Do You Need An Umbrella Policy? | Newsletter July 2024

Do You Need An Umbrella Policy?
Newsletter July 2024

Welcome to the latest edition of the Healy Wealth Management newsletter, your monthly guide to navigating the financial complexities of life.

Let us know your thoughts. And if there’s something that could benefit a friend or family member, please send it their way.

Decisions about insurance are an ongoing aspect of financial planning. What kind(s) of insurance makes sense? How much do I need? Is it priced fairly? This month, Kathy Healy answers the question: “Do you need an Umbrella Policy?”

Let us know what you think of our video. As always, please do not hesitate to reach out with any questions you may have.

Riddle of the Month

The more you take, the more you leave behind. What am I?

The Secret Service Fails

By the smallest of margins, our country was saved from another tragedy of the kind it has endured too often in the past.

While elections are an important way for Americans to help shape the direction of the country as citizens, voters and taxpayers, it’s important to vote at the ballot box and not with your investments.

This is because history shows that markets can perform well under both Democrats and Republicans. As the chart below shows, the stock market has risen over decades regardless of who was in the White House. What mattered more across these periods were the ups and downs of the business cycle. The Clinton years, for instance, benefited greatly from the long expansion of the 1990s. The George W. Bush years, on the other hand, overlapped with both the dot-com crash and the 2008 global financial crisis. Business and market cycles defined their presidencies, not the other way around.

Thus, it’s important not to get distracted by day-to-day election poll results and instead keep your eye on the ball of the long-term profitability and valuations of the businesses (stocks) you own. If you are concerned about the impact of specific policies on your portfolio and your financial plan, please don’t hesitate to reach out.

Vacation: Time for a Re-charge?

Feeling overwhelmed and burned out? Taking time away for a vacation isn’t just a luxury – it’s essential.

If you wake up in the morning and instantly grumble or are consistently in a bad mood, it could be a sign you need a vacation. If you are unusually frustrated, easily annoyed, or generally unhappy, you may need a break.

Vacations aren’t just fun; they are an important part of maintaining both mental and physical health, no matter your age or career status.

What’s more, planning a getaway can boost your happiness even before you leave. The anticipation of a break can lift your spirits and improve your outlook on life.

Spending time away from the daily routine helps to reset your stress levels. It reduces burnout and can make you more productive and creative when you return.

Regular breaks can prevent decision fatigue. You feel refreshed and more prepared to handle whatever comes your way.

While it won’t solve all your problems, being on vacation distracts you from stressors and lets you unwind. It enhances your mood, helps you think positively, and restores your concentration. You get more sleep, fresh air, and Vitamin D.

Studies have shown that we value our experiences more than any material possessions we may own.

Don’t wait for the perfect time; make the time to take that vacation. It’s not just a break from routine; it’s a boost for life!