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Four Financial Planning Opportunities to Take Advantage of During the COVID-19 Pandemic

Financial challenges brought by the COVID-19 pandemic create several opportunities. Here are four that should be considered.

COVID-19 has flipped life upside down for many. Market volatility, employment changes, and normal day to day at times has felt out of control. While paying attention to the uncontrollable markets is important, there are a number of planning strategies you can control that make a huge difference. The four opportunities are outlined below – stay tuned over the course of the next several weeks for a more detailed look at each.

Revisiting goals and progression towards them.

With market fluctuation, changes of employment (whether good or bad), and overall change in lifestyle – goals may have changed. You may now be closer to reaching them, or you may be further away. We will go into this further in the article – but there is no need to guess about how the pandemic has impacted you!  The stress-test the pandemic put on your financial plan will show us how stable, or not stable, your plan was in the first place. 

Reviewing expenses and budget.

Many of us have seen a change in our spending habits during this pandemic. We have seen what we can cut out, what we need to add in, and how this has changed our monthly cash flow. Now is a great time to review our spending and determine where you can make changes. This can free up money to be available for goals that are important to you.

Tax planning opportunities.

This pandemic has brought on multiple tax opportunities – a volatile market alone brings opportunities, such as tax-loss harvesting and ROTH conversion strategies. In addition, the CARES Act passed by Congress gave us even more potential opportunities.

Reviewing investments and risk tolerance.

With pandemic induced market volatility, a large spread between performers and out-performers in the stock market, and it being an election year, investment strategies are being put to the test. It is a great time to be checking in on portfolios and reviewing your risk tolerance. How did your investments fluctuate? How did the volatility make you feel? Did you want to run to cash? Or did you embrace the fluctuation? More to come on this.

So again, here are 4 financial opportunities during COVID-19 that I am going to dive into individually over the next few weeks. Any questions, please reach out! 

Securities offered through LPL Financial, Member FINRA/SIPC.  Investment Advice offered through Marshall & Sterling Wealth Advisors, a Registered Investment Advisor.  Marshall & Sterling Wealth Advisors and Kelsey Ponesse are separate entities from LPL financial. 

Opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations.  To determine which investment may be appropriate for you, consult with your attorney, accountant, or financial advisor prior to investing.

Kelsey is a Wealth Planning Advisor and Certified Public Accountant at Marshall & Sterling Wealth Advisors, located in the New York tri-state area. Kelsey enjoys working with those who feel they find themselves juggling various financial goals and they aren’t sure where to put their money first. Whether it’s saving for their children’s education, maximizing corporate benefits large corporations, or wanting to know if they can afford that dream upstate house, she helps them pull the pieces together into a clear path to success. Kelsey has an MBA and B.S in Accounting from Alfred University. She also holds her Series 7 with LPL Financial, Series 66 with LPL Financial and Marshall & Sterling Wealth Advisors , and New York life insurance and annuity license. Prior to working in wealth management, she worked as an auditor in both the public and private accounting industries. In her free time she enjoys running and exercising, reading, and she is an enthusiastic supporter of local businesses, specifically in the Hudson Valley. She can be reached at reached at kponesse@ms-wealth.com or 845-554-1046 x2353. You can read more about Kelsey and Marshall & Sterling Wealth Advisors at www.ms-wealth.com.

3 comments on “Four Financial Planning Opportunities to Take Advantage of During the COVID-19 Pandemic

  1. Pingback: What Exactly is a Financial Plan? -

  2. Pingback: COVID Financial Planning Opportunity 1: Revisit Financial Goals -

  3. Pingback: COVID Financial Planning Opportunity 4: Review Your Risk Tolerance -

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