Ten Steps Of Stewardship

Louisiana bayou at sunset.  Photographer unknown.

Four Seasons in the Bayou

It may surprise you to learn you can experience four distinct seasons in south Louisiana (i.e., the swampy autumnal sky pictured above).  The fact is, change happens everywhere, every day.  The same is true with your money.  No matter how settled and organized your finances might seem today, change is just around the corner.  The solution is to constantly review your situation to ensure you are on track and adapting to new developments.  But how?

To address this issue, I have developed The Acadia Ten Steps of Stewardship.  It serves as a concise, repeatable way to assess and revise your finances year after year.  Read and enjoy!

THE ACADIA TEN STEPS OF STEWARDSHIP

The ten Step of Stewardship can be used as a quick checklist that covers the most critical of items in your financial life.  It can also be used as the framework for a comprehensive analysis.  If you find an area that requires an update or deeper investigation, call me or make an appointment. Let's ensure your finances change with the seasons of life.

1. FINANCIAL PLAN
   1. Comprehensive, Detailed, Personal
   2. Planning + Investments + Taxes
   3. Review the Plan Regularly
2. CASH FLOW MANAGEMENT
   1. Cash Flow = Income + Expenses
   2. Debt Planning and Management
   3. Prioritized Goals:  Emergency + Short + Medium + Long-term
3. EMERGENCY FUND
   1. Emergency = Unexpected + Necessary
   2. Goal:  3-6 Months Living Expenses
   3. Situation Dependent
4. ESTATE PLANNING
   1. Begin With the End in Mind
   2. Codify Guardian, Executor, Trustee, Beneficiaries and Contingent Beneficiaries
   3. Understand Wills, Trusts, GPoA, FPoA, MPoA, and DPoA
5. INSURANCE / PROTECTION
   1. Assess Home + Auto + Umbrella
   2. Life Insurance:  Who You Love and Who You Owe
   3. Maximize Employer Benefits
6. TAX PLANNING
   1. Every Dollar Touches the Tax Code
   2. Consider Both Federal and State
   3. Long-term Strategies + Short-term Action
7. INVESTMENT PLANNING
   1. Develop Specific Goals with a Clear Purpose
   2. Understand and Regularly Revisit Your Risk Tolerance
   3. Maximize Diversification:  Asset Class, Time Period, Location, and Geography
8. RETIREMENT PLANNING
   1. Understand the Nature of Work:  Legacy or Leisure?
   2. Retire “To”, Not “From” Something
   3. Maximize Options:  401k, 403b, 457b, 529, TSP, Roth/Traditional IRA, Social Security, HSA
9. LEGACY PLANNING
   1. No Success Without a Successor
   2. Transfer Wisdom Before Transferring Wealth
   3. Goal:  Establish Family + Eternal Legacy
10. CHARITABLE GIVING PLANNING
    1. Reflect on the Power of Giving
    2. Develop Both Short and Long-term Plans
    3. Options:  Annual/Lifetime Gifting Limits, Donor Advised Funds, Pooled Funds

Do you have questions about your financial plan?  Schedule yourself for a meeting so we can discus and develop a highly personalized plan that meets your specific needs.

Laissez les bons temps rouler

Mary's Recipe Corner

Enjoy this seasonal recipe from Mary:

Cranberry Salsa

This is one of those recipes that just shouldn’t be as good as it is. I think the flavors are spot-on, and the dip is beautiful for Thanksgiving or a Christmas party. We like it served with Hint of Lime tortilla chips.

• 2 cups fresh or frozen and defrosted cranberries
• 4 TBSP orange juice
• 2/3 cup sugar
• 1 small can green chilies
• 6 TBSP fresh cilantro
• 4 TBSP pecans, finely chopped and toasted
• 2 tsp lime zest
• 2 TBSP orange zest
• Salt to taste (I usually don’t use salt as the chips are salty)

Blend cranberries, orange juice and sugar in a food processor for 30-45 seconds. Add the rest of the ingredients and pulse a few times.

Bon appétit!

Thankful

Mary and I are so very thankful for every Client and friend of Acadia.  We are truly grateful to be included in your lives and to join you in your stewardship journey.  

May you and your family enjoy a blessed day of great food and fun fellowship!

For Art's Sake

If you grow up in New Orleans you learn to appreciate art (and food and music and parades, etc.), so it's appropriate to share a bit of art with our readers.  

The parable of the talents is found in the Gospel of Matthew, Chapter 25.  It offers some great wisdom on how to be a good steward such as the importance of investing properly.  The scene below depicts the part of the story where the servants are held accountable for how they used their master's money.  Good stewards were told, "Well done, good and faithful servant."

The Parable of the Talents, Church of Saint Bega, Bassenthwaite, England