, research and make the best decisions for your family based on your findings. Your 2020 trip may look a little different than what you originally had planned, but carry on and keep in mind these factors as you plan your new trip. Your cabin fever will be behind you in no time.
3 Steps to Overcome Your Emotions During COVID-19
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Welcome to the (almost) half-way point of 2020! Does that sound as weird to you reading it as it does to me typing it? Probably because if your year has looked anything like mine, that means a good chunk of it has been closed-off from the outside world. Let me tell you - the same view of my home office wall is getting boring.
Not only has 2020 brought self-isolation but I’ve also had to let go of a lot of plans made. I’m going to guess you all have felt this one as much as I have. Vacations, weddings, graduations, birthdays, family get-togethers, and so much more are a few of the things we’ve had to hold off on - at least for now.
There have been so many plans we have had to adjust in our personal lives. But is anyone talking about our financial plans? You may have gotten to this point in the year and realized you are behind in your financial plans. You may be experiencing frustration, disappointment, or even failure. Guess what? These are all normal feelings. When we set a goal, we celebrate when we achieve it. The journey leading up to the achievement is led by determination and hard-work. Well, the world has thrown a curve ball at our financial plans leaving many of us struggling to maintain our dedicated pace. It’s not that we have lack of determination or lack of hard-work. It simply comes down to the fact that something out of our control may be adding weight to our journey. Again, let me tell you that your current feelings are normal. Now, let’s discuss how we can navigate those feelings and get ahead of them.
1. Accept That Plans Change
Whether you like this step or not, it is crucial. Just like plans change in our personal lives, our financial plans can change too. It doesn’t mean we did something wrong or right. Life changes and therefore, we should allow our financial plans to change with it. Let them be cohesive. Once you accept this, you can move on to the next steps with a positive and forward mindset.
2. Allow Your Emergency Fund to “Do Its Thing”
I have found myself saying a lot that COVID-19 is something we will be telling our kids, grand kids, and great-grand kids about. The craziest of times are happening right now. If you are in need, you may feel hesitant to touch your emergency fund but let me bluntly remind you: those funds are exactly designed for uncertain times! Don’t be afraid to allow your emergency fund to do its thing.
3. Revise Your 2020 Financial Plan
If you haven’t accomplished step 1, you may be turning and running right about now. If that’s you, run back to step 1 and then revisit this step. Maybe you are in a boat with many others where your income has been less than normal. Or maybe, you are in the opposite boat: you have received more than expected income and are getting closer to your goals. Either way, I want you to be reasonable with yourself and make adjustments to your goals and timelines where necessary. If you can realistically only accomplish a few goals out of your original list, prioritize and give yourself grace. If you have been able to crush more achievements than planned, stop and congratulate yourself! Whatever boat you are in, adjust accordingly and keep your head up.
Obviously, I know this situation is what we least expected. Emotions may be feeling more intense and the continuing unknown doesn’t help. Focus on what you can control and keep moving forward. Remember: this is temporary. Use this time as an advantage to refocus your mindset to accept plans change, trust in your emergency fund, and keep powering away at your goals - even if you have to revise them. I want you to be able to look back at the year 2020 and say you hit a home run off of the world’s curve ball. I’ll be here, cheering you on all the way.
Catch Action Point Founder Ben VerWys front page on CNN right now!
/If you navigate to CNN.com right now, you will see a lot of articles about the Corona virus, one compelling article (to circle back to) about 20 foot waves coming to the great lakes, and one more article front and center titled ‘How to Recession Proof Your Investments.’
CNN recently reached out to Ben VerWys, Action Point’s Founder and Senior Financial Advisor to help put together this article about what investors can do to prepare for economic downturns.
Click the CNN screen below or navigate to this link for the full article: https://www.cnn.com/2020/02/26/success/recession-proof-investments/index.html
Action Point Financial Planning Founder and Senior Financial Advisor, Ben VerWys has won WealthManagement.com's Thrive Award as one of the 'Fastest Growing Financial Advisors' in the entire U.S.
/For Immediate Release
December 4, 2019 - Action Point Financial Planning, an independent financial planning firm based in Grand Rapids, Michigan, has been named a recipient of WealthManagement.com’s inaugural Thrive Awards, the first-annual list of the nation’s fastest-growing Advisors.
“I am thrilled to learn that we have received this award! Five years ago, all I had was an idea - the role of a true Financial Advisor could be significantly improved compared to what I saw happening out in the marketplace.” said Ben VerWys, Founder and CEO at Action Point Financial. “At the time, there wasn’t nearly the emphasis on Fiduciary advisement that continues to grow so rapidly today. Much of our success is directly related to the fact that at Action Point, we do the work the right way. What I mean by the ‘right way’ is a laser focus on stewarding our client’s investments and managing their financial planning from a strictly Fiduciary standpoint. Our ‘math wins’ philosophy means we have no products to sell, a strong vested interest in seeing our clients lives improved, and an active effort to mitigate all conflicts along the way. These things are clearly laid out in our Fiduciary Oath that we make to all clients. It has been exciting to be part of the rapid evolution of financial advice over the last 5 years, but to receive an award specifically for our participation in that growth means we’re making the impact we set out to deliver.”
A total of 121 individuals and teams made the list this year, which was compiled by measuring percentage revenue growth over the previous three years. The average revenue growth of the 2019 Thrive Advisors was three times the industry average, as calculated by McKinsey & Company’s PriceMetrix.
To qualify for the WealthManagement.com 2019 Thrive Awards list, applicants had to be based in the U.S., offer financial services to individual clients, and have a minimum revenue of $100,000. Applications were accepted from individuals, teams and companies of all types and sizes—including solo advisors, ensembles, practices, family offices, RIAs and IBD reps.
The complete 2019 Thrive Awards list is available here, and will be featured in the December 2019 issue of Wealth Management magazine.