New Year, New DECADE, New Beginning.
It’s hard to believe that 2020 is upon us – a new year, a new DECADE, a new beginning.
So, to celebrate the ringing in of 2020, here is a list of the 20 things you should add to your financial new year’s resolutions.
- Define your financial goals for the coming year.
- Go over your budget – examine any discretionary spending habits and change accordingly.
- Check your credit report. Verify that it is correct.
- Maintain and/or change all of your passwords and user names for financial and banking websites. Also, update/modify your security questions as well.
- Consider freezing your credit as an added security from a potential hack.
- Review (and possibly boost) your 401K contributions.
- Look back at last year’s financial short comings and try to make some changes.
- Set realistic debt reduction methods.
- Get your annual checkups – medical and dental. Your health DIRECTLY affects your wealth – safeguard it.
- Stress test your investment portfolio to ensure that it still matches your goals and financial “comfort zone”.
- Reflect on your financial team. Do they know you and your financial situation well? Do they ask the right questions? Do they offer advice?
- Review your insurance policies – life, disability, property – make sure that they adequately protect your wealth.
- Check on your emergency savings account (or create one if it doesn’t exist). Make sure that it has 3-6 months of funds for essential living expenses.
- Review (and update) your Will to reflect any changes that may have happened over the past year.
- Calculate your Net Worth – sit down and determine all of your Assets and Liabilities to see what you are worth financially.
- Update any beneficiaries on all policies and accounts.
- Consult with your tax team to see if there are any tax strategies you can proactively utilize to minimize your tax burden.
- Review your health insurance – does it cover your needs?
- Make sure to have in place a power of attorney or a healthcare proxy for any health care needs.
- Locate and store important documents somewhere safe (legal documents, financial statements, passwords and usernames, insurance policies, etc).
Don’t let these resolutions fade away !!
Make them a priority for 2020 – and make sure to KEEP them. And remember if you need any help along the way, we are always here!
And from all of us at WealthEdge® , best wishes for a Happy and Healthy New Year!!