“Keep It Simple” Blog PostSpring Financial CheckupApril is National Social Security MonthArticle – Maintaining Your Financial Records: The Importance of Being Organized
KISS, an acronym for “keep it simple stupid” was coined by Kelly Johnson, an engineer for Lockheed Skunk Works, a division of the company that worked on aircraft design. Mr. Johnson headed projects such as the SR-71 Blackbird spy plane, which was created in the 1960's and is still the world's fastest aircraft. The SR-71 Blackbird flew thousands of spy missions from 1966-1998. Mr. Johnson explained that the basic premise of KISS is that if things are not kept simple and easy to understand, they would ultimately become obsolete in combat conditions and ultimately worthless. He felt that simplicity should be a key goal in design and unnecessary complexity should be avoided.
The KISS principle can (and probably should) be applied to many aspects of our lives. I recently watched comedian Jim Gaffigan. In one of his segments, he talked about traveling with his wife and five kids around the world. When they went to China, they got to ride in a rickshaw, see the terracotta warriors, the Great Wall, and the Forbidden City. When he asked his 5-year-old son what his favorite part of the trip was, he responded that it was when they saw the pigs in the truck. At one point during the trip, they were stuck in traffic at an intersection and there was a large truck carrying a bunch of pigs in cages. I found that part of his show to be hilarious and so true when it comes to comparing an adult and a child’s experience and their takeaways from an event. It shows that sometimes you don’t need to spend a lot of money on things for them to be enjoyable and memorable.
When it comes to managing your finances and investing, the KISS principle can also be a good guide. For the majority of us, when it comes to estate planning, you will need the following documents:
By having these essential estate documents, keeping them up to date and easy to locate, not only will your wishes be carried out after you pass, but you will simplify the entire process for your loved ones.
As we’ve seen during the coronavirus pandemic, many people who were in good health suddenly became very sick and were hospitalized. Now is a good time to review your finances to make sure they are in good order. Here are a few questions to help determine the status of your finances –
If the answer to any of these questions is no, please consider making it a priority to get your financial house in order. Your loved ones will appreciate it!
April is National Social Security Month. If you don’t already have an online account with the Social Security Administration, you can open one up at www.ssa.gov/myaccount. If you are not collecting benefits, you will be able to review your earnings records and get a current estimate of your benefit when you retire. And, by setting up your account, it will make it more difficult for people to make fraudulent claims to your benefits.
An important part of managing your personal finances is keeping your financial records organized. There may be times when you need to locate a financial record or document – and you’ll need to locate it relatively quickly. By taking the time to clear out and organize your financial records, you and your loved ones will be able to find what you need exactly when you need it. To read the article, click here.
“It's the simple things in life that are the most extraordinary.”Paulo CoelhoI hope you enjoyed the newsletter. Please email me at firstname.lastname@example.org with any questions you have regarding planning for your future.
Thank you! Cindy Turkington, CFP®, CDFA™
Mailing Address:855 Village Center Drive, #360 North Oaks, MN 55127
“It's the simple things in life that are the most extraordinary.” - Paulo Coelho