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.
At EGSI Financial, we aim to help our clients achieve their retirement goals with our comprehensive retirement planning process. If you want to learn how to be prepared and have your own comprehensive retirement plan, then schedule a time to meet with us. In the end, don’t let something like a flat tire derail your retirement. And remember, with a little planning and preparation, you’ll be ready for your big retirement road trip.
Advisory services offered through EGSI Investment Management, Inc., a Registered Investment Advisor with the State of Ohio. Insurance services offered through EGSI Financial, Inc. Guarantees offered with insurance products are based on the claims paying ability of the issuing company. Investing may involve risk and may result in the loss of principal. Ohio Insurance License # 619337. Please contact EGSI Investment Management if there are any changes in your financial situation or investment objectives, or if you wish to impose, add, or modify any reasonable restrictions to the management of your account, EGSI Investment Management Form ADV Part 2A&B is available for your review upon request.