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.