Mike Tyson was fond of saying, “Everyone has a plan until they get punched in the face.”
And, no matter how infrequently it happened, when Iron Mike got punched in the face he went to his corner and consulted with the great Cus D’Amato.
Cus told him: “The punch that knocks a man out is the punch that he doesn’t see.”
There is only one constant in life and that is change. And you deserve someone in your corner like Cus to help warn you of the punches you don’t see coming.
Whether you’re 26 or 62, there’s a lot of change coming your way. Here’s some of the punches you might not see coming as your life evolves:
- Job Changes. Changing jobs is a way of life and it doesn’t necessarily mean changing employers. It might mean a promotion. When you change jobs you need to consider a lot of new factors like stock options, a bonus, or how a new salary could impact your 401(k). All of these benefits could impact your taxes and definitely require a conversation.
- Just Married. You’ve scrimped and saved to afford the perfect ring and the perfect wedding. So, check out eight simple financial steps so you begin building a road map to a sound financial future together. Read this blog to learn more 8 Financial Planning Steps for After the Honeymoon
- Baby on Board? Having a child means it’s time to reassess your budget. Diapers are expensive. Daycare is even more expensive. And saving for college needs to begin before you see the metrics on how much college is going to cost you in 18 years and you begin hyperventilating.
- Liquidity Events. Maybe you sold a business, exercised some stock options, inherited money from a relative, or sold a piece of property, it is important to know some simple steps when you face a liquidity event. Read this blog to learn more 5 Critical Steps After You Win the Lottery
Building a financial plan is like creating a roadmap to a destination. No matter how hard you plan, there may be some detours along the way. A great financial advisor – a great trainer in your corner – can help you get around the speed bumps and navigate all the punches you don’t see coming.
Because a goal without a plan is just a wish.
Stephen Carrigg is the Director of Investment Analysis, Private Wealth Advisor at Integrated Partners. Send him an email at firstname.lastname@example.org