Next week brings with it the first day of summer. In anticipation of the season, our throwback today is to the newsletter Nancy wrote in the summer of 1999. Enjoy!
Ah... the lazy days of summer. Everything and everyone seems to slow down a bit during the summer months. School is no longer in session. There is less traffic in the morning on the way in to work. More and more office workers are appearing in sundresses and sandals. My landlord prefers shorts and deck shoes. I'd prefer not to look at his white, hairy legs.
Vacations and summer camps seem to occupy much of our thoughts and days. "H" went to Cancun for a week on her senior trip. We got a weekend in Destin. Will we ever catch up to her?
Destin was delightful. We lounged on the beach, reading mystery novels and soaking up the sun. We didn't feel the need for a rousing match of tennis. We didn't rent waverunners. We didn't go shopping. Basically, we did nothing. And loved every minute of it.
That seems to be the nature of summer. The heat and the wear from the preceding year's activities combine to render us helpless.
I suppose you could say that summer is a time of rejuvenation. Take a vacation. Lounge on the beach. You deserve a rest!
The first four months of each year revolve around tax preparation. September and October find us up to our necks in back to school issues. And, November and December are consumed with holiday events.
But sandwiched in between are those quiet, summer months. This is a good time to do some financial housecleaning.
First, check your will. Is it up to date? Should you consider using a trust to protect your assets from probate and/or estate tax? If your estate limit is over the $650,000 limit, consult an estate attorney. [Now that it's 2017, the estate limit is $5,490,000.]
Second, review your insurance. Do you need more or less insurance now? Check your disability coverage. This may be a good time to shop around. Beware... insurance agents will ALWAYS say you need more coverage!
Third, look at any debt you have (including your home mortgage). List the debt, interest rates, and payoff date. Do you need to refinance your home? Should you use a home equity loan to pay off higher interest rate loans?
Last, review your retirement plan investments. Consider performance and your personal goals.
Sandwich in a little clean-up time during the summer.
--Nancy's New Perspectives Newsletter, Volume 7, July, August 1999