Kate Hyland Mercer has loved strategic financial planning since early junior high and helping others by keeping it simple enough so they can stick to the plan has been a passion ever since. As founder of Venice’s Ferris Wheel Finance, Inc., Kate’s goal is to truly build relationships with her clients and to know them as individuals, families, and business owners, not just an account number.
“Really understanding who my client is and their entire financial picture enables me to best advise them," Kate says. "The more I have a relationship with my client, and understand their lifestyle, goals, retirement plans, social security, estate or legacy goals, etc., the more accurately we can create a successful strategy for them. This doesn’t happen in just one meeting a year. This happens over time with multiple meetings, phone calls, and lots of questions.”
While this year is certainly not ‘usual’, Kate suggests using the change in the summer schedule to review some of those ‘should do’ items that we may have been avoiding.
TIP 1 Update
When was the last time you reviewed and updated your will, trust, and health proxy documents? If you can’t remember, now is a good time to do it. Is your new grandbaby included? Also, review your investment and bank accounts to make sure your beneficiaries are correct and current. Ensure each account has a primary beneficiary as well as a contingent beneficiary. This will give you peace of mind and is critical in times like these.
TIP 2 Automate
Most of us don’t love budgets and don’t have the time to manage them. Simplifying saving and tracking the most important items by making things automatic. Set up an automatic transfer to take your savings, retirement, and vacation monies out of your ‘family operating’ account on regular intervals. This allows you to live on what’s left and is easier than a budget. Not having to track every single item perfectly increases the likelihood that you will do it and stick with it. Create an automatic saving system that works for you.
TIP 3 Eliminate
During the COVID-19 safe-at-home restrictions, you may have had to dip into your savings or turned to credit cards to pay for necessities. Now’s the time to get those savings replenished and eliminate consumer debt. Instead of trying to pay a large amount once a month towards these items, break the goal into weekly amounts. For example, if your monthly credit card payment is $400, set the autopay to send $100 each week. More frequent smaller payments are easier to handle than one large payment, and it actually reduces the interest that you have to pay back slightly. Likewise, putting $50 a week back into your savings is much easier than trying to find $200 at the end of the month.
Kate Hyland Mercer is a Financial Advisor for Ferris Wheel Financial, Inc. She can be reached at:
417 Commercial Court Suite F, Venice, FL 34292
941.483.3600 / Kate@FerrisWheelFinance.com
Advisory services are offered by Ferris Wheel Finance, Inc., a Registered Investment Advisor in the State of Florida.