Have you tried it yet? While the app isn’t new, the ‘aging’ feature was all the rage this past week, flooding social media feeds with pictures of what we might look like ~30 years from now. Exhibit A:
While amusing, the app has got its critics (there have been warnings over how the creators use your data; so if you haven’t already downloaded it, maybe don’t), and in reality only provides a peek at what the future could look like. Check out this article where they test pictures of celebrities from their younger days to see how they compare to now with the app’s prediction.
If taking a peek at the future is of interest to you, there are a few more ways we can help you do it, especially if you want to your future-self a favour by preparing for what could be in store for you (aside from just a few wrinkles):
Market research & outlooks
An idea of where the market is heading from an economic perspective can give you a sense of what you could expect when it comes to market performance, volatility, interest rates, inflation and currency. Updated regularly on my website here is a page dedicated to investing with insight which includes a global insight daily, global insight weekly, global insight monthly, investment outlook for 2019 and ad hoc articles regarding sector specific opportunities.
A Financial Plan
A financial plan gives you a real dollars and cents view of the future and can project what your cash flow, net worth and estate could look like based on your current (or expected) income, expenses, savings and performance. Have a listen to a voice you might recognize here to learn more about why having a financial plan is important.
A Will & Estate review
Reviewing your will by ensuring your intended wishes are not only outlined but discussed with those you love in advance of the emotions can give you a sneak peek at how things may unfold. Make sure your executor understands the responsibility and that they are comfortable settling your estate as outlined. Your designated Powers of Attorney are just as important (if not more) and making sure they understand your financial and health goals are important to discuss while you are still capable (things like DNR, quality of care, healthcare costs, etc). Have a listen here as to why having a Will and POAs is so important.
Doing your future-self a favour
You might not think you need insurance or credit now (either the risks are low, you have enough in liquid assets or you are self-insured) but I advise all of my clients to get it in place before they need it because if something happens or changes in where they do need it in the future, their odds of getting approved or getting a reasonable rate are much lower. Have a listen here as to why having insurance in place (both life and living benefits) is so important; and here to learn more about credit and your credit score.
Now you are in-the-know with Word on the Street.
Enjoy the heat this weekend and stay cool,
Investment & Wealth Advisor
Chaaban Wealth Management Group