The financial world is full of complexities, and it can be hard to keep up with all the nuances. However, there are some aspects that are often overlooked or underrated in terms of their importance. Here we will discuss three things that should be appreciated more in the financial world.
First, we don’t typically give enough attention to the liquidity in our portfolio. Liquidity is the ability to convert an asset into cash quickly and easily, and it’s an essential part of any financial plan. Liquid assets such as stocks, bonds, and money market accounts are often preferable because they can be sold faster if needed. What good does a great growth strategy do you if you aren’t able to access the money?
Second, predictability is another factor that should not be overlooked in the financial world. By having a plan and sticking to it, investors can take advantage of more opportunities, reduce risk and uncertainty, and maximize returns. Sticking to a predictable plan enables investors to determine when it is best to buy, sell or hold their investments.
Finally, simplicity should not be overlooked in personal finance as well. Too often people try to complicate their finances with complex strategies that can be difficult to understand. Simplifying an investment strategy in terms of goals, risk tolerance and liquidity is often more beneficial than trying to make everything too fancy. That’s what we aim to accomplish in our Money Map review process, which anyone can take advantage of.
Keeping these three factors at the forefront can help make financial decisions easier and help ensure better results.
If you want to discuss these planning items or any others, take advantage of our complimentary Money Map review.
Here are a few of the things we discuss in this episode:
0:39 – Why liquidity is important for a retiree?
1:47 – Why don’t we appreciate predictability more?
3:06 – The beauty of simplicity in a financial plan.
5:46 – Mailbag question on Roth conversion amounts
6:59 – Mailbag question on rolling over an old 401(k)
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