Before January slips away, let’s take a moment to contemplate financial resolutions.
In addition to honing your personal mission statement, consider fine tuning your financial goals:
- Is it time to look at your finances?
- Is this the year you’re going to change the financial habits that don’t bring joy to you?
- Do you read the Wall Street Journal out of duty, or because it’s fun?
- Do you manage your own commercial building because you love the connection you have with your tenants and vendors?
- Do you rebalance every quarter, gathering and accounting for all your portfolio’s allocations?
There are scores of “duties” associated with being wealthy. Like many people, you may fall into the category of those who let the details fall by the wayside because you don’t enjoy paying attention to those details. You might not even open your e-statements or update your net worth statement regularly. If you’re in this category, your checkbook isn’t balanced to the penny, and you just hope Amazon is charging you correctly because you don’t have a system of checks and balances for all the things you’ve ordered. It’s probably been way too long since you met with your estate attorney, and you may not even know if give-tax laws have changed since your last estate plan update.
The other end of the spectrum includes those of you who might, in fact, follow through and implement all of these money duties and, as a result, lose perspective on what’s important in your life. Do you find yourself looking up from your computer after doing all the proper accounting, reconciling, communicating, etc., only to realize that it’s 6:30 p.m. and you haven’t been out of the house for the day? Is this the life you desire? Are you leading the joyous, balanced life you want, or do you feel like you’re hostage to your wealth?
If you feel out of balance on either end of that spectrum, this might be the year for you to simultaneously take responsibility for – and delegate – some of the “duties” of wealth. A worthy resolution for sure! If we at TWC can help you put things in perspective and find a healthy balance between ignoring your assets and getting mired in the details and consumed by the responsibilities, please give us a call. It’s what we do best.