Throughout history, every generation has faced hardships that have called on them to make difficult decisions and hard choices. Whether it was world wars, stock market crashes, terrorist attacks or pandemics, each generation took these challenges and became stronger by learning that sacrifice is not a punishment, but an opportunity.

COVID-19 has impacted ALL aspects of Wealth Management in a way that no other event in recent history has done.  And, truthfully, the impact has only just begun. There will be far-reaching effects from this pandemic, both domestically and globally, for months to come.

Although the Federal government has tried to help by creating multiple grants and loans to help ease the burden on small businesses, most of the hardships will be faced by us all.

How often have you been asked how you would financially handle a crisis?  How often have you been offered suggestions to help if and when a crisis were to occur?  It’s easy to make decisions when you know the situation is only hypothetical. We, at WealthEdge®, have always stressed the importance of having a plan in place regarding your personal Wealth Management.  That advice is even more important now.

This is a compelling time to pause and reflect on whether or not your Wealth Management plans may have fallen short.  It is a time where you can evaluate what went right, and what can be improved.

  • Does your business have at least 90 days of working capital to handle a sudden crisis?
  • Do you proactively focus on your business balance sheets – clearly seeing what you have and what you owe?
  • Do you have adequate wealth protections (personal and property insurance, disability insurance, etc.) in place to help you in the most trying of circumstances?
  • Do you have a personal nest egg of cash to have on-hand for an unforeseen event?
  • Are you living within your means – keeping debt in check?
  • Are your investments inline with the risk you are comfortable taking?
  • Do you have the legal documents in place to make sure that your loved ones are aware of your medical wishes?
  • Do you have the legal documents to transfer your wealth to your family in the most tax-efficient manner possible?

Now that the hypothetical has been realized, these questions are hard to face but necessary to ensure that your wealth is protected, accrued and transferred with as few disruptions as possible.

Like other generations before us, we are experiencing very trying times.  Hard decisions and choices need to be made in order to get through this. But, just like previous generations, WE WILL GET THROUGH THIS.  And with thoughtful reflection and difficult decisions, we will be better prepared for the next unforeseen event. No one can predict the future, but with a thorough personal and business wealth plan, you can feel more prepared and hopefully be less impacted.  Together we will navigate these uncertainties. And as always, we are here to help – every step of the way.