As life goes on, you may be concerned about suddenly losing income, not being able to pay an unexpected tax bill or dealing with other financial setbacks. Richardson says that a strong financial plan should not only cover your needs for today and your goals for tomorrow, but also help you feel prepared in case the unexpected happens. Having an emergency fund, powers of attorney, estate planning or insurance in place can give you the peace of mind to help face any situation.
While there are no quick answers to unpredictable problems, talking to your financial planner or advisor and having a financial checkup is one way to gain some reassurance and confidence. Your financial planner may be able to help alleviate unnecessary worries and ensure your financial plan addresses the issues that are on your mind. Moreover, a financial planner may be able to help you build a personal continuity financial plan that ensures your financial health if an unexpected emergency happens. While you may be more prepared than you think, it can help to review your plan with your Financial Planner during times of uncertainty, so you understand exactly why it’s working, Richardson says.
“In times like these it can be easy to get distracted by headlines in the news or one day in the market,” she says, “But by looking at your long-term picture and the plan that’s put in place by a wealth professional, it can help ground you back to the decisions you made on the path to achieve long-term success.”