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The Importance of Planning – aftermath of the earthquake

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The morning of November 30, 2018 started out like every other morning of the year. I woke up, completed my morning routine, got the kids ready for school, kissed my wife goodbye on her way to work and began leaving the house to drop my son off at school. In one moment (what felt like a lifetime) our whole world was turned upside down. As the earth shook and our house rattled, all I could think about was grabbing my son and getting underneath a table, years of earthquake training taught me to go for cover.

It was in the aftermath of the earthquake when I realized I didn’t know what to do. I didn’t know who to call, I was unsure of the next steps I needed to take. I realized my family had not planned for such a moment. Like myself, many Alaskans shared similar stories of not having a plan in place for a life changing event.

As a financial planning and investment management group, AWMI begins each relationship by walking our clients through a prudent planning process. Our guiding principles provide the foundation for discovering our clients’ current financial situation, where they want to go with retirement, and creating the roadmap to get them to their destination. In this process we plan for roadblocks, detours and whatever life brings on your journey.

A recent Schwab study found that only 1 in 4 Americans have a written financial plan. That means 75% of Americans don’t have a plan for where they want to be through retirement or how to get there. What is the leading reason for not having a written financial plan in place? People think they don’t have enough money for a financial plan. Every person who has assets; house, bank account, 401(k), IRA, brokerage account, life insurance policy, regardless of size benefits from planning for their future needs. Many Americans are caught in the present moment of their financial situation, those who do long-term planning have the benefit of shaping their financial situation. Planning for your financial future is just as important as having an earthquake or disaster plan. Knowing where you are, where you want to be and most importantly how to get there is the key to any successful plan.

 

Travis Gularte
Financial Advisor

 

https://pressroom.aboutschwab.com/press-release/schwab-investor-services-news/most-americans-dont-have-financial-plan-and-many-think-t

 

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