Shakespeare’s Reardon Offers Top 10 Financial Tips

Tip # 6: When Life Gives You Lemons, Make Lemonade

The above headline is certainly an old cliché, yet it applies to what Americans are facing in today’s economy. Americans clearly have choices in how they respond to financial crisis and it is not all ‘Gloom and Doom.’

“We can choose to look at as one gigantic, negative force or we can choose to look for the positive opportunities, said Kevin Reardon, CFP®, President of Shakespeare Wealth Management. “Needless to say, I choose the latter.”

Reardon says there are many areas ripe for turning negatives into positives, including:

Investment Planning: Beaten down equity markets are not pleasant but they can serve as an incredible opportunity to purchase high-quality investments at low prices. Treat declining markets as an opportunity for future growth, not a reason to count today's losses.

Insurance Planning: Many people look at purchasing insurance (life, health, disability, Long Term Care) as a necessary evil, one to avoid like the plague. In reality, buying insurance is a gift we make for the benefit of our loved ones. If we die unexpectedly, owning life insurance can be an incredible gift. It gives your heirs financial independence beyond the grieving period.

Estate Planning: Optimistic people look at estate planning as a valuable tool that allows them to implement their wishes when they are disabled or deceased. In the event of premature death, a previously drafted estate plan allows you to have a voice in who raises your children, who gets your assets, and when they get them.

Retirement Planning: Who wants to set aside money for the future when life can be so unpredictable? The flip side to this coin is that we have an unbelievable opportunity, given breaks in our tax laws and with established savings programs, to set aside money easily for the future when we will need it.

Tax Planning: Dealing with tax advisors and countless government forms is not fun. However, understanding the rules allows us to keep more of our dollars and to maximize our family’s situation. Utilizing a savings plan, such as a 401k, can reduce taxable income, maximize savings, and build wealth faster via tax-deferred growth.

Charitable Planning: Giving to charitable causes we believe in is more important than good financial planning alone. It is incredibly gratifying. The optimist will invest not only money, but also their time and expertise into charitable causes that can improve the lives of others. The return on investment from helping a few 'bruised lemons' is hard to measure but easily felt.

College Planning: Giving someone knowledge or the opportunity for knowledge can and does have a life-long impact on your children or grandchildren. By saving money at an early age, you are giving your money needed time to appreciate to pay for a meaningful expense. You are also giving your child a better chance of succeeding in the future and helping them to focus on lofty goals as they begin to make their own decisions.

“For those who live for today, tomorrow doesn't seem quite so bright,” added Reardon. “The economy has given us all plenty of lemons. However, with proper planning, we can all start squeezing… and enjoying some sweet lemonade!”

About Shakespeare Wealth Management

Shakespeare Wealth Management provides unbiased financial solutions to successful individuals, businesses and organizations. We are a Fee-Only™ Registered Investment Advisor committed to helping you and your family to achieve its goals. Shakespeare will assist you in managing all aspects of your Wealth, including: Investment Management, Financial Planning, Estate Planning, Tax Management, Insurance Planning & Review, Charitable Planning, and Succession Planning.