What’s a millworker to do with no mill? The good news with the bad: you can put yourself in a steady financial position with the right plan of action.
The Right Moves No Matter What
In response to our community’s loss, the team at Wildes has put together a service bundle to help you regain your footing through uncertainty. Think of it as bringing a mechanic on-side for diagnostics and a tune-up—plus a map of where to go and what to do. Start here.
Our circa-1936 mill has been under threat of imminent closure every decade for the past 40 years. We all knew it would happen someday, but news like this will still rattle a community—especially when so many generations have staked their livelihoods in harvesting and exporting the forest products of South Carolina.
Everyone affected by the mill closure is wondering what to do now. Some may not be sure if they’ve saved enough for retirement. Many have been paid a lump sum payment as severance and aren’t sure if they should sit on it, spend it, or drain it to bridge the gap to their next job. No matter what, this moment of uncertainty is an opportunity to make some smart moves.
There’s good news inside the bad news: you’ve got choices. We’ll help you make the right ones:
- How am I going to make my house payments? Should I dig into my savings or spend the severance?
- Are my savings in the right place? Should I be investing what I have? What should I do if I haven’t saved enough?
- Should I be budgeting?
- Should I cash out or roll over my 401K?
- Are there tax implications to my payout? How can I keep as much as possible?
- Would it benefit my financial position if I had insurance?
- Am I ready for retirement?
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If not, how much longer do I need to work?
Some of you have a lot of questions. Many more know you should have a lot of questions, but you don’t know where to begin. At Wildes Financial, we are your coach cheering you on to your best possible game. We know how hard you’ve worked, and how much energy you’ve poured into the mill and the forestry industry over the years. You’ll play this game—your life—better with good strategy, especially in the face of curveballs. That’s what we’re here for.
Service Bundle: Your Action Plan
Financial advice can look one of two ways. In one scenario, a typical financial advisor says Give me your rollover. I’ll invest it and collect my fee. To them, you’re one of thousands—millions—a speck on a spreadsheet.
In another scenario, a skilled, seasoned, and n independent financial planner sits down with you and asks, What are you and your family going through? What are you excited about? What worries you? How do you want the next five—and twenty—years to unfold?
At Wildes Financial, that’s where we begin. With you.
We’ve got your back, sorting through every aspect of your financial life—your assets, opportunities, concerns, goals, and family dynamics—step by step. We build confidence with clarity, designing with you, for you.
1. Declare Your Goals And Objectives
Most advisors won’t ask what matters most to you. They’ll assume your goals in superficial strokes, employing simple equations (how much money do you bring in vs. how much you need to retire) for simple answers. The problem is, life isn’t simple. It’s complex and layered, best understood as a story with individual character, dreams, and challenges.
Step one in the Action Plan is for us to ask: Do you plan to get another job? What are your prospects? Does your spouse work? Tell us about your children or grandchildren. Do they have college coming up, or mortgages, or weddings? Do you invest, and do those investments align with your beliefs and values? When you pass away, how important is it for you to leave a legacy to your family? Do you make a habit of charitable giving? How have you managed your taxes?
As we listen, we’re already brainstorming: how can we maximize your net take-home in ways you haven’t thought of yet, and help you share
2. Open The Hood On Your Assets
Step two is taking stock of all your assets, where they live, and their patterns of behaviour. How is your money sheltered, and how is it growing? What are the patterns of your money as it’s currently designed? After all, your money isn’t just a pile of cash. It’s a system of cash. Or it should be.
Too many people don’t pay enough attention to the concept of their money as a designed system. They stash it and forget it—until it becomes a problem. Others are understandably intimidated by the prospect of changing their mindset or routine around money. We get it.
Engine design is what we do. Once we get a clear picture of all the numbers you once thought of as only fuel, we’ll roll up our sleeves and start reimagining how you propel your life forward through even the most challenging times.
3. Set Your Destination And Choose Your Route
Any one of several routes will get you to your destination. Some are bumpier but more direct. Others are smoother but slower, or unexpected with great views and opportunities along the way.
