The new year brings a collection of guides for New Year’s resolutions, from getting organized, to getting fit, to learning a new skill or language. What often gets overlooked, however, is financial guidance. Below are our tips to ensure your wealth is protected, your family is informed and engaged, and your priorities are expressed in your finances in the new year and in years to come.
2022 Financial To-Dos:
- Your tax documents are collected and organized
- You have a strategy in place for any family member’s education you wish to fund
- Bill-pay is set up for each account
- Your investment policy statement and financial plan reflect your current circumstances
- You are set up to fully fund your IRA/401K
- You have a clearly deﬁned cash flow plan that deﬁnes how much money is coming in and going out each month
- You’ve discussed any annual financial gifts you wish to make with your family and your advisor
- Your car, home and possessions are well insured
- Your investments reflect your values
- Your estate plan and will are up to date to support your family members
- Your philanthropic strategy is set for the year
- Your net worth is known and regularly reviewed
- You are paying the most competitive rates for mortgages, etc.
- You have a freeze on your credit to protect against security threats
Financial to-dos are often more complex and time consuming than some of the tips you may see elsewhere in the New Year; after all, establishing a trust takes more time than sorting out a filing cabinet or refreshing a spice rack. So, if you have any questions or need guidance on how to proceed, we are here to help. Please contact us anytime.