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Podcast: Creating a Financial Plan After COVID-19

Podcast: Creating a Financial Plan After COVID-19 1080 1080 Bernstein Financial Services

Since April 2015, Marsha Wietech began broadcasting her conversations with Non-profits, Entrepreneurs, Authors, Actors, Musicians, Athletes and people in the community all with a story to share. Through her Conversations and Connections, her audience shares a sense of Community. The natural progression of Community is a sense of belonging resulting in relationships and story-telling.

To hear Mike Bernstein on Born To Talk with Marsha Wietech, click the button below.

Why do you think that it’s important to re-visit your financial plan each year?

Mike: Maybe someone does a financial plan for you and it’s fantastic. Maybe it’s a small cashflow projection or something more extensive with the help of a financial planner. And then it sits on the shelf. Meanwhile, you’ve had kids and grandkids, you’ve bought rental property or lost your job and you haven’t revisited your plan. You need to make sure that you are continually on course for your retirement.

Maybe people have had to pivot or dip into their finances or retired early after Covid-19. What advice do you have for people who had to make big changes to their retirement?

Mike: Everybody is going to have setbacks. I compare it to sports. I sometimes do triathlons and 100-mile runs. A lot of planning goes into these very difficult events. So, first you decide that you’re going to do it… In other words, you decide to address your finances. You create a training plan. Then, somewhere along the way, you hurt your foot. You have to adjust your training plan accordingly, maybe you have to rest for three weeks. Maybe you lost your job during the pandemic? Fine. We adjust the plan, modify it to reach the goals somewhere else along the path. In finances, it’s just a setback. Don’t let it get you down. Often you don’t need to address the problem during the setback. Sometimes people can unhappy or depressed that they just can’t even look at finances. That’s fine. But, look at it again when you’re ready.

What do you think is the most important thing when evaluating our personal finances?

Mike: It depends on your age and your family situation. It really relates to where you are in life. The most important areas are cashflow planning, insurance planning, retirement planning, college planning, estate planning, and tax planning. Obviously, tax planning is done on an ongoing basis, but more important that that is estate planning. If you’re a young couple with a child, several more are important. Cashflow planning is important for everyone, but very important is an estate plan. If something happens, is there a plan for the children? Insurance planning. Is there money to take care of the family is someone dies?

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