Last week, we were giving a presentation on personal finance at a local business when someone in the crowd shared something that really made me think. He told us about a time a financial advisor turned him away, saying he and his wife didn't make enough money to bother with financial planning. That kind of comment really misses the mark because truthfully, financial planning is for everyone, not just the wealthy. It's about making the best financial choices with the resources you have.

That story ties into why we're big fans of flat fee financial planning. If you're not familiar, flat fee planning means you pay a set rate for advice, no matter how much you earn or how much money you've got to invest. It's straightforward and fair, which is how things should be. If you're looking to really understand and improve your financial situation, this kind of service can be a game-changer. We believe good advice should be within reach for everyone.

In light of this, we’ve noticed that despite the different financial situations individuals may have, there are three common areas in personal finance where gaps frequently occur. These gaps, if not addressed, can lead to significant vulnerabilities in one's financial security. Let’s explore these areas:

1. Term Life Insurance: It’s vital to have if someone (spouse, children, etc.) depends on your income. Life insurance ensures that your loved ones have financial security in your absence. We've discussed this in other posts, but the key takeaway is to ensure you have adequate coverage.
2. Estate Planning: A lot of people wonder whether they need a trust, and perhaps you do, but at the very least you should have a will and power of attorney documents in place. We aren't estate attorneys, but we can't stress enough the importance of having a plan. If you don't make these decisions, you're essentially letting state laws dictate what happens to your assets, which might not align with your wishes.
3. Long-Term Care Insurance: This is crucial to evaluate if you are between the ages of 50 and 60. Waiting later in life when health issues more commonly arise can make long-term care insurance uneconomical and difficult to obtain.

Remember, financial planning is for everyone who wants to secure a better financial future for themselves and their loved ones.

For additional helpful insights on financial and retirement planning and investment management, be sure to check out our YouTube channel. Your financial well-being is our priority, and we’re here to help guide you through every step of your financial journey.