Punta Gorda fiduciary offers 5 financial tips for 2021 and beyond

January 07, 2021

PUNTA GORDA, Fla. – As the world kicks off 2021, financial experts from Flaharty Asset Management are offering Punta Gorda residents five simple steps to set them up for financial confidence for the future.   

“We hope everyone had a tremendous holiday season,” said Shon Flaharty, founding partner of Flaharty Asset Management, a wealth management firm serving residents in the Punta Gorda area and throughout Florida. “We believe these five tips can help anyone to kick start the new year with putting their best financial foot forward.”

  • Make sure your plans are current with legislation – As laws are continuously changing, make sure your financial plans, and the financial plans of your loved ones are in order and in line with current laws, so you can protect the money you worked so hard to earn. For example, recent changes in the SECURE Act mean that stretch IRAs are a thing of the past. If you haven’t updated your plans, your family may end up owing more on what you leave them with. As a result, you may want to seek the advice of a financial expert if you need guidance regarding new legislation and how it impacts your plans.
  • Password management – Consider a password manager, enabling your passwords to be effortlessly encrypted, saved and applied when needed.
  • Scan and store all important documents – Scan and save a digital copy of all important documents. This should include deeds to property, last will and testaments, all insurance documents and other pertinent information. A cloud-based storage system is recommended, as well as a local, hard copy that you can place in your home safe or with your attorney, as a backup.
  • Audit your income and liabilities – This may sound simple but it’s often overlooked as expenses and interest payments quickly add up. People must ensure income exceeds all liabilities; even lines of credit, vehicle or student loans they may have co-signed for or been the guarantor on need to be taken in account. Make sure that if you’re not making enough to cover your expenses, either lower your expenses or increase your income. List all accrued debts and interest for the year. This includes all debt; bank debt, mortgage debt, personal debt and tax debt. People need to also include car payments, student loans and any other liabilities they may have co-signed for.
  • Savings / Investing – After going through the practice of assessing liabilities versus income, people need to get into the habit of saving a portion of the balance. Ideally people need to set a goal of saving a certain percentage of their income, we highly recommend people speak to a financial advisor to best develop a savings and investment strategy based on their specific goals and circumstances. Many financial experts suggest having enough in savings to survive for two months, should you lose your source of income. It’s never a bad idea to save for a rainy day.

“You’re never too young or too old to start putting these best practices into action,” said Flaharty. “If you don’t know where to begin, speak to a financial adviser who can help.”

About Flaharty Asset Management:

Flaharty Asset Management was formed in 2007 by Shon Flaharty, and is a full-service institutional investment management and advisory firm specializing in all areas of financial planning, investment advice and private wealth management. In April of 2020, Flaharty Asset Management was ranked among the Financial Times top 400 financial advisors in the U.S.

Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Flaharty Asset Management (FAM), a Registered Investment Advisor. AWA investment Advisors and FAM are separate entities from LPL Financial.

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