Saddest Words: It Might Have Been!

ErrorTurning in financial forms is a pretty easy thing to do but it easily can be shoved aside when other, seemingly important things are thrown at us.

If the form is a 401k enrollment form, and we decide to "take care of it later," some of us will wonder how much money we lost by procrastinating instead of just enrolling in the program when it first became available. We've all faced similar decisions. Some we get right—but others leave us with the "coulda, shoulda, woulda" chorus playing in our head as we fret over the possibilities of what could and should have been. Let's discusses some financial decisions that you'll kick yourself for in 10 years if you don't apply them now. Have a look at five decisions we should act on immediately:

1. Start your budget way now. Most people think that budgeting means not being able to spend money on the things they really want, but it's really a freeing exercise. You can recognize the areas of your life where you're wasting money on things that aren't important to you. Look at where you can use some money for something that is more desirable. As a result, instead of an expense that you could care less about, you will put your money to better use. If you've been putting off beginning to budget, start today and discover its amazing benefits.

2.Pay off credit cards each month. Some of us grab credit cards left and right and keep telling ourselves that we can make the payments later. "Later" can become never, and credit card debt can start to pile on to the point of suffocation. Try to pay off your credit cards quickly to keep more money in your wallet instead of giving it over to some large credit card company. If you aren't able to control your credit card spending, stay away from credit cards altogether. You'll be better off.

3. Purchase inancial product after performing the appropriate due diligence. It's not that hard to do a quick search online, so don't put your money into investment products you don't understand. Do your homework, get a second opinion, and make sure you understand how the investment works and what the real costs are.

4. Put the emergency fund on the front burner. Things will happen—that's why we have emergency funds. A good rule of thumb is to have at least six months' worth of living expenses in your fund. Your emergency fund money should be stashed where you can retrieve it quickly without much risk to your capital, such as an online savings account.

5. Buy a new car that you can afford. Vehicles are important for many of us, but they are a discretionary purchase. It's transportation, remember, and a big car payment can wreak havoc with your retirement goals. Do you know the differences between a car that's three to five years old and a brand new car? Not many, in most cases. So why spend the extra money?
Work on these items, and you'll be less likely to kick yourself in the future.

Reference: Forbes (February 15, 2016) "10 Financial Choices You'll Regret in 10 Years"

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Thank you, Walt and the Zaremba Team

Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.