As the COVID-19 crisis challenges us to make ongoing adjustments to our personal lives and business-as-usual, it doesn't require that you disrupt your short- and long-term financial goals or the plans we've set and worked toward together. 

Being proactive now in understanding, managing, maintaining, and protecting your finances is essential for staying on track during and after this pandemic event. Developing a clear handle on your current and future expenditures, as well as how you might need to adjust, can help to alleviate some of the guesswork or uncertainty you might be feeling as you continue working towards your financial goals, such as retirement. Here's what we suggest in the era of COVID-19. 

UNDERSTAND: Work with us to perform a proactive and crisis-responsive cash flow analysis. 

Your personal cash flow management is one of the essential parts of effective wealth management. Cash flow evaluation and planning is not an exact science with a single solution, which can make it especially challenging when you consider current factors. We'll help you get the most out of a cash flow analysis that takes the COVID-19 crisis into account, and we'll work with you to implement any necessary adjustments in order to facilitate the growth and protection of your wealth and assets.

MANAGE: Consider a flexible approach to your short- and long-term spending habits.  

During COVID-19, you may have noticed that your current spending habits have changed. Perhaps the expenses you would typically see on a daily, weekly, or monthly basis have decreased dramatically. Perhaps plans or other expenditures, such as major purchases or annual travel, have been postponed. Know that these changes are not permanent and remain flexible. Take this time to reconsider on what and how you’re spending your income, as well as pulling back any nonessential expenditures, and consider how you may repurpose those funds. Which leads to our next point...

MAINTAIN: If you can, continue contributing to your retirement plan or long-term savings. 

We strongly recommend that you continue making retirement plan contributions as usual, if you can. We understand COVID-19 is unprecedented, and you may feel the need to make adjustments to how, what, or where you contribute to your retirement. If you are reconsidering any factors of your current retirement contributions, let's talk before you make those adjustments. We can discuss how you can take advantage of the current financial landscape and what options make the most sense for your particular circumstances. 

PROTECT: Take precautions to protect your financial information during this time. 

Unfortunately, during this crisis, financial scams and cybercrimes are at an all-time high. Take all necessary precautions to protect and secure your personal and financial accounts and information to ensure that it is not compromised. Never share any account details outside of trusted sources, be aware of suspicious or ambiguous emails, phone calls, or messages seeking financial information, logins, or passwords, and double-check with financial institutions about their communication before you take any action. 

Just like the market, life has its ups and downs. Everyone at WMS is here to help you in the ways that work best for you, now, and once COVID-19 passes.

If there is anything you require of us during this time, please do not hesitate to let us know. Whether you need advice or support, have questions about the financial impacts of COVID-19, or want to talk through your concerns, we're available. Please email us or call our Aspinwall office at 412-781-7100 or Greensburg office at 724-836-7001 to be directed to a member of our team.