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True Wealth – New Beginnings

Remember the Etch-A-Sketch game we played as kids? You draw a picture on a screen and with a few shakes of the toy, the picture would be gone? I would guess that more than a few people want to shake away the picture of 2020 and all its emotional/ physical challenges.

Well, why not? Let’s take a minute, shake away last year and embrace the blank screen of 2021. What does your new picture look like? How do you go racing into this new year with optimism and enthusiasm?

Here are a few ideas to help you get the year started off right…

1. Write your goals down. This is not a not a new concept, but most people never do it. •Get connected to your financial self (spouse/ significant other) to create better conversations about money. • Create cash flow comfort by analyzing income vs. expenses more completely. • Unexpected events- make sure you can truly handle the financial burden.

2. Value your most important asset—Time. This is a truly non-renewable resource. Use your newly found appreciation of how we use our time and the frailty of life. Is this the year you add the activity goals that have been missing? Charitable work, time with family or even more time for self?

3. Consider repositioning your investment focus to companies/sectors that will benefit from the economy moving out of COVID vs. those that won

because of COVID. Include continuing technology changes or an aging population as investment themes.

4. It appears that 2021 will not be a year of rising

interest rates. How are you proactively adjusting overall income flow, while managing any potential extra risk?

5. The financial industry added a new type of authorized person, “Trusted Contact,” to help account information flow to people you

designate. Have you added this communication support to your accounts? Make a plan to review your estate documents/accounts for beneficiary, financial/healthcare powers of attorney and other key person updates. Circumstances change but many times our legal documents do not.

Make 2021 a year of opportunity and achievement for you and your family. To quote Albert Einstein- “In the middle of difficulty, lies opportunity.”

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, Member FINRA, SIPC.

Jeffrey Karp, CLU®, ChFC®, CASL® founder of Karp Financial Strategies and is a registered representative of LPL Financial. More information and his blog, Permission GrantedSM can be found at www.karpfinancial.com.

Happy New Year!

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