Personal Financial Planning - It’s Time You Did it Right!

The markets are clearly in a tug-of-war between those who believe the system is falling into a deep recession and those who believe that today’s prices represent a significant buying opportunity. With news spreading so quickly due to computer and internet technology, every bit of news takes on significant (and often unwarranted) proportion. So... what have we been telling our clients?

Over the last four weeks, we’ve been encouraging our clients to...

* Review your emergency fund - you should have 3 -6 months cash needs readily available in a local bank.
* Stick with an investment posture that gives them a chance to recover from the last year’s drop in value
* Review and update your NET WORTH statements (all assets and all liabilities)
* Review beneficiary designations on IRAs, 401K plans, Life Insurance, etc.
* Review your monthly cash flow.

While those are the same lessons we've been teaching our clients since 1968, we don’t want to seem as though we are simply offering the same platitudes and neglecting to recognize the challenging times we're seeing in the economy.

As the market sorts through its emotions and rises and falls with each change, we know how difficult this will be and for many of you. It is frightening when you envision your plans and your safety net possibly being eroded. While no one has a crystal ball (except for a few shops in Salem, MA), we believe that reacting out of panic now is not likely to get you to where you need to be.

You should expect continued volatility. Some days will be no fun. Other days will raise hopes that we are past it all. We just can’t predict when that will be.

So What's the Next Step?

Insure that you are in a position to make rational decisions during these emotional times.

Financial planning - and not investment strategies - MUST be at the foundation of how you build your financial future. Be absolutely certain that if you work with a financial professional they are placing YOUR interests first and that their approach to helping you achieve your goals is based on an understanding of your TOTAL NET WORTH, not just a sliver of your financial life. These are time when FINANCIAL PLANNING PAYS and it's never been a better time to retain the services of a financial planner.

If you have a total net worth between $500K and $3Million (including your home) you are considered part of the MASS AFFLUENT population. Financial planning firms, such as Freedman Financial exist on the North Shore to deliver the comprehensive services you need at a price that is more reasonable than you may have ever imagined.

Now is the time to make your Rosh Hashanah New Year's resolution and commit to building a financial plan so that your family's financial future can be brought to life.

Now is the time to get your financial house in order.

Now is time to work with a Certified Financial Planner professional dedicated to placing YOUR interests first.

Now is the time to stop waiting until markets improve before your take the next step.

Now is the time to open up your financial life (and the emotional baggage that comes with it).

Now is the time to buy ADVICE and not an INVESTMENT SOLUTION

Now is the time to request a complimentary consultation with a financial planning firm who has served more than 400 families on the North Shore since 1968.

Freedman Financial is delighted to offer complimentary one-hour consultations to any Jewish Journal subscriber who believes they could benefit from the services of a Certified Financial Planner. To request an informational kit on how you could work with Freedman Financial visit us on the web at http://www.freedmanfinancial.com or call us at 978-531-8108. If you'd like to learn more about how we deliver providing financial planning to our clients click here.