“The Great Pause” - An Opportunity to Spring Clean your Financial Life
It’s times like these when we awaken a little of our inner life, the noise and distractions of life is silenced and we have time to think about who we are, and how do we want to live, in sum, we’re thinking about our future
“Well, the treadmill you’ve been on for decades just stopped. Bam! And that feeling you have right now is the same as if you’d been thrown off your Peloton bike and onto the ground: What in the .....just happened? I hope you might consider this: What happened is inexplicably incredible. It’s the greatest gift ever unwrapped. Not the deaths, not the virus, but The Great Pause [emphasis added] ....... And that feels weird. Really weird. Because it has… never… happened… before” [1]
I can only speak for myself, but this Great Pause has been a struggle for me. I feel a little broken open, I have been forced to pause and take a look inside, in a city that doesn’t normally encourage rest and reflection. It’s times like these when we awaken a little of our inner life, the noise and distractions of life are silenced and we have time to think about who we are, and how do we want to live, in sum, we’re thinking about our future. As life evolves into a new normal, I am taking the opportunity to consider what should I choose to do, what should I take with me and what can I leave behind. In this time of reflection we can ask, do we need all the things we had before COVID-19, and do we see more clearly what our priorities should be? We are not just turning over a new leaf, our treadmill has stopped, now we have time to look around, really look around.
“This is our chance to define a new version of normal, a rare and truly sacred (yes, sacred) opportunity to get rid of the B..S..and to only bring back what works for us, what makes our lives richer, what makes our kids happier, what makes us truly proud.”[2]
A common thread through all our activities is our finances. If we change our priorities, if we are clearer about what we want to do and what we can leave behind then our finances we need to align with these changes.
Like all parts of our life, our financial life can become cluttered, we can easily forget what we have or why we have it. Why do I have so many credit cards? What are all these bank accounts for? I’ve got old 401ks and IRAs and I’m not sure how they’re invested, and am I saving enough? - bank accounts, savings accounts, old 401(k), Roth IRAs, regular IRAs, Brokerage accounts, credit cards, a mortgage, rental agreements, insurance policies, 529 savings plans, estate documents, living will, and those Velcro student loans. Wouldn’t it be helpful to see our financial life on a single page, and understand what it all means? Then we could make some confident decisions about the future, what we need and what can we leave behind.
At Boerum Hill Financial Advisors our financial planning process starts with learning about your unique situation, we’ll build your custom Asset-Map and you will be able to visualize your complete financial picture on one page. Reviewing your Asset-Map together allows us to uncover new opportunities, and inefficiencies that may not otherwise be recognized, and quickly identify strategies needing attention to elevate and align your financial picture with your new aspirations. Then based on your goals and what the Asset-Map reveals, we can make key decisions together, take action, resolve problems, and ultimately plan a better path for your future. Because we can review your Asset-Map at every interaction, we will be part of the evolution of your financial picture.
Your Custom Asset-Map
We want to work with you to create your financial picture and to take advantage of The Great Pause and move your finances to where you are now wanting them to be. This is a great opportunity to align your finances with what is important in your life and what may be missing or need greater focus. You will achieve a sense of control and peace of mind about your finances, confident in the direction you are heading, and therefore feel empowered. This is what we do best for our clients.
If you have any questions, please let me know. I know finances can be confusing, we will work with you to understand your financial picture today and how best to create your financial future in the new normal.
[1] https://forge.medium.com/prepare-for-the-ultimate-gaslighting-6a8ce3f0a0e0
[2] Ibid
