2065 1st Street
In late July, my family travelled to sunny Panama City for our annual beach trip. We rented a six-bedroom house, which provided all 14 of us with plenty of room to spread out, enjoy the view, and be together when we wanted. The weather was good, the water was a spectacular blue-green, and, thanks to gallons of sunscreen, no one came back sunburned. It was a great week.
During last year’s trip, my daughter Heather wanted to go parasailing, but the wind conditions kept her grounded. She was determined to do it this year, and the weather on the day she chose was looking good. However, she needed a partner. No one else in our group was up for the challenge, so I (reluctantly) volunteered. Gulp.
Our adventure involved a heart-thumping banana boat ride far out into the gulf (and back to the beach afterward), and then an exciting transfer from the banana boat to the tow boat on a somewhat choppy sea. When I saw the extensive safety equipment on-board, I relaxed a little, but when the tow guy started securing us to the parasail, I began to ask myself what I was thinking when I agreed to join Heather. “You have circled the sun 70 times, Mike,” I told myself, “aren’t you a bit old for this? What if you die up there? Then what?” My fears were misplaced, however. Once we were hooked up and in the air, the ride was magical, and Heather and I shared an experience that neither of us will forget.
I didn’t need the legal release Heather and I signed to know that parasailing is risky. So are a lot of other things in life, especially when it comes to money. In most cases, it’s best to deal with bad things before they happen. The list of possible risks is long, but the one that keeps me awake at night is longevity. You just might live a lot longer than you think, and your money might have to last a very long time. For sure, retirement has been redefined, and many of us will continue to work – by choice or by necessity – well into our 60s and even 70s. However, when the paychecks stop coming, most of us will rely on Social Security, savings, and investments for our income. Do you have a plan for this? If not, the time to deal with it is now.
Many more things can go wrong when it comes to money, and my job is to help my clients identify, anticipate, and deal with them. The possible solutions are varied, and everyone’s situation is different. The common denominator, however, is that everyone needs a financial plan to manage risk. If you don’t have one, call me for a free consultation.
Pontchartrain Investment Management
Mike Rich, CFP®, 2065 1st Street, Slidell, LA 70458
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
January 2019 - Reflection
February 2019 - When Life Gets in the Way
March 2019 - The Only Financial Plan
April 2019 - I Have Had It
May 2019 - Your Money Might Leave
June 2019 - When the Stars Align
July 2019 - Are You Alright
August 2019 - Going For The Green
September 2019 - Grandchildren
October 2019 - Recession
November 2019 - Long Term Care
December 2019 - Experiments
January 2020 - Financial Checklist
February 2020 - Financial Roadmap
July 2020 - Intro to New Clients
*Note that there is a gap due to Covid 19.
October 2020 - Asset Domain
November 2020 - Liabilities and Taxes
December 2020 - Cash Flow
January 2021 - Financial Checklist
February 2021 - The Salami Smuggler
March 2021 - Do You Want To Be a Financially Successful Person?
April 2021 - Baby Steps
May 2021 - Time Is On Your Side
June 2021 - I Did It!!!
July 2021 - Live for the Present
August 2021 - Family Advice
September 2021 - Clarity
October 2021- Storms Can Be Scary
November 2021 - LTC Insurance
December 2021- Don't Peek
February 2022 - Estate Planning
March 2022 - Waste Not
April 2022 - Have your cake and eat it too
May 2022 - What is your money lifeline?
June 2022 - Crystal Ball
July 2022 - Do you have a financial 'road map'
August 2022 - Italy