Financial “Exercises” You Can Do While Social Distancing

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

By Karin Grablin, CPA, CFP®
Wealth Advisor at SRQ Wealth

These are unusual and uncertain times, to be sure. We’ve all been inundated news about the Coronavirus, and its impact on our community, our country and the world, both physically and financially. Hopefully, most readers are choosing not to panic in response to these headlines, because panic leads to irrational thinking, and that can lead to poor financial decisions, making matters even worse.

While “social distancing” seems to be working, it’s making many of us a little stir crazy. If that description applies to you, why not take advantage of the extra time you may have right now to do a different set of “exercises” – to get your financial plan in better shape?

Here are some suggestions:

  1. Revisit Your Budget – Review your spending habits and separate “wants” from “needs.” If you think your income will suffer in the next few months, decide where you can cut expenses and consider putting more into an emergency fund.
  2. “Disinfect” Your Wallet – Literally, empty your wallet and clean all your credit cards with a disinfectant. Then, before putting them away, decide which ones you really need. Now might be a good time to “downsize” that portfolio. For those credit cards you decide to keep, take a picture of them (front and back) with your phone (or copy machine) and update your Contacts with the number to call if they are lost or stolen. Add the photos to a separate folder in your phone for future reference.
  3. Take Advantage of Low Interest Rates – First, review your credit report for any inaccuracies and get them corrected. Free credit reports from each bureau are available once every 12 months at Then, with interest rates at historical lows, consider consolidating your debts and/or refinancing your mortgage. Be careful about closing costs! Refinancing only makes sense if you’re planning to stay in your home long enough to save money after your closing costs are accounted for.
  4. Consider Gifting – If you have the means, consider gifting to others who might be financially hurting right now. Federal gift tax guidelines allow you to give up to $15,000 annually to as many people as you wish without having to report it on a gift tax return. Clearly, if you are charitably inclined, lots of non-profits in our community need your help. Check out the Giving Partner at: to find a charity that fits your interests.
  5. “Harvest” Your Tax Losses – “Don’t Touch Your Face & Don’t Touch Your Portfolio” is advice commonly given to long-term investors right now, which generally makes sense. But if you want to accumulate a “bank” of tax losses to offset future gains, consider selectively selling some securities at a loss right now and re-investing the proceeds in similar investments1 to be positioned for a future market recovery. Talk to your financial planner before considering this move.
  6. Update Your Estate Plan – Dust off your estate documents and make sure you have the right people named to represent you should something happen to you. This includes your will, your power of attorney, your health care directives and your living will. Make sure the beneficiaries on your IRAs, annuities and life insurance are current, too. And last but not least, make sure those you trust with your affairs know where to find these documents. It helps to document where all your important papers, passwords and accounts are in a final instructions letter.
  7. Register Your Emergency Contact Information – Take a few minutes to register your emergency contact information on your driver’s license record through Tiff’s Initiative: With any luck, it will never be needed!

In these unprecedented times, no one really knows when this crisis will be over. Give yourself some grace; and find ways to work on what you can control.

Remember, this crisis too shall pass.


Click here to read the original article


1 According to wash-sale rules, when you harvest losses, you cannot repurchase substantially identical investments for 30 days or the capital loss will be disallowed.

Karin is with SRQ Wealth, One North Tuttle Avenue, Sarasota, FL 34237, 941-556-9004.

Securities offered through Cetera Advisor Networks LLC, a Broker Dealer, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera is under separate ownership from any other named entity.

This article is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.

The charitable entities and/or fundraising opportunities described herein are not endorsed by, or affiliated with, Cetera Advisor Networks LLC, CWM, LLC or their affiliates. Our philanthropic interests are personal to us and are not reviewed, sponsored or approved by Cetera Advisor Networks LLC or CWM, LLC.

A diversified portfolio does not assure a profit or protect against a loss in a declining market.

For a comprehensive review of your personal situation, always consult with a tax or legal advisor.

facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.


Carson Investment Research’s Outlook ’23: The Edge of Normal

At long last, The Carson Investment Research team is proud to officially release our 2023 Market and Economic Outlook, aptly titled Outlook ’23: The Edge of Normal. You can download the whitepaper here. As you are all painfully aware, 2022 wasn’t pretty for investors – it was the first year …

What Documents You Should Provide to Your Tax Preparer

Mike Valenti, CPA, CFP®, Director of Tax Planning Tom Fridrich, JD, CLU, ChFC®, Senior Wealth Planner It’s January, so it’s officially tax season! One of the most common client questions heard by tax preparers is, “So, what do you need from me?” The short answer to that question is often, “ …

10 Tax Planning Tips That Could Reduce Your Taxes

There’s more to tax planning than you think. Do you understand how each of your accounts are taxed? How did you set up your retirement plan? Have you considered an HSA? Take control of your taxes and how they fit into the big picture. Check out these income tax planning tips. Click here to …

Planning for Your First Required Minimum Distribution in Retirement

Mike Valenti, CPA, CFP®, Director of Tax Planning Qualified retirement plans – such as 401(k)s, 403(b)s and IRAs – offer clear tax advantages. Traditional 401(k)s, 403(b)s, and IRAs offer a tax deferral on contributions and growth until distribution. Their Roth counterparts can provide an i …

1 2 3 4 89 90 91

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation

TweetsFollow Us