Applying this story in today’s financial landscape several lessons may be learned to avoid a similar fate. First, understand the true costs to run your financial house each month or year. Second, set aside cash for planning margins, errors, and opportunities. Third, save as much as possible not only in your retirement plan but also in after tax investment accounts. Finally, create a sustainable plan that is revisited annually that may guide your choices and priorities. This approach is available to anyone, regardless of their level of wealth. Choosing to think proactively about your choices today and planning for tomorrow pays off in the long run. You don’t need to accomplish this all by yourself, partnering with a trusted financial professional may make it a reality.
Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Flowerstone Financial are not affiliated.