Right now, things are feeling uncertain that’s for sure. The novel call COVID-19 is impacting our daily routines and lives, from parents not knowing if school are going to be open this month and if the procedures that they are taking are the correct ones to our workplaces. Not even the most knowledgeable economic forecast models couldn’t predict something like what just happened a couple of months ago.
First and most the question is what can we do in a world that is changing the way our country is moving? At Northwestern Mutual we do our best to prepare for uncertainty. A well-structured financial plan could be design for the good and the bad times. We analyze your whole picture, beyond just investments, to adjust all the pieces in order to capture the best rewards but also to provide shelter during the storm. Such as Hurricane Maria’s economic problems and the most recent one Coronavirus.
What is a financial plan? It’s something that we built base out your goals and dreams. Investing is one key element of planning because it is one of the best ways to grow WEALTH overtime. But in Northwestern Mutual we emphasized a comprehensive financial plan also manages risk to ensure you have money when you most need it. Therefore, your personalized plan will include emergency funds, insurance, and even your BUDGET.
SOME STEPS THAT YOU CAN TAKE
With businesses closing and people losing income, you may be wondering what your options are if you’re affected. Right now, this is a good time to revisit your budget and look for places where you may be able to save (perhaps defer additional debt payments that you have been making over the minimum). Build a budget around your emergency savings. Check to see if you have accumulated life insurance cash value, as this could be a source of funds you can tap into. Reevaluate any open lines of credit that you may have open. If you feel a little overwhelmed and not sure where to start, an advisor can walk through this with. They do this every day.
In 2008 we faced something kind of similar to now when the future of the entire financial system was in question. In 2001 when the Twin Towers collapsed terrorism cast a new, dark cloud over markets and society. But now and again, American citizens find the path forward even when the steps ahead aren’t always clean. Even during the Great Depression and many other UNCERTAIN TIMES, we been here to help business owners, professionals, and families.
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