Financial Architects - July 2019

THE ONLY CERTAINTY IS CHANGE

BEWARE THESE RETIREMENT

5 Tips to Reset Your Life

In May 2019, Ford Motor Company announced they would eliminate 7,000 salaried jobs by the end of the summer. Whatever the reason, the fact remains: 7,000 families will be impacted by this decision. For some of these families, this event could start an exciting new journey. For others, this represents a retirement coming too early or the beginning of a period of uncertainty and financial strife as they labor to find a new position. Change isn’t necessarily negative. As some of you know, a change like this can be positive. But when this type of abrupt adjustment to your status quo happens, it requires a reset. If you will be affected by a change like the Ford announcement, here are five tips for doing a reset. 1. Go B.I.G. Begin in gratitude. When a surprise life event happens, the shock creates emotions which are usually negative. However, if you focus on all the things you’re grateful for in this life instead of the negatives, you can channel this energy to create a positive mindset. 2. Assess what you really want for your life. Before solving your financial issues related to the change, take some time to understand who you are and what matters to you. Remember: We get one journey in this life. Make it matter to you and those you care about. Think about your personal life, your professional life, your spiritual life, and your financial life. 3. Understand your capabilities. The success you have had to this point has been based partly on a current set of capabilities along with your experiences. Consider asking this question of your closest relationships: “What things do you think I am truly unique at doing? Why?” 4. Secure the financials. At Financial Architects, we would at this point refer back to our “Five Foundations of an Effective Strategy.” The point is to get to the basics of what needs to be done now and what can be addressed later. These decisions should align with the newly assessed direction of your life, while adhering to the key economic principles of the “Five Foundations.” 5. Collaborate with others. This one seems obvious, but the order may not be so clear. It is critical to spend some serious alone time to get your thoughts down before you ask others for guidance. It should be your direction, based on what truly matters to YOU. Only after you decide your direction should you ask others for help. At Financial Architects, we are here to help. Our team has the skills and the resources to bring clarity to any financial uncertainty and help move you from a state of personal chaos to one of order through utilizing the concepts of The Life Method. For more information, contact us at info@financialarch.com!

SPENDING MISTAKES Common Financial Pitfalls

The bulk of retirement planning is spent discussing how you will save money in the years leading up to the end of your career, but that’s only half of the picture. Once you enter retirement, your focus shifts to the smartest way to divest your money for both your own enjoyment and your continued financial security. There are countless ways to wisely spend your nest egg, such as taking trips, providing for the education of your grandchildren, and more. However, this article isn’t about good ideas. Instead, let’s talk about some of the worst ways to spend your retirement funds. TIMESHARES The appeal of a timeshare seems obvious. It’s a space of your own for a few weeks of the year, and you get to enjoy a nice change of pace from your regular environment. The problem is that these properties are full of hidden costs and have been outpaced by other vacationing options. In a world where you can book an Airbnb with just a few clicks, timeshares are poised to become a relic of a past age. ONLINE SCAMS Hackers and cyberscammers love to prey on the elderly. As gross as it may sound, they know that older generations tend to be less tech savvy than their younger counterparts. You should be wary of online offers that look too good to be true. If you have even the slightest doubt, have a loved one take a look at the offer to ensure you’re not being scammed. Never provide your private financial data to a source you don’t absolutely trust. TCHOTCHKES Many of us have walked into the house of an older relative to find a room full of American Girl dolls or a display case of Candlewick glassware. Collecting can be a rewarding hobby when done in moderation, but amassing junk simply for its own sake is a waste of money and space. Make sure you’re acquiring objects because you truly want to treasure them. RUSHED RELOCATIONS In general, real estate-based purchases can be extremely beneficial for retirees. The exception to this rule is a spur-of-the-moment relocation in order to be closer to your family or a retirement community. Because real estate transactions are so expensive, it’s best to approach them with extreme care and due diligence.

The information contained in this newsletter is derived from sources believed to be accurate. You should discuss any legal, tax, or financial matters with the appropriate professional. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Registered Representatives offer Securities through The O.N. Equity Sales Company, Member FINRA/SIPC (www.FINRA.org/ and www.SIPC.org). Investment Advisory Services offered through O.N. Investment Management Company and FAI Advisors, Inc., Financial Architects, Inc., and FAI Advisors, Inc. are not subsidiaries or affiliates of The O.N. Equity Sales Company or O.N. Investment Management Company. We have representatives currently registered in the following states: AL, AZ, CA, CO, DC, FL, GA, IL, IN, LA, MD, ME, MI, MN, MS, MO, NC, NJ, NV, NY, OH, OR, PA, SC, TX, VA, WA, and WI.

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