Our Insights

It seems hard to believe it's October already and time to start planning for year end. As the winter season approaches, now may be a good opportunity to look back at what has happened during the past nine months and, more importantly, to begin to prepare for 2023. In the song My List, country singer Toby Keith talks about his to-do list, singing, "Under an old brass paperweight is my list of things to do today. Go to the bank and the hardware store, put a new lock on the cellar door. I cross 'em off as I get 'em done, but when the sun is set, there's still more than a few things left I haven't got to yet."

When Stevie Wonder sang, "Don't you worry 'bout a thing", he probably wasn't thinking about the benefits of insurance. However, if you stop and think about it, having insurance for the 'things' that matter to you can certainly help reduce the worry. Insurance is one of the financial tools that help preserve wealth and keep the bad things that may happen from becoming catastrophic.

When the Rolling Stones sang, "You can't always get what you want, but if you try sometimes, well, you just might find, you get what you need," they described our personal search for acquiring more. With those lyrics in mind, let's dedicate this edition of the Prosperity Wealth Planning newsletter to Spending and some of the issues that can affect our unique buying habits.

The holidays are behind us, and I hope everyone reading this had a wonderful time with friends and family over the past couple of weeks. For many of us, the arrival of the new year is accompanied by a reflection of the past and a desire to look forward, with a renewed interest in setting goals for the coming year. In the song, It's My Life, Jon Bon Jovi's thoughts on goal-setting remind us that "Tomorrow's getting harder, make no mistake. Luck ain't even lucky, got to make your own breaks… It's my life, and it's now or never."

In the Pink Floyd song, Breathe, the listener is encouraged to, “Breathe, breathe in the air, don’t be afraid to care. Leave, don’t leave me. Look around, choose your own ground.” Most of us strive to build a life that allows us to live comfortably and leave something behind for our families and friends when we’ve left. Determining the most appropriate and meaningful way to pass your legacy on to the next generation is often fraught with challenges, especially when it comes to navigating the legal choices that come with estate planning.

In the song My Wish, Rascal Flatts gives voice to the thoughts many parents have this time of year when watching a child heading off to that first day of school: “But more than anything, my wish, for you, is that this life becomes all that you want it to. Your dreams stay big, your worries stay small, you never need to carry more than you can hold. And while you're out there getting where you're getting to, I hope you know somebody loves you and wants the same things too.” For parents of college-bound children, there is a feeling of pride in what their child has accomplished to get to this point, tempered by a mix of concerns: Is he/she ready to be on their own?

Living life to the fullest takes on different meanings for different people. For some, it may mean white-sand beaches, majestic peaks, or treks to remote areas across the world. For others, it’s spending more time with friends and family, or possibly buying that cabin on the lake, or touring the country in an RV.

Financial planning is vital at every stage of life. When you are young and just starting out, the goal may simply be to cover monthly expenses, get out of debt, and save for the future. As you get older and your financial life becomes more complicated (think of juggling saving for your kids’ education costs while saving for your own retirement),

In the song, Taking Chances, Celine Dion asks, "What do you say to take chances, what do you say to jumping off the edge? Never knowing if there's solid ground below, or a hand to hold, or hell to pay, what do you say?" The reality is that risk is a part of everyday life.

In the song Brand New Day, Sting asks, “Why would you want to put yourself through all that again?” Indeed. It is now 2021 – a brand new day and a brand new year. It’s time for a fresh start, with the confidence that this year will be better than the last.

The Supertramp song, Give a Little Bit, includes a lyric that says, “there's so much that we need to share, so send a smile and show you care”. This sentiment has never been truer than in this year of struggle.

Anyone who knows the pangs of anticipation can relate to the lyrics in Tom Petty’s song, The Waiting when he sings “The waiting is the hardest part”. He has been quoted as saying that this song is about waiting for your dreams, whatever they may be, yet not knowing if they will come to pass. He also said it’s a song about optimism.

The uncertainty can be challenging, but being prepared and having a plan in place helps reduce those “spooky” feelings. In light of the events of 2020, there has never been a better time to review your estate, insurance, and financial planning documents.

You can’t blame Marvin Gaye for asking, since we are two-thirds of the way through one of the craziest years ever for the US stock market, the American economy, and honestly, each one of us. The stock market’s movement in the first half of 2020 was a roller-coaster, full of steep climbs and sharp drops, only to climb again.

Certainly, 2020 has taught us that life truly is a highway, with starts and stops, twists and turns, and, unfortunately, plenty of detours and unplanned delays. The purpose of The Journey is to provide some navigation and advice to help you along the way.