When you’re cruising down the open road and everything is going smoothly, you’re probably not thinking about getting a flat tire. But, the reality is that it can happen at any time. Do you have a tire jack, lug wrench, and spare tire in the trunk? An under-inflated tire caused by a slow leak can be a dangerous issue if left unattended. Getting stranded without the proper equipment isn’t much fun either. Just as it’s important to take care of these kinds of issues with your car, it’s important to be prepared for adverse financial events.
What would happen if you were out in the middle of nowhere and got a flat tire? The way life goes, odds are the next time it happens, it’ll be on the way to the airport or an important business meeting. If you’ve got your tool kit ready, then in the worst-case scenario, you’ll arrive a little late. But what if you get a flat and discover you have no tools and no spare? That could mean missing your trip or having to cancel your entire afternoon as you helplessly wait for the tow truck to arrive. The difference between these two scenarios comes down to one word: preparation.
Just one unexpected hitch in your plan, like a flat tire, can throw off an entire day if you get caught unprepared. Imagine what would happen if one unanticipated issue threw off your retirement plan or put your nest egg in jeopardy. Being unprepared for changing market conditions can potentially wreak havoc on your retirement plan, so it’s important to understand if you’re taking too much risk with your portfolio. But just like with a flat tire – if you’re prepared, you won’t panic. If you’re not prepared, though, and you realize it too late, it could be a different story.
If the open road is in your future this summer, you’ll likely be prepared for a flat tire. Why not make the same effort to prepare for the next market drop, recession, or other retirement threat? In the end, it’s all about preparation. It’s better to go through life knowing that you’re the kind of person who is prepared for the occasional flat tire life throws your way.
The commentary on this blog reflects the personal opinions, viewpoints, and analyses of BML Wealth Management’s employees providing such comments and should not be regarded as a description of advisory services provided by West Wealth Group, LLC. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.
Investment advisory services through West Wealth Group, LLC, an SEC Registered Investment Adviser. BML Wealth Management and West Wealth Group, LLC are affiliated entities. Insurance Services are offered through BML Wealth & Insurance Services, California Insurance License #0M15550.
We do not provide tax or legal advice, all individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products.
