Planning matters

Spend Your Money?!

Have you heard your Financial Planner express “Go! Spend your money! Take that trip!?” Or, maybe you are like me, and you hope to hear those words in the future? I’ve had the privilege of joining several meetings where the JBA Planner assured clients they could afford to spend more.

The Planner encouraged the clients to travel, enjoy something for themselves now while they have the time, health and energy. And yet, often, the clients’ responses showed reservation, concern, or perhaps fear of letting go of assets.

Many JBA clients have deferred funds for retirement, invested and diversified, spent wisely, given charitably, and utilized tax strategies to see their assets grow (or in other words, they heeded and implemented great JBA planning advice!). But they also lived through market downturns, provided for their children’s needs and cared for elderly parents, and now find it difficult to feel comfortable spending money on something they would enjoy.

How much is enough?

So, when is enough, enough to hear the magic words “spend your money?” Well, it depends on individual circumstances. Each situation is unique yet JBA staff have the knowledge, tools, resources, and experience to evaluate, analyze, and implement strategic plans to make your goals attainable.

We ask questions such as:

  • What is important to you?
  • How would you like to spend your time?
  • What do you like to do?
  • What would you do if time, resources, and health aligned?
  • Where do you want to go?
  • What legacy would you like to leave?

With goals identified and numbers crunched, JBA Planners can calculate projections to answer these questions:

  • How much can I afford to take out of my accounts so that assets last to a certain age?
  • How long will my assets last based on particular assumptions?
  • What if there is a large medical expense or unexpected financial need?
  • Should I purchase life, disability, or long-term care insurance, or will I have enough assets to self-insure for medical needs?
  • Can I afford to gift to my children or to charitable organizations?
  • How do I best distribute my assets to desired beneficiaries?

While there isn’t one magic formula for everyone, a few things remain consistent across the JBA relationships.

  1. We build trust and confidence with our clients.
  2. We listen to understand goals.
  3. We evaluate and calculate projections based on your individual goals.

By working together, we’re able to provide assurance and encouragement to help more people hear those magic words of, “Go! Travel! Spend your money! You can afford to spend more!”

I look forward to hearing that one day! But in the mean time I’ll continue the balancing effort of spending wisely, saving for the future, and enjoying life daily.

Written By Karen Brown