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Paradigm Shift in Financial Planning Due to the Pandemic

May 28, 2020

The Principle:

The phrase paradigm shift has been used a lot lately, and it also applies to the financial world, too. Are you confident in your financial planning strategy? The past few months have shifted our thinking and the way we do things. Should you be considering a different approach to your financial plan?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

Right now, we’re doing a lot of things differently. From working at home to picking up new hobbies, what paradigm shifts will we continue as we move forward? What paradigm shifts will we likely have when it comes to our financial plan?

With concerns about a recession and declining economy, more people are considering how they can better save money. It’s important to have a game plan for your budget and your investments.

Communicating with loved ones more clearly about your estate is another shift that has happened. It helps to have honest conversations about your money and where it would go if something happened to you.

Finally, what will give you a sense of safety and security? Brian shares about a client who was considering annuities as well as what he has at home. Whether it’s cash in a sock drawer, money in a savings account, or extra resources at home, you’re likely wanting to have some peace of mind that what you need is readily available.

How are you doing with this paradigm shift? Listen to the full episode or click on the timestamps below to see if it aligns with Brian and his clients when it comes to your strategy for financial planning.

[0:16] – We’re doing everything differently right now, so what changes do we need to make once all of this is done?

[1:40] – People may start saving more as we prepare for a recession.

[2:03] – Communicating with loved ones is key.

[4:01] – One client wanted to learn more about annuities to decide if it makes sense to buy.

[7:20] – What kind of peace of mind having some amount of cash can bring.

[8:38] – Brian shares what kind of resources he likes to keep on hand.