As we close out the 3rd quarter of 2023, your Purus Advisors continue our diligent monitoring of the global markets and wait for clarity as to how the economy and markets will react to the rate hikes enacted over the past 18 months.
Currently, our federal government is in the midst of a fiscal fight over deficit spending and the need to balance our national budget. As discussed in the First Trust article (linked below), “The bottom line is that the US is approaching a fiscal reckoning sometime in the next few years where it will need to either reduce future spending or find future revenue.” As consumers, we are expected to live within our means, and it sounds like our government is going to need to do the same if we are going to avoid another year where our budget deficit is 6.5% of GDP.
One of the ways we can help prepare for whatever the future might hold is by utilizing our comprehensive financial planning process. October is National Financial Planning month, and we feel very strongly that a well-built and regularly reviewed plan is one of the best investments of time you can make. This process takes you and your Purus team through both the financial and non-financial factors that play a role throughout your life. It has been our experience that our clients who have taken the time to go through this process seem to approach big transitions in life (new babies, new employment, moving, retirement, etc.) with more confidence than those who don’t. We believe this is because a good financial plan can convert what is traditionally a very uncertain future into a map for a more foreseeable road to success.
The article in the next section is a “good read” on how the process works and what factors are reviewed in creating a meaningful functional financial plan. If you want more information on the process, or if you have any other questions, please reach out to your Purus Advisor.
National Financial Planning Month is a reminder to take control of your financial future. By setting clear goals, creating a budget, and making strategic financial decisions, you can build a strong financial foundation that will serve you well in the years to come.
Check out the T. Rowe Price article below: Beyond Retirement Savings: How to Achieve the Post-Career Life You Want.
The end of the year is a good opportunity to make sure you are still on track toward your financial goals. Sometimes, it feels like a year can disappear in the blink of an eye.
To help you navigate this important time of year, click Here to access your Purus - Financial Year-End Checklist.
"The fiscal year ended last week, alarms went off both literally and figuratively, and a last-minute deal was reached to keep the government open for another forty-five days. Later in October the Treasury Department will figure out the final budget numbers for last year and we estimate the deficit will come in a little north of $1.7 trillion, or 6.5% of GDP. "
If you have any questions about this month’s topic, reach out to our cybersecurity team.
