Is your financial house dried in?

Is your financial house protected from the weather and storms, foreseen and unforeseen, that will inevitably flow into your life over the remainder of your life? If you are reading this article, two things are probably true: you are probably a “mature” adult and you have probably already endured many financial storms. Some of those financial storms may have been self-inflicted, and others probably from the ebb and flow of economic and market cycles.

Wendy and I are excited that our house on Constitution Drive is now dried in. The roof is protected with a peel-and-stick rubberish underlayment material, the house exterior has been wrapped in house wrap, and the windows and doors have been installed. We hope to be in the home by Christmas. Thank you to everyone for the compliments on the structure and the process. 

Our builder, Paul Stokes, has been a trusted friend for many years, and we are thankful for his experience and expertise in helping us create, fortify, and protect one of our largest financial investments. Paul’s knowledge and attention to detail will help protect our home from the wind, rain, and other natural elements and hazards that will relentlessly assault our home. Good advice can be expensive, but it can also be priceless.

I began my financial planning career in the late ‘90s while in my late 20s. Wendy and I both worked hard to build our financial services company by calling people and asking them if they were open to good investment ideas from time to time. Some said yes and some said no, but we still have a lot of clients from those days who we love, enjoy, and appreciate. We have seen them endure many financial storms – the dot.com crash from 2000-2003, Sept. 11 of 2001, the real estate crash in 2008, Hurricane Michael in 2019, COVID-19 in 2020, and personal issues – the deaths, addictions, and illnesses of loved ones, divorces, caring for aged parents, dealing with mental decline, car accidents, and the like. We have also enjoyed seeing weddings, births, and victories over illness, addiction, and hurt feelings. The storms of life are plenty, but I believe that sufferings produce perseverance, perseverance brings character, and character brings hope. Are you a person of hope?

The remainder of 2024 may bring us several financial storms. Elections, interest rate policy, geopolitical conflicts and concerns, and increasing consumer debt are issues to watch on the financial radar. Is your financial house dried in? Are you protected? Or at least reasonably insulated? Do you know the pros, cons, and risks of your current investment strategy and estate plan? Do you know the value of your business and have a plan for someone to buy or run your business if something happens to you and/or your key people? The weather is always changing, and it is prudent to have good advisors, a solid financial structure, and flexible plans.

Gulf County resident Walter L. Woodrick is a certified financial planner practitioner, and the author of two books. His website is WoodrickFinancial.com, and his text number is 850.724.1369. Securities and advisory services are offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC. The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. #623748-1