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Many years ago, as a sophomore in high school, I was preparing for my first AP exam. My friends and I looked over our notes, read through old tests and took note of the topics we weren’t as confident about. But we soon realized that there were topics not found in our notes or on past tests that we might be expected to address on the real exam. Those topics were where our biggest test-day vulnerabilities were hidden. Luckily, we had a teacher to help us identify and fill the gaps in our knowledge.
This type of blind spot exists in many areas of life, with varying consequences. Your financial situation probably includes at least a few holes you’re not aware of. Many of us end up on autopilot, thinking that because we set up our homeowner’s insurance when we bought our homes, or regularly save money, that we’re on top of things. But do we have the right amount of coverage for our home? Are we saving enough to meet our long-term goals, like retirement, and our shorter-term goals, like a special vacation or a new car?
Imagine your home is underinsured and a strong storm causes significant damage. You might be responsible for a sizeable portion of the repair bill if your coverage isn’t high enough. Similarly, many people who own investment rental properties don’t realize they’re underinsured for the potential liability they’re taking on.
Choosing a health insurance plan that isn’t optimal for you and your family can also lead to larger expenses in the long run. Do you have small children who go to the doctor often? Are you a healthy young adult who rarely needs care? Are you retiring early and not yet eligible for Medicare? The right health insurance policy is crucial to getting the care you need at the right price.
Those are just a few of the blind spots you might have and failing to address them might lead to a drastic change to your future plans. Your blind spots are unique to you, and they’re called blind spots for a reason; they’re hard to see! Just like all those topics on my AP exam that I needed my teacher to help me find and address, the best way to find the blind spots in your financial life is to get professional help. Here at Merriman, we’re skilled at finding your blind spots and, with the help of expert professionals like estate planning attorneys, CPAs, and insurance specialists, helping you fix them for good.
This year, we want to help you find and fix your blind spots. Start by taking our short quiz that can help you see the gaps. Then contact us and we’ll get to work helping you shore up your financial situation.
More than likely you or a close family member have faced a decision to lease or buy. Whether you’re interested in acquiring a new car, a home or a child’s athletic gear, your choice to lease or buy is likely influenced by what you learned growing up or by discussions around the office water cooler. Why does it feel like it’s such a tough decision? (more…)
Hey Amazon! It’s that time of year – open enrollment is coming up! Traditional 401(k) versus Roth 401(k), which health benefit to choose? We know there are a lot of options to wade through. Luckily, we’re here to help! (more…)
Tax documents are arriving and it’s time to get organized. This is the first year that incorporates changes from the Tax Cuts and Jobs Act passed in December 2017. These are some of the biggest changes to the tax code in 30 years. (more…)
College tuition ranks among housing and medical expenses as having the highest lifetime costs for many Americans. Making matters worse, planning for college involves a daunting landscape of savings plans, loans, scholarships, and trying to build the foundation for your children’s future. If you would like to help your child pay for college, we recommend saving for costs ahead of time. We’ve already reviewed flexible options for college savings like 529 Plans, Coverdell ESAs and UTMAs. This article covers the financing options you have to supplement those savings when it comes time to actually pay for college.
Life can throw you curveballs and if you aren’t prepared financially, these curveballs can turn into major problems. That’s why it’s so important to have a savings buffer, also called an emergency fund. An emergency fund is a cash account that you keep separate for life’s unexpected events. It can help prevent additional stress when these events occur. (more…)