Trilogy Financial, a privately-held financial planning firm with more than $2 billion in client assets, utilizes a combination of our latest technology and broad perspective to help you advance your tomorrows.

Mid-Career Assessment

By the time you’ve reached mid-career (generally early 40s), a lot of change has happened in your world. There’s been marriages, perhaps divorces, kids, several different jobs, some accrual of assets, both for long-term and short-term goals, and usually you’ve picked up a bit of debt—home loans, car loans, etc. Generally speaking as your financially life goes on it increases in complexity and that complexity requires a different perspective.

In early career the primary issues for financial development are usually paying down debt of some kind and determining savings rate. In many cases these carry into mid-career in some way but are now a part of a larger framework. Increasingly the larger issue by this point is organization. Having an organized perspective on your financial goals and systemic way to organize your assets and debts is critical to be able to increase the likelihood of reaching your goals.

The first step here is to organize your goals. If you are married or have a long-term significant other, this is particularly critical. Even in too many long-term relationships potential financial conflicts have emerged in relationships by this point, conflicts that need to be resolved by open lines of communication. We generally encourage clients to focus on 3-4 key financial goals. These goals should have a time horizon and clear plan for achievement. And because they are the key goals for your family (if you have one) there should be fairly universal agreement on the list and the prioritization.

Think if it like arranging a dinner party for friends. You first need to set out what kind of party you want. Who will be involved? How fancy will it be? And how much will it cost? From there you can start picking out key “recipes” (financial strategies) to bring this party into being. Financial independence, the day work becomes an option, is usually the biggest party any of our clients will ever throw. It lasts the longest, it’s the most expensive, has the most people involved and you can’t run out of shrimp cocktail at the end.

For this reason, your financial organization must move beyond big dreams and a few good recipes for success. You must also have a thorough inventory of what’s in the pantry or what we call a personal balance sheet. This single source accounting of all of your assets and liabilities in one place allows you to clearly see where you currently stand and allow you to better forecast what your financial situation will look like in future years. Do not get discouraged if you are not as far along financially as you thought you were. This is not uncommon, since many people tend to focus more on their assets and less on their debt, which can give a false impression of being in better financial shape than they really are. Whatever your situation, it is important to know where you really stand. It is important that your personal balance sheet be accurate, so be sure to include all of your assets and accounts, taxable and tax-deferred, as well as all of your debt and liabilities. Consider your vehicles, furnishings, clothing, jewelry, etc. Your debt should include all the items that you owe, such as your home mortgage, car loans, credit card debt, school loans, interest-free loans, etc. Once you have developed and updated your personal balance sheet for several quarters, you will begin to get a feel for the pace of your progress. You will then be able to better estimate when you will be able to achieve the goals you’ve set for yourself.

Many people find such a thorough organization of their financial information daunting. Trilogy advisors are equipped with advanced technology and tools which can help you aggregate your goals and your balance sheet all in one place, even to the point of being able to project the probability of success of your various goals. As you move through your career, the ability to keep your goals and financial plan organized becomes increasingly challenging. Let us come along side you as you travel to your next destination.

All information herein has been prepared solely for informational purposes and is not an offer to buy, sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Advisory services provided by TrilogyCapital, Inc, a Registered Investment Adviser. Separate advisory and securities services may be provided by National Planning Corporation (NPC), a SEC Registered Investment Adviser and broker-dealer. Member FINRA and SIPC. Certain registered representative with NPC are doing business under the name of Trilogy Financial. TrilogyCapital, Inc. and Trilogy Financial are affiliated by common ownership and are separate and unrelated to NPC. Please consult with your representative to confirm, on which company's behalf services are being provided. Registered Representatives of NPC may transact securities business in a particular state only if first registered, excluded or exempted from Broker-Dealer, agent or Investment Adviser Representative requirements. In addition, follow-up conversations or meetings with individuals in a particular state that involve either the effecting or attempting to affect transactions in securities or the rendering of personalized investment advice for compensation will not be made absent compliance with state Broker-Dealer, agent or Investment Adviser Representative registration requirements or an applicable exemption or exclusion. Content is for general purposes only and is not an offer to buy or sell any security. NPC does not provide tax or legal advice. NPC Privacy Policy.