Helping Your Life and Wealth Appreciate Together

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Taking the time to pause and reflect is an important lesson from this past year. For our team at CornerCap, it’s also the basis of our financial philosophy.

Our founders grew CornerCap rooted in a powerful concept: we take time to hear clients’ stories before creating their financial plans. Many firms jump straight to the numbers, but we believe your story is more than your net worth.  We call this approach Life AppreciatesTM.

Life AppreciatesTM is a concept that simplifies wealth management. In our experience, simplicity is the best way to innovate. And as we celebrate the opportunity to move forward from the pandemic, we’d like to share six tips that we have found can help support the goal of having your life and wealth appreciate together.

1.      Talk, listen, and rediscover

The post-COVID world feels like a fresh start. But as you get ready to go out and live life again, you may notice that seizing the day means something different to you now. After all, a lot has changed since early 2020, and what seemed important back then may no longer be a priority.

Some frequent travelers might prefer to stay closer to home nowadays. Others may feel an urgency to max out their IRA instead of maxing out their credit card. And for some, the pandemic strengthened the desire to leave a legacy.

No matter what you choose to focus on, the most important thing is to take an honest look at the things you care about. This is the key to building a future on your own terms and adding value to your life.

2.     Take a look at where you stand

With a clear idea of the goals that you want to achieve, it’s time to evaluate your current financial situation. The objective here is to figure out where you are today and how to get where you want to be.

Your story is NOT about your numbers, but honestly assessing your financial status is an important starting point to map out what’s next on your journey. Ask yourself questions like:

  • Did COVID do a number on my emergency fund?
  • Has it set back my plans for early retirement?
  • How has my lifestyle changed since 2020?
  • What does my income look like these days?

Looking at your numbers with an open mind is the best way make the most of your journey. And that’s the secret to making your goals a reality.

3.     Maintain a safety net

A sense of security is essential to our well-being – especially after a year of so much uncertainty. It’s OK if you had to tap into your savings during the pandemic – that’s what they were for. Now that things are settling down, it’s time to focus on replenishing your rainy day fund.

Patience is key here because it might take time to return to your pre-pandemic savings rate. Just start gradually and work systematically with these suggestions:

  • Talk to your significant other and make them your accountability partner
  • Automate your savings contributions from your paycheck
  • Establish a budget
  • Put all unexpected income into your savings account
  • Ask yourself if purchases are “needs” or “wants”

Savings are a win-win when it comes to life appreciation. They grow your wealth and elevate your life experience.

4.     Take care of your health

The COVID health crisis shed light on the importance of physical and mental well-being. On top of keeping a balanced diet and staying active, it’s also important to assess your healthcare coverage.

Take the time to look at the benefits that your company offers and find the plan that best fits your needs. Evaluate premiums, usage, and out of pocket expenses to make the most of your healthcare plan. And as part of your investments and tax strategy, you may also want to consider a Health Savings Account.

Physical and financial health are closely related. Taking care of your body and lowering your stress levels leads to better money decisions and an overall sense of well-being.

5.     Reassess your portfolio

In the post-COVID world, market volatility, fears of inflation, the rise of crypto, and meme stock headlines have investors wondering if their money is safe.

Keeping your goals and financial needs in mind, this is a great time to discuss your portfolio allocation with your advisor. Even if you’re not worried about your account performance! Use this opportunity to catch up on your personal situation, review your risk tolerance, and talk about new strategies to keep your investments on-track for the long term.

6.     Be proactive

Keeping in touch with your financial advisors is great, but don’t forget about the other important people in your life. Mentors, legal counselors, CPAs, and insurance agents also play a big role in your overall financial plan.

The more you communicate with your team, the better guidance they can provide. Especially in this post-pandemic reality, where things are still shuffling. These are the times when professional insight can offer the resources you need.

After a tough year, it feels great to know that brighter days are ahead. Now is the time to connect with your own story and tune in to your goals. By taking a holistic approach to life and wealth appreciation, you’ll be better positioned to enjoy this upswing.

Need a listening ear? Reach out to share your story with our Discovery Team and start your journey to financial freedom.

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