2023 Resolutions for your Wealth, Health, and LegacyJanuary 16, 2023
When we think of new year resolutions, a goal at the gym is usually one of the first things that comes to mind. That might be one of the reasons that not everyone likes to kick-off the year with resolutions. Whether you like the notion of resolutions or not, any new beginning is a good time to reflect on your past, present and future and put a stake in the ground on what you want to accomplish moving forward.
At TTSG, our focus is helping family business owners and entrepreneurs plan for their future. We know that the areas of wealth, health and legacy are intertwined, and future planning should incorporate them all. Here are some options for resolutions that you could consider for 2023:
- Wealth Resolution: Diversifying your portfolio. Do know whether your investment portfolio is diversified enough for your level of risk? Talk to your financial advisors to make sure your portfolio is diversified. A lot of things have changed in the past twelve months, so what you have in place for your investments may no longer be aligned to your comfort level. Don’t forget to include insurance in your planning given its many diversification benefits.
- Health Resolution: Staying fit. Are you preparing for a long and healthy life? Focus on the five low-risk lifestyle factors that researchers identify as leading to a longer life. Eat a healthy diet. Exercise. Maintain a healthy weight. Avoid smoking. Drink moderately. Most importantly, find a way to have fun while looking after your health.
- Legacy Resolution: Updating your will. Is your will and estate in order? Make sure that you are in control of how your estate will be handled. It’s best to make any adjustments to your will and estate plan while you are still alive and well. Don’t create challenges for your loved ones at a time of crisis when you can put things in place in advance. You are in a position now to make sure your final wishes are fulfilled.
- Wealth Resolution: Building for the next generation. Are you building your wealth for the next generation? Learn how to optimize your estate plan before you transfer it to the next generations. As a business owner, you have worked hard for what you have, and you should decide what happens to your life’s work and wealth. Don’t forget to include insurance in your planning, as it can be a catalyst to enhancing your net worth, optimizing tax, solving estate and succession issues, and helping you leave a meaningful legacy.
- Health Resolution: Maintaining your health. Do you get regular medical check-ups? Don’t skip medical tests and appointments because you think you are healthy. Regular medical assessments are your best shot at capturing any health issues early. This leads to faster treatments and care should something be wrong. If you wait until you have symptoms, you could be losing valuable time. Plus, seeing your doctors regularly is a good way to stay abreast of any new medical advancements that could contribute to your health and longevity.
- Legacy Resolution: Donating to charity. Do you have causes that you care about? Leave something meaningful in your estate to a charity or foundation that you believe in. There are tax benefits for doing so and you’ll know that you have passed on something of worth to help build the futures of others. Now is the time to start the donation process to ensure that you select the best options and document your legacy wishes.
We hope these are just some ideas of how you can drive change in 2023. It all starts with the decision to do something different. At TTSG, we specialize in proprietary life insurance solutions with a holistic approach to our client’s wealth, health, and legacy. Reach out if you would like to learn more and have a great start to the new year.