Investing time and energy to develop detailed plans for growth is a task that dedicated business owners perform – but that’s not their only priority. A solid strategy for both their business and personal finances, especially since the two are usually intertwined, holds the key to a business owner’s overall long-term financial success.
With the majority of the first quarter of the year behind us, investors need to examine their portfolios to ensure they are properly diversified and positioned to succeed during the rest of 2019.
We generally recommend that clients diversify portfolios globally across stocks, bonds, real estate, commodities and cash. The specific allocation among these asset classes depends on a number of different factors, but establishing an appropriate strategic asset allocation helps clients weather sudden market swings, manage risk, and pursue their long-term financial goals.
January 2019 brought news that several long-term care (LTC) insurance carriers will significantly increase their customers’ premiums over the next few years. This development is significant for individuals and couples who are wondering if they need long-term care plans and, if so, what they can do to ensure their plans offer sufficient and affordable coverage.
Studies repeatedly show that many women have longer life spans than their partners but at some point may face challenges that come with aging, such as widowhood, or physical or mental decline. We recommend women take steps to build their support networks and make plans throughout their lives to ensure their financial well-being and security. Often overlooked, estate plans should be part of every woman’s long-term financial journey.
Despite the year-end volatility in markets during December, we continue to remind our clients that the first weeks of any New Year are an opportune time to review their financial planning strategies and to strengthen their fiscal health in areas they can control during market fluctuations in the coming year – and beyond.¹ Harris Financial Advisors suggests taking the following steps these first few weeks of 2019.