If you’re anything like me, you may be busy doing too much. A recent phone call from a friend of mine sounded like a chapter right out of my life. He was seeking urgent advice relative to a situation in one of his investments in which he had taken his eye off the ball, and it was dropped. More than once, I’ve had too much going on and lost track of something I should have been more diligently managing. As a result, vacancies and expenses crept up, and cash flow dwindled.
In my previous post, I talked about having basic estate planning documents in place (Last Will and Testament, Living Will, Healthcare Power of Attorney and Financial Power of Attorney). That is one ball you cannot afford to drop! A few months of vacancy, a little lower cash flow and higher expenses are all fixable compared to someone being seriously injured, becoming gravely ill or passing away without these essential documents in place.
You may say, “But, Jeff, I’ve had all those things in place for 10 or 15 years. It’s all taken care of.” Great. But when was the last time you reviewed those documents to make sure they were still time, age and asset appropriate for where you are now in your life? While you are at it, double check the beneficiary designations on all your retirement accounts, bank accounts, life insurance policies, etc. This is essential due diligence on your part.
In my next post, I’ll share another area in which I think many people are dropping the ball by spending too much time searching for resources to answer basic questions about owning and operating their businesses and making basic investment decisions.