I’m excited about this episode with Adam Day. We are going to break down how to do a midyear review. We’ll talk about what this entails and why it’s important to do it. We also go through the super important things that you’ll want to include in your financial review. Midyear is a good time to get out of the heat and review your financial plan.
Adam is a senior wealth advisor at Wealthquest. In 2021, he opened and established the Naples, Florida Wealthquest office. Now he and his family can enjoy the active outdoor lifestyle they’ve always dreamed of. Adam and his wife are also involved in charities such as animal rescue and Back2Back Ministries.
Episode Highlights:
[03:18] Adam shares analogies between Spartan races, financial planning, and life. Knowing you can do hard things and complete them feels good.
[04:59] A financial review is just a check-in to all things related to finances and financial planning. It helps bring more awareness to your plan and your finances in different areas.
[06:54] Adam talks about who is involved in a financial review. It's good to get the family involved, especially with estate planning.
[08:39] We learn how Adam is open with his kids about money.
[09:33] The biggest thing to audit is to have a family values check-in. How have you applied your values to your budget and spending?
[10:28] What are your expenses? Awareness helps you know if you are spending on your values. Also check those subscriptions that you forgot about.
[11:34] Savings? Do you have an emergency fund with enough money? Are you saving for retirement? Look at your pay stubs and see if you need to increase or decrease your contributions.
[12:20] It's also a good time to look at your investment account allocations.
[13:19] Pull up your credit report and check your credit score. Be conscious of cybersecurity and check on your passwords and make sure everything's up to date.
[14:53] Adam talks about evaluating your spending plan. Purposely spend towards your values and be aware of what you don't want to spend money on.
[16:58] One of the biggest things a professional can help you with is how much you should save.
[18:40] Your emergency fund needs to be liquid, but you can be creative with where you put it.
[19:44] Look at what your returns have been on investments and decide if you need to rebalance or not.
[21:32] A company like Wealthquest can help you with a lot of different services and really make your check-in go smoothly. Just schedule the review and check-in.
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