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Financial Advisor

Why You Don’t Need Assets to Work With a Financial Advisor

In the realm of financial planning, a common misconception persists: the belief that you need significant assets before working with a financial advisor. However, this notion couldn’t be further from the truth. Planning for your financial future is paramount, especially during your accumulation years when crucial decisions are made that can shape your later life.

Consider this: if you don’t start planning early, how do you really know that you can retire at that goal age you already have in mind? How will you know if you can afford insurance, to travel, or leave a legacy for your loved ones? The answers to these questions lie in proactive financial planning, regardless of your current asset level.

Working with a financial advisor shouldn’t be a step taken only when retirement is approaching. Instead, it’s about putting a unique-for-you, comprehensive plan in place to achieve your long-term financial goals. This proactive approach ensures that you’re equipped with the knowledge and strategies necessary to navigate life’s twists and turns.

One of the most significant benefits of early engagement with a financial advisor is gaining clarity on your financial trajectory. With a well-defined plan in place, you’ll have a roadmap outlining how to reach your goals, whether it’s retiring comfortably, traveling the world, or leaving a meaningful legacy.

However, it’s essential to understand that the role of a financial advisor extends far beyond occasional meetings at your workplace to discuss your employee 401(k). An effective advisory relationship should encompass ongoing guidance, regular touchpoints and meetings, education, and personalized support tailored to your unique circumstances and goals. A relationship with an advisor should be personal.

Many individuals underestimate the value of financial education and guidance, often unaware of what they don’t know. Yet, the importance of being informed about your financial options cannot be overstated. As the saying goes, “A goal without a plan is simply a wish.” By working with a financial advisor early on, you transform your unspoken retirement wish list into tangible plans, increasing the likelihood of seeing them come to fruition.

Ultimately, the decision to engage with a financial advisor as early as possible in your financial journey can yield invaluable benefits. It’s not about your current asset level but rather about setting a solid foundation for your financial future.

What fears are holding you back? What pain points do you have that need to be addressed? Perhaps, the thought of confronting your financial realities feels overwhelming or intimidating. Maybe there’s uncertainty about where to begin or skepticism about the value of financial planning. Though all these reasons are common and realistic, it’s crucial to recognize that the longer you delay addressing these concerns, the greater the potential impact on your long-term financial well-being. Procrastination can lead to missed opportunities and unnecessary stress down the road. By acknowledging your apprehensions and taking that first step towards financial empowerment, you can overcome obstacles and pave the way for a more secure future.

To learn more about our process and how to take the first step to work with an advisor at CapSouth Wealth Management visit our website at capsouthwm.com/what-we-do/ or Connect With Us.

CapSouth Partners, Inc, dba CapSouth Wealth Management, is an independent registered Investment Advisory firm. CapSouth does not offer tax, accounting or legal advice. Consult your tax or legal advisors for all issues that may have tax or legal consequences. This information has been prepared solely for informational purposes, is general in nature, and is not intended as specific advice. This article was produced with the assistance of ChatGPT (April 24 Version); Chat GPT is an artificial intelligence

Creating your Summer Plan: Four Steps to Avoid Stress & Maximize Enjoyment 

While June 21 was the official start to summer, if you are like me, Memorial Day weekend kicks off the unofficial start.  A few years ago, I learned the value of marking things in seasons with opening ceremonies from Kendra Adachi (AKA The Lazy Genius), one of my favorite authors and podcasters.  So now I think of Memorial Day weekend as my summer opening ceremony and Labor Day weekend as my summer closing ceremony.  It helps me be more intentional and present to enjoy the things that are unique to summer. When I think about summer and all that it has to offer, I think about vacations, longer days, food on the grill, homemade ice cream churning, and my favorite – lightning bugs (your family may call them fireflies). The moment I see the first lightning bug light up in the back yard, I’m transported to a childhood spent chasing them, catching them, and occasionally having a few of them escape my bug trap in the house! Summer is a season with plenty of opportunities to make lasting memories.  

Another influence on my summer planning has been a full-time camping couple that produce content for their YouTube channel Keep Your Daydream.  When Kevin and I bought our camper (my tent camping days are behind me now), we devoured their content.  It was as informative and educational as it was inspiring.  Each year they create a Summer to Remember theme and checklist. I always enjoy watching couples and families create their list, amazed by the things that are common among the lists and marveling at the things I never would have thought of for my own list, like “see a bear”.   

