Build Your Team
Team building exercises are not just for sports teams. In the corporate world, team building can have a significant impact on the morale and employee communications.
Team building in your own world, especially as you grow into your retirement years, might just save your bacon, if not your life.
For Coffeehouse Investors, building a dependable team around us is not just a corporate strategy—it's an essential step for our personal financial well-being. While low-cost index funds might help to provide you with peace of mind and a solid foundation for your investments, safeguarding your financial future from potential cognitive decline requires a collaborative approach.
Cognitive decline can happen without warning, leaving us and our loved ones vulnerable to poor financial decisions and increased risk of fraud. Studies have found that even modest cognitive decline is associated with a higher susceptibility to scams and financial mismanagement. For instance, research by AARP indicates that the net worth of older adults can drop significantly in the years leading up to a dementia diagnosis. This is why assembling a reliable team is crucial.
Your financial protection team should certainly include family members, but don’t stop there. Consider including your Certified Public Accountant (CPA), estate planning attorney, financial advisor, and other trusted sources in the conversation. Here is why each member is vital:
Family Members: They know you best and can help monitor changes in your behavior and decision-making abilities. Their support can be invaluable in recognizing early signs of cognitive decline.
CPA: A CPA helps to ensure your finances are properly managed, provides oversight on tax matters, and should keep an eye on any unusual financial activity.
Estate Planning Attorney: This professional assists in creating legal documents such as wills and trusts, helping to protect your assets and ensure they are distributed according to your wishes.
Financial Advisor: An advisor can offer strategic guidance and ideally integrate the work of your CPA and estate planning attorney into your overall financial plan. They can also help to provide critical oversight to prevent fraudulent activities and poor financial decisions.
Other Trusted Sources: This can include friends or other advisors who have your best interests at heart and can provide additional perspectives or support when needed.
Assembling this team can help you not only navigate complex financial landscapes throughout retirement but also provide peace of mind as you age. By surrounding yourself with knowledgeable and trustworthy individuals, you can help safeguard your financial future against the risks of cognitive decline.
Plan With Confidence
Remember, preparing for the future is not just about financial investments; it’s also about investing in relationships and building a safety net of trusted advisors.
Creating a support network with professionals can offer you significant peace of mind and confidence. I invite you to connect with me for a complimentary strategy call* to learn how our financial planning approach could play an essential role in helping you sustain your wealth throughout your lifetime.