5 Steps to Create a Financial Plan from Yardley Wealth Management

YARDLEY, Pa., October 28, 2020 /PRNewswire/ — In a year of epic surprises, investors have taken a turn with stock market volatility, found ways to cope with new realities and live in the midst of a pandemic, granted more attention than usual to the ongoing civil unrest, and continue to speculate about the significance of the unprecedented 2020 voter turnout and presidential election. Given these extraordinary events and the fact that the end of 2020 and the new year 2021 are expected to remain volatile, Michael GaryPCP®FIA®attorney and founder of Yardley Wealth Management, LLC, urges investors to take a hard look at their personal finances and investments and come up with a plan, because market uncertainty is the only thing that remains constant.

While financial advisors have always encouraged careful long-term planning for their clients, now is an even more critical time to reassess and set out a plan for moving forward into the “new normal” in personal finance and management. money.

Garry offers the following advice for investors who are in shock and not sure where to turn to take the first step in creating a financial plan:

  1. Have a plan. Both action and inaction have consequences. “It’s a tough, unforgiving world and you can’t get out of it (if you ever really could). That doesn’t mean you need a 50-page financial plan. It means you need to know the likely consequences of your action or inaction regarding your personal finances and investments,” Garry said.
  2. Keep your taxes low. Taxes matter more than ever. “In what appears to be a low-return environment where it looks like taxes need to go up, investors need to keep more of their investment returns. That means using taxable accounts, tax-efficient and managed equity funds. fiscally and tax-free municipal funds,” Garry mentioned.
  3. Don’t aim for performance. “Much of the fixed income market is risky and you can lose it all. Any security offering more than a few percentage points above government bonds and insured CDs should come with a huge warning label and be avoided unless you know the risks and can afford them. allow — that’s not most people,” Garry said.
  4. Avoid betting on sectors or individual stocks. “While individual stocks have always been risky, the seemingly random way in which the Covid-19 virus has produced winners and losers among various companies and industries that appear intertwined on the surface should give you real pause before plunging your hard made money on something that is really just a bet,” Garry said. “We don’t know the next shock that will throw the markets into turmoil. We know the markets will always come back, but we don’t know which industries or stocks will come back with it,” Garry added.
  5. To diversify. “Your accounts don’t have to be just a collection of tech companies or large-cap US growth stocks. I don’t know how many times I’ve seen accounts of people who only had the S&P 500 and the “Total stock index, and that’s it. The returns for those two stocks will be essentially the same in good and bad markets. They’ve been great lately, but that never lasts,” Garry said. ready for when things change by having stocks of small companies, foreign stocks of big and small companies, maybe stocks of emerging markets, and for most people, quality bonds, through mutual funds of investment and/or exchange-traded funds, not individual holdings,” added Gary.

“If history is any proof, the market will continue to rise (and fall) after current global events resolve. Even after the market downturns of the Great Depression and Great Recession, the stock market continued to rebound over time. Be prepared with a long-term financial plan to weather the ups and downs of any market,” concluded Garry.


Yardley Wealth Management, LLC is a trust-based wealth management and retirement planning company, based in Yardley, Pennsylvania. Founder and CEO Michael Gary is a CERTIFIED FINANCIAL PLANNER™ (CFP®) practitioner and an Accredited Investment Fiduciary® (AIF®). Garry formed a law firm, Yardley Estate Planning, LLC to work with his wealth management firm and provide estate planning services to Pennsylvania and New Jersey residents. Yardley Estate Planning is a law firm dedicated exclusively to estate planning, which includes planning and resolving inheritance, succession and tax issues; and drafting wills, trusts, living wills, powers of attorney, and other estate planning tools and documents. For more information, visit YardleyWealth.net.

Media Contact:
Leesy Palmer
Impact Communications, Inc.
[email protected]

Related images

Media contact: Leesy Palmer Impact Communications, Inc. 913-649-5009 [email protected]

Pennsylvania financial advisor and lawyer, Michael Garyoffers advice investors should follow in the “new normal”

SOURCE Yardley Wealth Management