With the new year comes New Year’s resolutions. While many resolutions focus on health, fitness and well-being, rising interest rates and inflation reaching a 40-year high have led many to add financial guidance to their list of goals in the new year. To help you get started, below are our tips to help ensure your wealth is protected, your family is informed and engaged, and your priorities are expressed in your finances in 2023 and beyond.
2023 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 of your accounts
- 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 other resolutions you may have set for the New Year; after all, establishing a trust takes more time than organizing a filing cabinet or trying a new workout class. Fortunately, if you have any questions or need guidance on how to proceed, our team at Delegate Advisors is here to help. Please do not hesitate to contact us.