A Mid-Year Financial Check

Now, more than ever, we need to look closely at how we're saving

Article by Brian Lichtenstein, Lichtenstein Financial LLC

Photography by Carrie Draghi

Originally published in Glastonbury Lifestyle

We're halfway through 2020 and what a challenging year it's been. With the persistent health and safety concerns capturing the zeitgeist of this new decade, financial questions abound. Below are some topics we've discussed with clients and which can help you moving forward.

Q. Should I be doing something different with my investments? 
A. It is prudent to understand what you own in your portfolio. This may mean digging a little deeper to see how your money's distributed and assess your risk level. Risk can be defined in many ways, such as having too much money in one asset class. You may need to adjust your investments to fit your goals and it’s important to keep a long term perspective.

Q-  Should I refinance my mortgage?
A-  Low mortgage rates don't necessarily translate to refinancing, closing costs play a role as well. Usually it takes 5-7 years to break even on a refinance. If the interest rate reduction is less than 1 percent, refinancing may not be worth it.   

Q-  What should I do if I am anxious about my financial future?
A-  Talk to a financial advisor, one that specializes in Behavioral Finance, since they are skilled in determining the root cause of your anxiety and can offer personalized solutions. 

*Lichtenstein Financial, LLC offer securities through Securities America, Inc. Member FINRA/SIP, & advisory services through Securities America Advisors, Inc. Tax services provided by Lichtenstein Tax Consultants, LLC. Lichtenstein Financial, LLC, Lichtenstein Tax Consultants, LLC, and the Securities America companies are separate entities.

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