The new year and the promise of a fresh start is appealing. Begin your new year by committing to your financial goals. Make a new year's resolution to understand your current financial situation by reviewing your assets and liabilities. There is free planning software to make this process easier. Additional consideration can be given to any life events that may have occurred throughout the previous 18 months. Answering "Yes" to any of the questions is a great reason to contact us to discuss further.
Understanding the state of your finances can provide a picture of your debt and savings. Subsequently, this allows you to focus on retirement planning, emergency savings funds and a budget for the year. Take advantage of the automation that your bank and credit card issuers provide as a way to make the process easier.
As part of your financial resolution, your financial advisor can lend insight on how life events, financial goals, portfolio balance and insurance coverage may need adjusted. Did you have a job change or receive a salary increase? If so, reviewing your retirement accounts is valuable. How does your portfolio look against your retirement horizon? Perhaps it is time to rebalance your asset classes. Are you now an empty nester? Reviewing your insurance coverage to ensure you have removed old policies that are no longer relative or adding a new policy such as disability insurance can be valuable in aligning your finances to your new set of circumstances. These questions and many others can feel quite burdensome, so let us help.
Once you have contacted us, how do you ensure that you stay on track? Start by writing your goals down. Did you know you are 42% more likely to reach your goals if you simply write them down? Checking your goals periodically helps to ensure success. Remember, this is a plan for the year so breaking it down into digestible chunks can make reaching your financial goals a reality!