The “Dog Days of August” are traditionally known as the hottest and most sluggish days of summer. Historically, this period was marked by the rising of Sirius, the “Dog Star,” alongside the sun, a phenomenon that ancient Romans and Greeks associated with the sweltering heat and a general sense of lethargy. During this time, it was believed that the oppressive weather sapped energy and led to a natural lull in activity, both physical and mental. In the context of financial planning, this period of relative calm can be seen as an opportunity to step back and review your financial situation.
However, rather than viewing August as a time of lethargy, we can see it as a unique and empowering opportunity to step back from the daily grind and take control of our financial reflection and planning.
As the summer days stretch on, many of us find ourselves with additional downtime. Whether it’s a slowdown at work, time off, or simply staying indoors to escape the heat, August provides a unique chance to reassess and refine your financial strategies.
This month can serve as a productive pause, allowing you to revisit your financial goals, fine tune your strategies, and ensure that you are optimally positioned for the remainder of the year. Consider using this time to conduct a thorough review of your tax strategies, review and assess your investment portfolio, or evaluate your current estate plan. By taking this time to address these critical aspects, you can uphold a comprehensive and forward-looking approach to managing your wealth.
Why August Is Ideal for Financial Review and Planning
- A Mid-Year Reflection Point: August is a natural midpoint between the start of the year and the busy fourth quarter. This makes it an opportune time to reflect on your financial decisions so far and reassess your goals for the remaining months. This period allows you to evaluate your progress and make any necessary adjustments to stay on course, giving you a sense of reassurance and confidence in your financial decisions.
- Maximizing Downtime: The slower pace of life in August often means you have more time for activities that might be neglected during busier periods. With many people on vacation and a general easing of work demands, it’s easier to dedicate time to thoroughly reviewing your finances. This quieter month is ideal for examining your financial statements, reassessing your budget, and fine-tuning your investment strategies.
- Preparation for the Year-End Financial Push: The year’s final months often bring significant financial decisions, such as tax planning, holiday spending, and year-end reviews. By starting to plan for these activities in August, you can avoid the stress of last-minute decisions and ensure that you have a solid financial plan in place for the remainder of the year.
Planning Towards a Brighter Financial Future
The Dog Days of August offer more than just a relaxing time—they present a valuable opportunity to focus on your financial health. By dedicating time to review and plan, you can enhance your financial strategies and prepare for the months ahead.
As you consider your financial plans, remember that Legacy Private Trust Company is here to support you every step of the way. Our team of trusted advisors is ready to assist you in refining your strategies, providing you with the security and guidance you need to confidently approach the remainder of the year with clarity and purpose.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or connect@lptrust.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.