My occupation centers around planning.  It just never occurred to me that I should be planning for things like seasons.  However, I often found myself getting to September and being full of disappointment because summer didn’t live up to the expectation I had created in my head.  This year, I’m creating my own summer plan to avoid stress and maximize enjoyment.  

Step One: Make a List 

Grab a piece of paper or the Notes app on your iPhone, and get to work! Don’t overthink this part. Start getting everything out of your head.  What are the things you can only do in summer? Does your family have any special traditions? What’s already hard coded for the summer? This could be a vacation that’s already on the calendar or summer camps for the kids. What foods make you think about summer? Regardless of the phase of life you are in, there are things that make summer special for you. Be bold and list as many as you can! 

Here are a few things from my own summer brainstorm:  

  • Camping trip to the beach 
  • Camping trip to the mountains 
  • Sparklers 
  • Watch lightning bugs late at night 
  • Popsicles 
  • Grilling our favorite food 
  • Watch fireworks 
  • Pickleball  

Finished with your list? On to Step 2 then! 

Step 2: Assess Your Summer Budget 

It’s time to review your budget.  Have you paid for vacations already or are there expenses left to be paid? Are there unique expenses that you only have for summer?  

Here’s a peek at some of the things that I budget during the summer: 

  • Father’s Day in June because I have a husband, dad, and bonus dad I want to celebrate well. 
  • Graduations 
  • Weddings 
  • My birthday in July   
  • Annual camping trip to Roan Mountain, TN.  Reservations start a year and 1 week out. It’s like the Hunger Games getting these reservations! So, while this year’s vacation is paid for, it’s time to think about next year and set a reminder on the calendar. 
  • Increased electricity bills. Air conditioning is working overtime, and as much as I love summer, I don’t enjoy sweating inside. 

I create digital budgets using an app so it’s easy to refer to what happened last year which means fewer surprises this year. Categories like electricity, gas, gifts, and recreation get increased for us over the summer.  

Spending some time planning prevents summer expenses from spiraling out of control and following me into fall on a credit card.  It’s an easy way to lower stress and maximize enjoyment. 

In addition to a monetary budget, I also consider the budgeting of my time.  It’s a finite resource and may not get the attention it deserves.  If I fail to plan my time appropriately, it only increases the stress around things I want to enjoy. 

Enter in the concept of “Front Porch Fridays”. I started labeling this concept last year.  I wanted a way to convey to my friends that it was a relaxed time with no agenda.  Fridays at the end of a summer week seemed like the perfect time to sit and unwind.  It’s a built in and purposeful time to do absolutely nothing.  Some Fridays it morphed into ordering take-out. Some Fridays were moved to the neighborhood pool instead of the porch.   

To truly enjoy summer in the manner I envisioned it, I had to create space to slow down. So, take a few minutes to think about your summer plans.  Do you already feel like it’s slipping away? Mark a few days on the calendar each month that are reserved for your important summer items.  

Finished with your budget? Check out Step 3. 

Step 3: Refine Your List 

Now that you’ve brainstormed and thoughtfully considered your budget, let’s circle back to that list you created in Step 1.  Does anything seem like it is outside the scope of your budget?  If so, it may be something you say “no” to this year but start planning for in future years. 

What are the things that take very little money? Most of the things on my list aren’t costly so I zone in on those first. I like to circle or highlight all the items that fall into this category.  These are the things that will create summer memories if I just carve out the time and prioritize them.   

Once those low budget items are circled and highlighted, what’s left on your list?  These would be the things that you would value enough to shift things around in your budget for right now.  This could be a last-minute vacation or traveling to a wedding. Sporting events and outdoor concerts are other things that we tend to do more as a family in the summer.   

At this point, you should have three types of items from your brainstorm list.  

  • The big-ticket events that you’ll delay for this summer but start planning for in future years. 
  • The inexpensive things that will help you cultivate those fond summer memories. 
  • The important things this summer that you are prioritizing in the budget that won’t break the bank. 

If the first three steps are really this easy to reduce stress and maximize summer enjoyment, then why do many of us feel so frazzled and disappointed when summer is over? 

