{"id":968,"date":"2021-07-25T10:06:35","date_gmt":"2021-07-25T10:06:35","guid":{"rendered":"https:\/\/dailynp.biz\/118\/?p=968"},"modified":"2021-08-27T06:07:59","modified_gmt":"2021-08-27T06:07:59","slug":"look-at-your-financial-situation-holistically","status":"publish","type":"post","link":"https:\/\/dailynp.biz\/102\/116-moapavalley\/2021\/07\/25\/look-at-your-financial-situation-holistically\/","title":{"rendered":"Look at your financial situation holistically"},"content":{"rendered":"

\"\"What\u2019s the biggest financial mistake you can make? Choosing the wrong investments? Waiting too long to save for retirement? Underestimating the<\/span><\/span><\/p>\n

costs of retirement? All these are reasonable answers, but the biggest mistake you might ma<\/span>k<\/span>e is not looking at<\/span> your financial picture holistically that is, not bringing into the picture all the elements of yourself.<\/span><\/span><\/p>\n

Let\u2019s consider some of them:<\/span><\/span><\/p>\n

\u2022 Your views on helping your famil<\/span>y<\/span><\/span><\/p>\n

\u2013 Your decisions about helping your family are clearly going to be a major part of your financial strategy<\/span><\/span><\/p>\n

\u2013 and this is true at virtually all stages of your life. When your children are<\/span><\/span><\/p>\n

young, you\u2019ll need to decide if you\u2019re going to put away money for their college education, and, if so, how much, and in what investment vehicles. When they\u2019re young adults, you may also need to decide how much financial support you\u2019re willing to provide for things such as the down payment on a new home. And when you\u2019re drawing up your estate plans, you\u2019ll need to consider how to distribute assets to your children, grandchildren or other family members.<\/span><\/span><\/p>\n

\u2022 Your personal beliefs \u2013 As someone with civic, ethical and moral concerns, you want to positively affect the world around you. And that\u2019s why you may feel compelled to make charitable gifts throughout your life and then make philanthropy part of your legacy. To accomplish these<\/span><\/span><\/p>\n

objectives, you\u2019ll want to include gifting techniques in your financial strategy today and your estate plan<\/span>s <\/span>for tomorrow. Of course, for the estate<\/span><\/span><\/p>\n

planning component, you\u2019ll need to work with your tax and legal advisors.<\/span><\/span><\/p>\n

\u2022 Your purpose in life when you retire \u2013 When you retire, you may<\/span><\/span><\/p>\n

be stepping off a career path, but you\u2019re also entering a world of possibilities. How will you define, and live out, your new sense of purpose at this stage of your life? Do you seek to broaden your horizons by traveling around the world? Do you want to give back more to the community by volunteering? Can you spend more time pursuing the hobbies you enjoy? Each of these choices will carry different financial implications for how much you\u2019ll need to accumulate for retirement and how much you will need to take out each year from your retirement accounts, such as your IRA and 401(k).<\/span><\/span><\/p>\n

\u2022 Your health \u2013 Your physical and mental health can play big roles in your financial plans and outlook. On the most basic level, the healthier you are, and the better you take care o<\/span>f <\/span>yourself, the lower your health care bills will likely be during retirement, which will affect the amount you need to put away for health care. And you also may need to prepare for the costs of long-term care, which can be enormous \u2013 in fact, a private room in a nursing home can easily cost $100,000 per year, according to the<\/span><\/span><\/p>\n

insurance company Genworth. It can be challenging to weave allthese elements into a single, unified vision, so you may want to getsome help from a financial professional.<\/span><\/span><\/p>\n

But, in any case, be prepared to look at your situation holistically because, when putting together a lifetime\u2019s financial strategy, every part of your life matters.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

What\u2019s the biggest financial mistake you can make? Choosing the wrong investments? Waiting too long to save for retirement? Underestimating the costs of retirement? All these are reasonable answers, but … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[9,15],"tags":[],"class_list":["post-968","post","type-post","status-publish","format-standard","hentry","category-business","category-opinion","entry"],"_links":{"self":[{"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/posts\/968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/comments?post=968"}],"version-history":[{"count":1,"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/posts\/968\/revisions"}],"predecessor-version":[{"id":1367,"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/posts\/968\/revisions\/1367"}],"wp:attachment":[{"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/media?parent=968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/categories?post=968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailynp.biz\/102\/116-moapavalley\/wp-json\/wp\/v2\/tags?post=968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}