By Brian P. McLean, Leahy.ps
I respect Jim Talaga of Association Reserves in Washington State, and have had the pleasure of meeting the founder of Association Reserves, Robert Nordlund, and watching both of them testify at a legislative hearing in Olympia, Washington. Jim and Robert are articulate proponents of long-term financial planning.
For a succinct and easily understood primer on reserve studies, check out Robert’s recent article entitled Reserve Study Results – What to Expect. Robert articulates what you should expect from a reserve study. Although setting aside money for long-term goals remains anathematic to many Americans, we are discovering, particularly in twenty year-old or older commonly owned properties, that sound long-term financial planning can make the difference between thriving or becoming a neighborhood paperweight.
Let’s be careful out there.