Planning a Trip

We are in the heart of summer travel season. What is your favorite travel destination? Is it somewhere tropical, out in the mountains or a bustling big city? I personally like going to the mountains and getting a change of scene from my everyday. Packing and preparing for travel is similar to structuring a financial plan equipped with an investment portfolio. Both require thoughtful planning, prioritization and balance. Personally for me the planning and staying calm while staying the course are the most important aspects of getting ready for a vacation. An itinerary, like a financial plan, will help us plan our trip and stay on plan. What are your goals for the trip or your life? It is imperative to map out the steps to get to where you want to go. Once you have determined the destination, weather and length of the trip when choosing what to bring, an investor must evaluate goals, time horizon and risk tolerance when selecting investments. Overpacking can weigh you down or even end up costing you more, similar as a portfolio packed with expensive products and investment overlap. Smart travelers pack essentials first, layer in versatility and leave some space for some souvenirs

to bring home - just like a well-constructed portfolio balances core holdings, diversifies across asset classes, and includes liquidity for the unexpected. In both cases, preparation is key to a smooth journey. Plus always prepare for any bumps in the road with filling your emotional tolerance bucket and adding some buffer into your plan - travel or financial for any unforeseen events.