Here are two main reasons I’ve experienced personally: 

  • I failed to carve out the time at the beginning of summer to plan. 
  • I eagerly made the list but didn’t follow through because (a variety of various reasons that I could easily insert here!) 

Steps 1 – 3 are there to address the first reason.  Step 4 is going address the second reason.  

Step 4: Do All the Things 

When I have those circled or highlighted, the next critical thing for me is to be intentional about doing them! This may seem so silly, but can’t you think of a time where you wanted to do something but never did? It’s probably happened in more areas of my life than I would care to admit.  I see it frequently with clients as well.  We’ll spend time creating a financial plan but then various steps of implementing the plan can stall. 

When it comes time to implement, we let roadblocks get in our way.  There are entire books dedicated to studying change such as Dr. James Prochaska’s Changing for Good. One of the top reasons for not acting is that we weren’t ready for change.  That’s about as simplistic of an explanation for not changing as I think we could get so this would be a great time for us to pause and reflect.  Are we willing to change some of the behaviors that have kept us from doing the things that we thought we wanted to do?   

If this season of life has you tired and stretched thin, but you still want to have a stress-free summer full of enjoyment, go easy on yourself. Revisit Step 3 and limit them to the things that will be the easiest and the most fulfilling.  Could you batch prepare to make it even easier? This could look like going shopping once for all the things you need for summer such as sunscreen, sparklers, popsicles, cards for various occasions and maybe some gift cards for the gifts you need. 

Do you have a little more bandwidth this summer?  If so, you could still implement ideas like batch shopping for summer supplies but then take it a step further.  Look at your calendar and go ahead and put time on it for a few days this summer. If a festival or event is important to you, put it on your calendar now!  For the smaller activities that may not need a specific date, choose a few days where you seem to have the most time and label it “Summer Fun”.  It’s a gentle reminder that it was important enough to you to plan and put it on the calendar.  If you get to that day on the calendar and decide “not today” that will be okay too. You’ve made an active choice to do something else. 

Avoiding stress and maximizing enjoyment this summer can be easily achieved, and I’ll be taking this journey alongside you too.   

To learn more about CapSouth Wealth Management and the services we offer, visit our website at www.capsouthwm.com  

By:  Jennifer Fensley, CFP®, CRPS® | Wealth Advisor 

CapSouth Partners, Inc, dba CapSouth Wealth Management, is an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information. CapSouth does not offer tax, accounting or legal advice. Consult your tax or legal advisors for all issues that may have tax or legal consequences. This information has been prepared solely for informational purposes, is general in nature and is not intended as specific advice.  

How to Avoid High Healthcare Costs While Traveling

It’s summertime, which means we’re seeing “out of office” messages galore and an influx of requests from family and friends to “water the plants” or “feed the cat” while they’re traveling and vacationing. Whether you’re taking a well-deserved vacation or visiting family, there are some important pieces of advice we’d like to share. Although it’s not a thrilling topic and certainly not at the top of things anyone thinks about when vacationing, it is important to know the answers to questions like:

  • “How does my healthcare coverage work if I’m out of state? Or out of the country?”
  • “I’m not familiar with the area, how do I find a pediatrician for my toddler’s earache?”
  • “I forgot to pack my prescription medication, how do I get a refill if I’m not anywhere near my pharmacy? Or if I’m not technically due for a refill?”

If you’re not prepared for the healthcare issues that could arise during your vacation, you may find yourself paying an expensive medical bill and dealing with a lot more stress than needed. So, bookmark this blog for when you might need it, and let’s dive in.

Proactive steps to take before your vacation to avoid unnecessary medical costs.

It’s always better to be proactive than reactive. You can’t prepare for every single possible medical situation that may or may not arise before traveling, but there are a few simple and common things you can do before your trip to avoid unnecessary medical costs.

Medications

This is a big one! In the midst of packing, it can be easy to forget medications. Try creating a list of all the medications and/or medical equipment you need to pack so you’re less likely to forget. If you do forget to bring an over-the-counter medication, that’s a pretty easy fix. Just go to the nearest store that sells the medication you need. Forgetting a prescription medication isn’t quite as simple. A proactive step you can take is to request a vacation override or travel supply for your prescription. It’s best to request a vacation override on a prescription at least two weeks before your trip. This is a form you can fill out at your pharmacy that allows you to have a prescription filled early or for more than a 30 or 90-day supply. Exact rules and coverage vary depending on your insurer, pharmacy, and state.

