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

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.