Archive for November, 2016

“RETIREMENT – ALARM BELLS”

November 18, 2016

After many years of financial planning, I find that many times people come to me that have not heeded the alarm bells for many years.  Retirement planning involves a team.  The players in this team are the person looking to retirement, an attorney, a CPA, and a financial advisor.  Why do you need all  of these?  Each of them, including the future retiree, should be accountable to the  team to sound the alarm bells at the right time to reach the goals of the retiree.

In retirement planning you can’t “pull a fast one” on the future needs for retiring and remaining retired with sufficient funds to enjoy your retirement.  A good financial advisor will sound the alarm bells when appropriate and hold you accountable for the ongoing needs of your plan.  You should also hold the financial advisor accountable with your own alarm bells. 

It’s really fun to enjoy the fruits of  your  labor during your earning years, but the fun ceases when you approach retirement and finally hear the alarm bells and begin to doubt whether you will be able to retire.  You may even begin to be concerned about whether you may remain retired.

When you approach retirement age and begin to faintly hear the alarm bells, you will most likely realize you could have done many things different (like starting a retirement plan).  It’s not comfortable to realize what could have been when the game is in the ninth inning and you are behind.

These are some of  the things you need in developing and maintaining a retirement plan:

  • Do you have an ongoing relationship with your financial advisor to sound the alarm bells?
  • Are you keeping  your  priorities straight?
  • Are you asking yourself the hard questions?
  • Are you being accountable?
  • Are you over-concerned with current wants and needs while ignoring retirement?
  • Are you putting more stock in “events” rather than the  “process?”
  • Are you being too much of a  “loner” in your planning?
  • Are you planning on relying only on Social Security Benefits to take care of  your needs?

If this blog post causes you to hear the alarm bells, it’s time to take the first step and call me or visit my website and complete the “contact” form and I will contact you immediately:

http://burrowsfinancial.thebetterretirementplan.com

Have a great day and I am excited about hearing from you.

*****

Galatians 6:7-10

We can’t pull a fast one on God.  He sees all and  cannot be deceived.  He notices our shortcuts and also our efforts when we do well.  To ensure that we live by this truth, seek others to hold you accountable and act as your “Alarm Bells.”

  • Is my personal walk with God up-to-date?
  • Am I keeping my principles straight?
  • Am I asking myself the hard questions?
  • Am I accountable to someone in authority?
  • Am I sensitive to what God is saying to the whole body of Christ?
  • Am I over-concerned with building my image?
  • Do I put more stock in “events” rather than “process?”
  • Am I a loner in my leadership and personal life?
  • Am I aware and  honest about my weaknesses?
  • Is my calling constantly before me?

Have a great day!

 

“RETIREMENT – PLANNING AND STRUCTURE”

November 2, 2016

I sometimes like to look back into the past and see the results of my actions or inactions.  What effect did my decisions have on the goals that I had set forth?

I didn’t walk 20 miles in the snow to get my education.  I only lived 3 1/2 miles from school and I either rode the school bus or my parents took me.  When I got a little older and owned a bicycle, I had new transportation that made my daily schedule a little more  flexible.  Then, I was able to buy  a used car, and the quality of  my transportation changed.

Even as a teenager, attending school or going to town required planning.  I had the choice of two routes.  One route required me to travel on a dirt road for 1 mile to get to the  pavement.  The other route was 2 miles from the city streets.  Of course, when riding a bicycle, then sooner I could get out of sandy roads and be on pavement made the trip faster and easier.  There was a stretch of road we called “corduroy” because of the wavy condition.  It wasn’t too bad on a bicycle, but it would jar your teeth in a car unless you drove very slow.

In financial planning I realized that many times developing and following a retirement plan is much like the paragraphs above.  A decision must be made in the planning to reach your retirement goals.  The structure of the plan must have the flexibility to  adjust for the bumpy roads you may encounter as you travel the road to retirement.

PLAN AND ORGANIZE

  •  Plan to plan.  Give time for planning and  organizing.
  • Determine your primary purpose.  What’s the big picture?  What are you trying to do?
  • Assess the situation.  Understand where you sit before trying to develop a strategy.
  • Prioritize the needs.  Make sure all parties involved agree on the most important goals.
  • Ask the right questions.  Ask about market, leadership, income, reporting, evaluation.
  • Set specific goals.  Write goals that are realistic, measurable, flexible.
  • Clarify and communicate.  Communication links planning and  implementation.
  • Identify possible obstacles.  Mentally walk through all you are trying to accomplish.
  • Have an open system approach to you planning.  Be sympathetic to your circumstances.
  • Schedule everything you can.  Get things on the calendar and set deadlines.
  • Budget everything you can.  Determine both the costs and due dates of obligations.
  • Monitor and correct.  Progress is lake a canoe trip; constantly adjust your course.
  • Study the results.  Evaluation prevents stagnation and exaggeration.

IN ORDER TO STEER THE SHIP, IT TAKES PLANNING TO CHART THE COURSE.

As a financial advisor, this is what I do each  and every day.  Contact me by visiting my website and completing the contact information.

http://burrowsfinancial.thebetterretirementplan.com

*****

Numbers 2:1-34

After Moses led his people out of Egypt and into the wilderness he needed to  plan and organize.  He had twelve tribes to plan for with all the needs and problems they encountered in the wilderness.  His planning was essentially the same as we encounter today to set our retirement goals and making sure that we can remain retired.

Have a great day!