Let’s assume that you have accumulated some money and you want to protect it. Appropriate investment of the money is important, but what about lifestyle planning?

Planning seems so long term and sometimes appears to have no immediate benefit. However, the drifting that occurs in its absence can subject you to huge risks that can result in running out of money before your time is up.

Here are two of the major risks:

• Spending more than you can afford because of inflation, a possible long life, and the uncertainty of investment returns
• Not having enough due to substantial changes to your health, family, or resources

Here are four steps you need to do to be prepared:

1. Assess your current situation, including your resources
2. Identify your goals
3. Develop a strategy
4. Put your strategy in place

Planning works best if it is not a solo activity. Find people who can help you make a plan, share some of the work, and serve as accountability partners so that your strategy is put in place.

Don’t forget to include a Plan B, so that you will be prepared to deal with life’s many challenges.

For more information on this topic, contact us.

Mark Fischer, Certified Financial Planner
Fischer on Finance
7301 Ohms Lane, Suite 365
Edina, MN 55439
Phone: 952-881-4696
Fax: 952-881-4534

Securities offered through Multi-Financial Securities Corporation, member FINRA, SIPC. Fischer on Finance, LLC is not affiliated with Multi-Financial Securities Corporation.