Your Financial Base Camp, Part 2
By Mark Zembo, Wealth Management Advisor
My youngest son is a cadet in the local Civil Air Patrol squadron. For him, the program is living up to its promise. He’s learning to fly, lead, hike, camp and how to push his physical and mental limits. Just recently, he was promoted to staff sergeant of his squadron, a milestone that opened his eyes to a whole new level of leadership and responsibility.
As I write this, he’s away from home on his first multi-day journey with cadets from across the country. It’s called “encampment,” a week-long experience that ends in a graduation ceremony, provided they complete a set number of instructional hours.
Once accepted into the program, he received a list of required gear. He diligently worked through the checklist, reviewing it multiple times to ensure nothing was missed. His instructors made it clear: check and double-check. And he did…sort of.
Upon arrival at the barracks, the instructors had each cadet unpack their duffel bags, item by item, against the checklist.
They discovered my son was missing a required item—something he had collected, but set aside in the house and forgot to pack in the car.
The lesson couldn’t be more clear. Before you head out on any journey, take inventory. Open the pack, check your gear and once again review these practical questions:
- Do I have the essentials?
- What’s outdated or unnecessary?
- What could weigh me down?
I couldn’t help but see the parallels to financial planning. Whether you’re preparing for retirement, starting a new chapter or simply trying to move forward with clarity, now is the perfect time to check what you’re carrying — and why.
Last month, I wrote about the importance of having a financial base camp — a plan you can return to, especially when conditions shift. This month, we take the next step: checking what you’re carrying with you and why it matters.
Clearing Out Financial Clutter
We all accumulate things over time — subscriptions we no longer use, outdated assumptions about expenses or accounts that no longer serve a purpose. These small drags on your cash flow can quietly weigh you down.
To clear out financial clutter, start by reviewing:
- Monthly and annual recurring expenses
- Auto-renewing services or duplicate coverages
- One-off costs that have become habits
This isn’t about cutting everything. It’s about carrying only what helps you move forward.
Emergency Reserves: Still Enough Fuel in the Tank?
When you first built your financial plan, you likely included an emergency fund — but when was the last time you checked its size, purpose, or accessibility?
Ask yourself:
- Have my monthly expenses changed?
- Are my reserves fully liquid – i.e., readily available?
- Would the current reserve still cover what I actually need?
Think of this as your trail fuel — it should be ready and reliable, not buried deep in storage.
Summer Spending and Cash Flow Reality Checks
Summer often brings a shift in spending patterns: travel, family activities home upgrades. It’s also the midpoint of the year — a great moment to align your cash flow strategy with real life.
Now is a good time to:
- Revisit your planned vs. actual spending
- Adjust withdrawal strategies if you’re retired
- Review your mid-year tax withholdings or estimated payments
If you’re earning more or spending more than anticipated, let’s make sure your plan still holds.
What Are You Carrying “Just in Case”?
There’s a difference between being prepared and being overpacked.
Many people hold onto financial strategies — or even old accounts — because they once served a purpose or have sentimental value. But just like carrying three rain jackets on a sunny trail, these things can drain your energy more than protect it.
This is where thoughtful review makes all the difference.
Return, Repack, Move Forward
My son’s journey didn’t end because of the missing item. We made adjustments — namely, a round-trip drive back to the house and then again to camp — and he was able to rejoin the cadets.
But the most important takeaway wasn’t logistical, it was emotional. When pressure and excitement took over, he skipped that final check. Like many teens (and let’s be honest, adults, too), he said, “I’m good to go!” before confirming he had everything he needed.
It’s a common mistake. And in financial planning, it can be a costly one.
At Elevage Partners, we view financial planning as a series of thoughtful returns to base camp — a place to regroup, refocus and make sure your resources match the path ahead. And right now, at the midpoint of the year — efore summer distractions take hold — is the perfect time to check your financial pack. If you’re ready to take stock of what you’re carrying, what needs to be restocked, or what no longer serves you, let’s talk. We’d be honored to help you recalibrate for the journey ahead.
The information contained herein represents the views of Elevage Partners at a specific point in time and is based on information believed to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein In addition, there can be no guarantee that any projection, forecast, or opinion in these materials will be realized. Any statement non-factual in nature constitutes only current opinion which is subject to change. These materials are provided for informational purposes only and do not constitute investment advice. Any reference to a security listed herein does not constitute a recommendation to buy, sell, or hold such security. Past performance is no guarantee of future results. The historical returns of any securities and/or sectors mentioned in this commentary are not necessarily indicative of their future performance.