As the year winds down, many of us naturally reflect on what went well and where we can improve. That process should include more than just personal goals; it should include our finances. A year-end financial checkup helps ensure your plan remains aligned with your goals and prepares you for a stronger start in the new year.

I like to begin with the basics: your budget and spending habits. Take a moment to review how your income and expenses have changed over the past year. Inflation, lifestyle shifts, or new responsibilities can all affect cash flow.

Turn on the news on any given day and you are likely to hear about tariffs, geopolitical conflict, elections, or economic uncertainty. These headlines are designed to capture attention, and they often succeed. Feeling uneasy during periods like this is natural. However, when it comes to long-term financial decision-making, reacting to headlines has historically been one of the least reliable approaches.

From a planning perspective, uncertainty is not new. Financial markets have always operated against a backdrop of political change, global conflict, trade disputes, inflation, and shifting interest-rate policy.

Today, I wanted to talk about life insurance for a minute, because, well, it is national life insurance awareness month, and I thought the timing was appropriate. Let me begin by saying that after the conclusion of this article, I hope you’re left with a greater understanding of the utilities that life insurance brings to a comprehensive plan for the management of wealth.

Today, I want to talk about what I call, the five utilities of life insurance. Most people think of life insurance as being only about a death benefit, but it’s much more than that.

Within previous articles, I’ve written about these three subjects in depth, and offered my thoughts on how these and other factors were contributing to market volatility. Given the historic drawdown we experienced at the beginning of the year, many people are asking if these forces have abated, or worsened, and how might these factor into the remainder of the year?

These are great questions, and yes, I have some updated thoughts on each of these matters that I can share with our readers. So, let’s take these one at a time, and let’s begin with the Federal Reserve.

Managing Risk in an Unpredictable Market
In an environment where headlines often focus on inflation, interest rates, and geopolitical tension, market uncertainty has become a major concern for many investors. But uncertainty doesn’t have to lead to inaction. With thoughtful planning and risk management, investors can stay on course—even when the market feels anything but predictable.One of the most effective ways to navigate volatility is through proper risk management. Rather than trying to eliminate risk entirely, the goal is to understand where it exists and take steps to reduce exposure where appropriate.

Few tasks are more stressful than piecing together a parent’s finances after a hospital stay or sudden death. Yet with a proactive approach, families can transform chaos into clarity and ensure loved ones’ wishes are honored.Start the conversation earlyBegin while your relative is still healthy and cognitively sharp. Frame the discussion as a safety measure, not a takeover. A simple opener— “I’d like to help if you’re ever unavailable to pay bills”—often eases tension and invites cooperation.Create a master listDocument every bank account, investment, insurance policy, recurring bill and safe-deposit box.

Thankfully this election cycle is behind us, and with it I believe we have greater clarity today over what might happen with post-election tax changes and the economic impact of the 2024 election.  Look, to preface let me just say that I’m thankful to live in a free country where we all have the right to see the world through our own prism. My comments are not to be taken as a political referendum, but rather as an economic observation.

Pre-Pandemic Levels?
So far, this year has been a roller coaster of emotion and sentiment to say the least.  At a high level, as I’ve mentioned in previous articles, I believe that we continue to emerge into economic Spring, from economic winter, and this kind of evolution doesn’t occur in a straight line.  It evolves in fits, and starts, and periods of panic and optimism.  In my opinion, the last four years, and even today, is like walking through a funhouse of mirrors at the circus.