In step three, we make the choices in front of you make sense. In designer mode, we’ll give you a multitude of ways forward:
Option A is the simplest, with the fewest adjustments. Option B will give you the most flexibility in the short term, especially if we anticipate and fend off tax implications. Option C is fully comprehensive with a longer-term outlook, offering the rewards and stability you might enjoy at this stage of your life…
Transactional is not enough. We aim to be transformational, and work on your behalf using all the levers at our disposal: taxes, investments, and timing, timing, timing.
4. Implement Your Plan — Start Making Moves
With your route chosen, step four is the comprehensive plan to incorporate tax and withdraw strategies, risk management, retirement and estate planning, and cashflow analysis.
Implementing your plan requires access to the right technology and investment portals, with the expertise to make the right moves. At Wildes, we have the access and technical know-how to maintain your engine in-house, giving you a rare cost-effectiveness and breadth of service.
Hitting the gas pedal and steering for your goals—that’s implementation. That’s progress!
5. Prime For The Best Results In Changing Conditions
Most firms invest your money and move on, not checking it again until next year’s review. We’re set up to monitor your engine regularly, watching for balance, responding to trends, and refining performance.
It’s what a good steward does. We flag the opportunities or shortfalls that may affect your household, priming your assets to take advantage of taxable events in unconventional, beneficial ways. Think wills, insurance, debt, overpaid taxes, or savings for emergencies, education, or a downpayment to help your child buy their first home. Things that need more than annual attention.
Most advisors are only interested in transactions, not lives. Not families. They’re not set up for it. We are, and we’re happy to help—every day.
Frequently Asked Questions For Uncertain Times
Now that the mill has closed, I’m stressed about my finances. What am I going to do?
- Don’t panic. We can’t make the problem go away, but we can guide you through it. Step one is to figure out a plan.
- Don’t do anything rash or foolish. The reactive move is rarely the right one. Keep steady, and don’t make any big decisions before getting advice from qualified people you trust.
- Seek guidance to shed light on all your choices. Few people even know what they are, let alone how (or why) to make the right ones. Remember: you don’t know how much you don’t know. You may think you’re up against a wall with no options—but you’re most likely not.
I’ve never been financially organized and haven’t saved much for retirement or emergencies. This job loss has blindsided me. Is it too late for me to fix this?
We can’t change your decisions (or lack of decisions) in the past. And we can’t wave a magic wand to change your assets and liabilities in the present. But we can help you make good moves from this point forward to take care of yourself and your family—even if you’re not where you wish you were today. There’s no better moment to shift your thinking and your actions than right now.
Can’t I just set a budget, save, and look after things myself?
Here’s a rule of life: when we’re on our own, we don’t know how much we don’t know. We often don’t even know what questions to ask, let alone the answers. And when it comes to money, you’re more likely to save a lot—even make a lot—simply by getting the right help.
Here’s an example. Let’s say you get laid off at 57 years old. It’s still a few years before you can take money out of your IRA or 401K without a substantial penalty. But if you move your money into a retirement plan, the cashout green light hits at 55, and you can access that money without any penalties. That’s a big deal. Most people—even some unmotivated or unimaginative advisors—don’t know that rule exists. Too many would roll all the money into an IRA with a 10% penalty for withdrawing.
Financial confidence is clever strategy plus clever timing. No matter how careful you are, you’re winging it on your own. It can feel okay for a while, but when life swings in an unexpected direction you’ll be vulnerable in ways you can’t project. Let us help.
What is the secret to financially weathering bad news like this?
Sit down and develop a plan. When we’re winging it, we react emotionally, often making rash decisions—or making no decisions at all. Remember that while most people have good intentions, not everyone who offers advice will give the best advice. Seek out qualified people who know all the ins and outs. Get the best people on your side, and make a plan.
Get Started by Uncovering Your Risk Level
Sound Like the Kind of Comprehensive Support You Need?
Schedule an Initial Call 843-485-4371