Nike made the slogan 'Just Do It' famous in motivating athletes and couch potatoes around the globe to get out and exercise. The message was clear: we all offer excuses and rationales for not exercising, even though we understand the positive health benefits that come with an active lifestyle. Regardless of one's situation, constraints, or experiences, Nike encouraged us to just start exercising.

Many times we see well-intentioned people, even those who have had an extensive financial plan developed, sitting on the sidelines with plans that have not been implemented. There's a long list of planning areas to consider along with their corresponding benefits. Let's take a look at some of the key areas where we all need to 'Just Do It!'

Financial Plan

So often we deal with people who have never created a financial plan. The old adage that 'Failing to Plan' is equivalent to 'Planning to Fail' holds true. A financial plan doesn't need to be complex; it can be handwritten on a single sheet of paper. It simply needs to communicate the key areas of your financial life that need to be addressed. So, for those who haven't already, 'Just Do It' and schedule a meeting with a financial planner who can derive a plan that achieves your goals.

Savings Plan

We all know that we should be saving money for a rainy day and for retirement, but few of us do it in a regimented way. So often we 'buy first' and hope there is money left over at the end of the month to add to savings. This is no way to build wealth. Michael Jordan didn't shoot some baskets on occasion and then hope he was good enough when the game was on the line. He had a consistent and rigorous practice schedule. He visualized and practiced for situations that would enable him to make the big play to win the game.

We all should have a regimented savings plan, one in which money comes out of our paychecks or savings accounts before we have a chance to spend it. This quickly reigns in our spending habits so they are in line with our reduced budget. So, for those who don't save money on a regular basis and haven't accumulated a significant nest egg, 'Just Do It' and start saving money today. Even for those with unpaid bills, the time to save is now so you develop the discipline needed to succeed.

Insurance

Ah yes, the dirty word! We have all had the uncomfortable conversation with the insurance agent telling us of the benefits and necessities of owning insurance. The thought of paying for the 'What If' situations just isn't appealing because we would much rather spend those dollars on something enjoyable.

The reality is that we don't buy insurance for ourselves. Rather, we buy insurance for our loved ones who would be impacted when we die. Imagine your spouse or children trying to pay bills and get by financially for the rest of their lives if you were to get hit by the proverbial bus and die today. Insurance is one of the greatest financial instruments ever created. By pooling risk across a large segment of people, we can purchase an incredibly large amount of insurance
for a relatively small expense. For those who have been avoiding the discussion regarding insurance, 'Just Do It' and call your financial planner today to schedule a needs assessment. Buy the protection your family needs.

Investments

The last 10 years have been historically volatile and challenging in the equity markets. In addition, the financial news is magnified and dramatized by the emergence of financial columnists, the Internet, and TV programs like CNBC. The constant news barrage of our latest financial challenges has kept many new investors on the sidelines and forced many established investors out of the markets. This has thrown well-contrived investment programs into the garbage. So there investors sit, earning meager money market or CD rates, with no strategic plan for their savings. Recognizing that a portfolio 'invested' in 100% cash is not a viable long term strategy, it is time to deploy your capital into assets that can provide the investment returns you need to meet your financial goals. There are always opportunities for profit, so 'Just Do It' and get back to a long term plan of investing. You will profit when the markets do rise.

Estate Planning

A well-seasoned estate attorney recently commented that 'anyone who has a pulse needs an estate plan.' At first I chuckled, but looking at his gray hairs and wrinkles, I realized that he had seen many scenarios gone awry because people didn't take the time to spell out their intentions should they be rendered incapacitated or incompetent, and for the distribution of their assets upon death. Every person should have a will, a power of attorney for health care, and a power of attorney for financial assets. So often we see young parents unwilling to draft a will because of the financial outlay in working with an attorney or because they struggle in picking a guardian for their children.

The flip side of not having an estate plan is that the state in which you live will make decisions for you if you die without a will or don't have the proper power of attorney documents. The thought of some bureaucrat making decisions for you or your family should be enough to 'Just Do It' and go meet with an estate planning attorney right away.

Nike inspired us to 'Just Do It' in referencing the need to exercise, even if we didn't know exactly how to do 'It.' The same holds true with finances. Even if you don't know exactly what you are supposed to do, chances are that you know you should be doing something. At Shakespeare, we suggest you 'Just Do It', and implement a well crafted financial plan right away!

-- Reardon is owner & president of Brookfield-based Shakespeare Wealth Management Inc.

Labels: Kevin_Reardon