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San Diego’s JKL Wealth Management Explains How You Can Regain Control in Financial Disaster
Most San Diego residents will, at some stage during their lives, find themselves in a difficult financial position, no matter how wealthy they previously were. Perhaps a deal or investment is going wrong, the current economy is getting your business down or you have become involved in costly litigation. Or perhaps divorce has thrown your finances off balance. Whatever the reasons, when things are lean and you want to get your finances on the hot road to recovery, follow the five steps recommended by LPL financial advisor and asset management expert, John Lohrenz at San Diego’s JKL Wealth Management firm.
You can regain financial control by:
1. Starting Over
Stop panicking and stop continuing along your current path. Your financial situation has changed.
“You need to reassess your situation, forgive yourself for any mistakes you have made and move on. What are the facts? What are your new financial realities? Accept them and start anew,” says our San Diego asset management expert.
2. Make Fresh Goals
Forget the “you” of yesterday. Your new financial situation calls for fresh goals and ones that are more realistic and more attainable given your circumstances.
“Construct a new budget and adhere to it strictly; don’t spend more than which you’ve allocated for yourself each month. Eliminate any unnecessary expenses or monthly deductions, such as magazine subscriptions, timeshares, memberships, etc. And, at the beginning of the month, pay first for the essentials, such as water, electricity, your mortgage,” says our LPL financial advisor.
“If you are running short of money, try to stay home on the weekend rather than go out on exorbitant dinner dates with friends. And do not make the mistake of running up your credit card debt or you’ll hamper your ability to break free of your difficult financial situation with endless bills and interest.”
3. Get Professional Financial Help
“Good advice from an experienced San Diego asset management firm can go a long way to helping you achieve financial stability. Give your financial planner, accountant and/or investment manager a call and speak to them; ask for their advice,” say LPL financial advisors. “They may be able to make suggestions or provide you with a newer and more suitable financial and investment plan moving forward.”
4. Manage, Manage, Manage and Review
“As with fitness, there are no quick fixes or miracle diets. You need to doggedly stick to your new financial plans, manage your situation carefully and constantly review your progress at least once a month if not weekly at first. If you see good progress, it will provide you with the encouragement you need to stay at it. If you don’t see the kind of progress you would like to, you might need to tweak your financial plan.”
5. Kids Causing Cash Chaos?
“If you have hit tough financial times and are supporting a family, you’ll have to tighten the purse strings on everyone’s expenditure, including your kids,” says the San Diego financial manager. “Your priority is catering to their needs: keeping a roof over their heads, putting food in their bellies and covering their education. You will have to explain to them that they will have to fund the things they want from now on. If your children are old enough, you may suggest that they get a summer job. Remember, you aren’t letting your kids down by denying them the things they want; rather, you are teaching them an extremely valuable life lesson. They’ll also learn more about the value of money and they’ll likely come to appreciate the things you do for them more.”
If you want to get started on your journey today or would like individualized investment/financial advice from LPL financial advisor, John Lohrenz, please contact JKL Wealth Management at:
Phone: (858) 535-1705
Fax: (858) 535-1701
Alternatively, fill out the Contact Form and we’ll get back to you shortly.
731 S. Hwy 101, Suite 2K, Solana Beach CA 92075
About San Diego, California
San Diego – once inhabited by the San Dieguito and La Jolla people – is a biotechnology and healthcare development hub located in California. 325.19 square miles of land and 47.21 square miles of water make up San Diego, with the actual city being 372.40 square miles in size. Canyons and tidal marsh are some of the forms of the varied landscape within the city, due to its proximity to the sea. The Cowles Mountain, Black mountain and Mount Soledad are some of the well-known peaks within San Diego’s limits. The semi-arid climate of San Diego has been voted one of the top ten climates in the U.S., especially for its warm summers. Cranium Inc. in 2003 voted this place the 18th “Most Fun U.S. City” in America.