Spring Time - Review, Plan and Simplify!

If you are like most Okanagan Families the coming sunshine this weekend meant only one thing ... cleaning the back yard, raking the yellow grass and digging out all the gardening implements from the storage shed. In sunshine we made our plans for this years harvest of tomatoes, lettuce, beans and green peppers.

My thinking ... use hang planters to grow the peppers and tomatoes ... easy to water with little issues from weeds. But my wife would have any of that. So we dung a plot in the back yard by hand.

She likes the weeding ... personally I think she likes to get away from me for a couple of hours each week. I am sure there are times when the tomatoes listen more that I do!

Then we made our annually pilgrimage to Art Napps ... amazing spring seems to be three weeks ahead of our yard! (Picture provided by Amanda taken outside Art Knapps. (More of her work can be found here)

Every year I got through the same process ... review what I want for this year, make a plan and simplify where necessary.

With all uncertainty in stocks prices, dropping housing values and a shrinking job market, it is reminds me of spring, now is great time to:

Review your needs
  1. Do you have enough or too much life insurance?
  2. Have you incurred more debt this year and how will it effect your projected debt freedom date?
  3. How has the value of your portfolio changed your FIN number and your retirement date?

Revisit your written plan
  1. Are your goals still relevant in this current environment?
  2. How are your spending habits?
  3. Are you going to able to manage if you get laid off and have to wait 6 to weeks for benefits?

Simplify
  1. Consider using one tern insurance policy instead of multiple policies.
  2. Consolidate or optimize debt for better cash flow and quicker debt reduction.
  3. Put all your RSP assets properly diversified with one company. Easier to manage risk and easier to understand how your money is managed.
Cleaning up your financial life at least once a year is like cleaning out your storage shed. Once it is done you feel good you did it. Best of all when you need to find some thing at least you know you have it and where it is.

And it is much easier that picking weeds!

Financial Blog of Mike Hassard | Life Insurance Debt Investing Mutual Funds |

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