Just like the seasons in the year, there are also different financial seasons. They are not dictated by your age, but rather, the financial season you are in.

In this series, we have covered the Spring, a season of hope and new beginnings, the Summer, a season of beautiful growth, and the fall, a season of abundance. We are wrapping up this series with the Winter Financial Season, a season of comfort, peace and giving.

The Winter Money Season

Winter is a season that evokes feelings of peace, comfort, generosity, beauty, and holidays spent with family. This very much embodies the winter financial season as well. You have weathered the stormy days of the spring, the occasional rain shower in the summer, and watched your wealth bloom and grow throughout the fall.

You are now living on the wealth you have created!

Who is in the Winter Financial Season

Most people in the winter season are leaving the workforce, either due to retirement, or an ability to live well on the wealth they have built.

You continue to develop a monthly budget, a habit you built throughout your financial journey, which allows you to continue to live within your means and remain in control of your money.

Throughout the financial seasons, you have worked hard to pay off all of your debt, including your home.

You have a fully funded emergency savings account which, coupled with no debt, gives you a tremendous sense of peace and financial freedom.

You’ve invested in your retirement plans religiously, and are now enjoying the benefits of compounding interest with a generous nest egg.

You continue working with a financial advisor to maximize your investments and savings.

You are able to enjoy your money and give generously.

Steps to Take When you are in the Winter Financial Season

The winter season is all about living comfortably and at peace, remaining in control of your money, living off of your wealth, giving generously, and protecting your assets.

During this season, determine how much you will need to live off of each month and continue preparing a monthly budget so you ensure the nest egg you have built will last your lifetime.

Look for ways to control your spending and household expenses since you will now be living without regular paychecks if you have retired or left the workforce.

Meet with a financial advisor regularly to ensure your investments are adjusted for risk tolerance and growth.

You have professionals in your corner such as a financial advisor, accountant, and legal advisor to help you protect yourself and your assets, and make solid long term decisions.

Continue paying cash for purchases and luxuries such as vehicles and vacations, and avoid debt.

Review your estate plans, including wills and trusts, and make any changes to continue to protect your assets and your loved ones.

Review your insurance coverage to ensure the assets you own are covered. Make sure you have health insurance if you are not eligible for Medicare yet and review your prescription drug coverage. Ensure you have life insurance if your spouse or children will need coverage, and ensure you have adequate coverage on all assets such as homes, jewelry, art, firearms, and vehicles.

Professionals Who Can Help You During This Season

A Financial advisor will review your investments, any pension plans, and Social Security benefits. Together you will discuss your retirement plans and lifestyle to help maximize your investments to ensure you are comfortable.

An Insurance Agent can make sure the assets you currently own are protected.

An Attorney can assist you in real estate or business transactions, contracts, and help you develop wills or trusts.

An Accountant will prepare your taxes, educate you on deductions, and offer suggestions to minimize your tax burden or prepare tax estimates for the following year.

Enjoy the Fruits of Your Labor During the Winter Season

During the winter, all of your sacrifice and effort and self control during the spring, summer and fall seasons have turned into a comfortable, lovely, leisurely lifestyle. Your garden has bloomed into incredible wealth. You are enjoying a sense of financial peace and a comfortable retirement. You are able to enjoy your money and give generously. Well done my friend, and congratulations! Cheers to a long and fruitful life!