10. Preparing for Challenging Economic Times with Certified Financial Planner Deanna Brown
Deanna Brown is a Certified Financial Planner, Certified Divorce Financial Analyst, and Managing Director with Lakeview Capital Partners. On this episode of CFO at Home Deanna and I discuss the money struggles of her family growing up, preparing for challenging financial times, the perils of using your retirement savings for emergencies, and more.
- Key Takeaways:
- Preparation for trying financial times
- 6 to 12 living expenses in a savings or Money Market account
- Secure Health Insurance (employer, Affordable Care Act, or COBRA if you qualify)
- If you have equity in your home, look into opening a Home Equity Line of Credit as a safety net.
- Tapping 401k/IRA should be a last resort due to taxes and penalties involved (less consequential in 2020 due to CARES Act)
- 6 to 12 living expenses in a savings or Money Market account
- Habits of high net-worth individuals
- They have a strong financial team around them and are open to advice from that team
- Even if you’re not wealthy there are still financial professionals who will work with you
- They have a strong financial team around them and are open to advice from that team
- The earlier you can start investing the better, in order to take advantage of compound interest
- Don’t allow one partner to be completely disengaged from planning for the family’s financial future. Can cause undue stress during an already stressful life transition (death, divorce)
- Recommended Books and Resources:
- Ways to contact/follow
This information does not constitute investment, legal or tax advice and should not be used as a substitute for the advice of a professional legal or tax advisor. Any tax statements contained are not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, herein state, or local tax penalties. Taxpayers should always seek advice based on their own particular circumstances from an independent tax advisor. Lakeview and its directors, officers, agents and employees are not permitted to render tax or legal advice. LCP is a registered investment adviser. More information about the firm can be found in its Form ADV Part 2, which is available upon request by calling 404-841-2224 or by emailing info@lcpwealth.com