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Gaining Clarity for Financial Planning: How to Chart Your Course

Member Monday: Gaining Clarity for Financial Planning: How to Chart Your Course
Kimberlee Barrett-Johnson, CFP®, CDFA®, CKA®, President of ArkWise Wealth
June 29, 2020

Busy, successful people face unprecedented complexity in their financial affairs. How to pursue your life goals? How to ensure your legacy continues? ArkWise Wealth has developed a boutique approach charting your course with clarity, confidence, and contentment.

When it comes to financial planning, people often have competing priorities. A common goal for Kimberlee's clients is achieving a "work-optional lifestyle" (also known as retirement). She shared a quote: "All progress begins with the truth." First, you need clarity about your goals. Next it's time to understand where you are now in relation to your goals.

Amid the uncertainty we're all experiencing during the COVID-19 crisis, it can be hard to think long-term. Kimberlee shared action steps to regain a sense of control by strengthening and taking control of your personal economy.

Kimberlee's tips for what you can do right now included:

  • If you can, build up and maintain cash reserves in case your financial circumstances change suddenly.
  • Take advantage of special tax circumstances right now, including tax loss harvesting and a current tax holiday for required minimum distributions. You could benefit from a Roth conversion if your tax status this year is lower than usual. Special rules are also in place currently for accessing IRAs tax-free.
  • Evaluate your risk tolerance and diversification of your investments. If needed, rebalance to your ideal asset allocation.
  • Consider systematic saving and investing. If you invest the same amount each month, over time you will end up buying less when stocks are expensive and buying more when they're cheap. Win!

Be sure to ask your financial advisor about these opportunities. If you're looking for someone to advise you, ArkWise Wealth offers a complimentary initial consultation. Contact Kimberlee's team at 434.296.6611 or Amy.Jeffrey@ampf.com.

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