Mid-Year Check-In: Why Now is the Perfect Time to Review Your Financial Plan
The calendar says we’re halfway through the year; can you believe it? It feels like we just finished ringing in the New Year, but here we are. The midway point of the calendar year is a natural checkpoint and a great opportunity to do a little financial housekeeping. Taking a step back now can help you make smart adjustments, stay aligned with our goals, and position yourself for a strong finish to the year. Here are three key areas to review as part of your mid-year financial check-up.
Review Your Accounts and Allocations
Start by pulling out your financial statements and reviewing your current investment allocations. The market may have rewarded you in some areas, and those positions might now be overweighted. This could be a good time to trim back on investments that have done particularly well and consider reallocating funds into areas that are underperforming, if it aligns with your overall financial goals. Rebalancing isn’t about reacting emotionally to short-term performance, but about keeping your long-term strategy intact. A thoughtful review now can help ensure your portfolio remains diversified and in tune with your risk tolerance and objectives.
Revisit Your Beneficiaries, Trustees, and Executors
When was the last time you reviewed your designated beneficiaries? The halfway mark of the year is a perfect moment to make sure all your documents reflect your current life circumstances. Maybe nothing significant has changed recently, and everything is still set up the way you want, great! That check can be quick. But maybe you’ve had a major life event in the first half of the year: a birth, a marriage, a divorce, or a death in the family. These events can impact not only your personal life but your financial planning as well. Reviewing and updating the names listed on your accounts and estate documents ensures that your wishes will be honored when the time comes.
Make Adjustments, But Stay Grounded
It can be tempting to make quick changes to your financial plan based on the latest headlines, market swings, or social media buzz. But if you’re going to make tweaks, make sure you’re doing it for the right reasons. Adjusting your plan to better reflect your long-term goals or life changes? That’s smart. Reacting to a news story that popped up yesterday? That’s usually not a great strategy. Thoughtful, intentional updates – rooted in your financial goals – can be helpful. Emotional, spur-of-the-moment decisions rarely are.
Let’s Meet You Where You Are
A mid-year review doesn’t have to be overwhelming or time-consuming, but it can be incredibly valuable. If you’d like a second set of eyes or want to do a financial check-up with someone who can help guide you through the process, our team is here and ready to meet you at your point of need. Let’s make sure you’re on track for the second half of the year, and beyond.
If you have questions about your financial space, call us at (704) 987-1425 or visit us virtually at www.northmainfinancial.com. If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.
These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of Osaic Financial.