Research

Another way to avoid unnecessary medical costs if you need healthcare while traveling is to research if your pharmacy has locations in the area you’re traveling to. It can also be helpful to do a quick search on your health insurer’s website or member platform to see in-network providers, pharmacies, and clinics that exist in your travel destination. You can also check what your health insurer’s policies are on covering healthcare expenses incurred outside of your home state.

Travel medical insurance

If you’re someone who travels outside of the U.S. for extended periods of time or frequently throughout the year, it might make sense to look into travel medical insurance. This is because many health insurers, like Medicare, do not cover medical expenses that you incur outside of the U.S. Make sure to discuss this with your insurer, financial advisor, and travel agent. If you don’t travel often or for long periods of time, you may decide paying for this additional insurance isn’t worth the money. It will depend on your unique situation.

Where to go depending on your medical situation.

Let’s say you’re at a beach with your family and one of your kids goes sideways under the water. They get a painful earache, and you can’t seem to fix it on your own. They need medical attention, and since you’re not at home, you might feel tempted to rush them to the nearest hospital. Or, maybe you and your spouse are on a hiking trip and you fall. Your ankle hurts pretty bad, but you’re not sure if it’s a sprain or something more serious. Again, you might be tempted to go to the nearest hospital. However, a surefire way to get an expensive medical bill is to go to the E.R. Even if you’re medical situation isn’t an emergency and you only receive minor medical care, the hospital may charge you a high amount for simply being in the E.R.

Generally, taking yourself or someone else to the E.R. is necessary if one or more of the following is present:

  • Uncontrolled bleeding
  • Chest pain
  • Acute respiratory distress
  • Medication overdose
  • Large, open wounds
  • Severe head injury
  • Loss of normal function (e.g. inability to move an arm, unable to speak)

This is not an exhaustive list of E.R. scenarios, but it gives you an idea of what is an emergency and what isn’t. And of course, if someone’s life is in danger, call 911.

The two examples we gave earlier, an earache and a potentially sprained ankle, are situations where it would be more appropriate to receive care at an urgent care clinic or a walk-in clinic. These facilities are generally much more affordable than E.R.s and large hospital systems. The following are some medical situations that urgent care clinics can take care of:

‍Common illnesses (e.g. colds, the flu, earaches, sore throats, migraines, and low-grade fevers)

  • Rashes
  • Minor injuries (e.g., sprains, back pain)
  • Minor cuts and burns
  • Minor broken bones
  • Minor eye injuries

‍Knowing where to go for different types of medical care can mean the difference between a $75 co-pay and a $3,000 medical bill.

‍A quick recap before you jet off to your next destination!

Before you take some much-needed R&R this summer, bookmark this blog so you can access it quickly in case you need it for yourself or someone you’re traveling with. The hope, of course, is that you’ll be perfectly safe and healthy while vacationing and won’t need these tips, but having this information on hand can give you some peace of mind during a potentially stressful event and may save you money in the long run.

‍If you’d like to further discuss this article, please reach out to an advisor at CapSouth Wealth Management at 800.929.1001.  To learn more about CapSouth and how we can serve you, visit our website at https://capsouthwm.com/what-we-do/

Happy travels!

CapSouth Partners, Inc, dba CapSouth Wealth Management, is an independent registered Investment Advisory firm. Information provided by sources deemed to be reliable. CapSouth does not guarantee the accuracy or completeness of the information. CapSouth does not offer tax, accounting or legal advice. Consult your tax or legal advisors for all issues that may have tax or legal consequences. This information has been prepared solely for informational purposes, is general in nature and is not intended as specific advice. This article contains external links to third party content (content hosted on sites unaffiliated with CapSouth Partners). CapSouth makes no representations whatsoever regarding any third party content/sites that may be accessible directly or indirectly from this article. Linking to these third party sites in no way implies an endorsement or affiliation of any kind between CapSouth and any third party, including legal authorization to use any trademark, trade name, logo, or copyrighted materials belonging to either entity.

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