Financial Dos and Don’ts During a Pandemic

School of Financial Wellness

Lightbulbs and a notebook with do and don’t written on it.

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Financial Fingerprint: How to Approach Your Retirement Questions presented by William D. Connor, Financial Advisor at Meld Financial.

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Managing life has become an increasingly difficult task during the COVID-19 pandemic. As much as the pandemic has put our lives and futures on hold, it hasn’t erased our everyday financial responsibilities. This has but a strain on many family budgets, but knowing some key “do’s” and “don’ts” to managing your finances can go a long way in weathering this storm of uncertainty.

Do Talk to an Advisor

Statistics vary, but on average, 85% of US Citizens do not use a Financial Advisor. In a time when every penny must count, speaking to a Financial Advisor, like a CFP® at Meld Financial, to help secure your financial future should fall in the “Do” category.

Don’t Rush When Choosing an Advisor

The pandemic may have highlighted your need for a financial advisor, but never rush the decision of choosing who will be managing your wealth. Make sure the advisor you choose is experienced and equipped with the proper team of wealth managers to help you meet your financial goals. Make sure your advisor looks at your entire financial picture, including your assets, debts, expenditures, and your income when developing your long-term financial plan, and, most importantly, take the time to make sure you are comfortable with them.

Do Develop A Retirement Plan

Given the uncertainty the pandemic has created, many people are choosing to delay retirement. This is an unenviable position, so you should work hard to avoid it. That’s why now is the perfect time for you to evaluate your financial situation, no matter your age. So, once you have decided on the appropriate financial planner for your situation, the next “do” is to develop your retirement plan.

Don’t Make Emotional Decisions

It’s important to be deliberate when managing your finances. National events like stock market crashes or natural disasters can make you feel like you need to hide all your valuables under your bed. But those who acted with fear earlier this year and sold their stocks when the market fell have missed out on one of the most rapid market recoveries in history.

Don’t Lost Sight of Your Objectives

Once you have established a plan, stick with it. This is the final “Don’t” and the one that requires the most discipline. You have taken the step of finding the right advisor and building a plan around your needs, so make sure you execute your plan.

You must trust that the plan you have created with your adviser has you on path for long-term financial stability, but stay alert of the pitfalls that can easily derail your finances. Even during normal times, it is easy to stray from your savings plan, but this is especially true during difficult times like these.

Do Get Your Financial Fingerprint™ at Meld Financial

The financial planners at Meld Financial can leverage their vast experience, in conjunction with a team of financial and legal professionals, to help you develop your Financial Fingerprint™.

Your Financial Fingerprint™ is a unique planning process developed here at Meld through several decades of managing our clients’ wealth. In short, your FINANCIAL FINGERPRINT™ is a plan that is quick to assemble, easy to understand and simple to modify as your circumstances change. If you’re ready to talk, click the “Get Started” button on our home page to schedule a meeting with a member of our team – at your convenience.

Contact Meld Financial today to get your FINANCIAL FINGERPRNT™.

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Meld Financial, Inc. is an independent wealth management firm located in Birmingham, AL.

We specialize in financial planning, investment management, employee benefits and executive benefits for individuals, families, trusts, foundations and institutions.

We provide independent and objective services melded with customer-driven financial goals.

Mark McGarvey - Chairman - Meld Financial

“We will always recommend the same course of action we would choose for ourselves, given the same circumstances.”

-Mark McGarvey, Chairman