Tips for Financial Review

By Brent Shaw, Modern Woodmen, Fraternal Financial | m.brent.shaw@mwarep.org

When is the last time you took a good look at your overall financial position? Was it just before a big purchase? Was it when the news said the market took a significant downturn? Maybe it was when you decided to change jobs. Taking appraisal of your savings, retirement, and insurance more often can result in a portfolio that matches your goals more closely. Planning an annual financial review can help you focus on the big picture. Ensuring your financial plan and goals match your portfolio can ensure enough money to achieve your goals in the future. With your financial advisor or on your own, these tips can help you make sure your dollars are working toward your goals. Here are some questions to ask for your financial review.

Is my investment plan still on target?

You most likely have seen some changes since your last financial spot check. The first thing to look at is if your target has moved, or maybe it’s changed completely. As you continue to build and grow your savings, you also will notice you are achieving some smaller financial goals while pushing toward your bigger goals like retirement. The question is, does your timeline and your risk tolerance in those investments match now?

To read more, pick up a copy of the November/December issue of LiveIt magazine.