New Year, New DECADE, New Beginning.

separator

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.

  1. Define your financial goals for the coming year.
  2. Go over your budget – examine any discretionary spending habits and change accordingly.
  3. Check your credit report.  Verify that it is correct.
  4. Maintain and/or change all of your passwords and user names for financial and banking websites.  Also, update/modify your security questions as well.
  5. Consider freezing your credit as an added security from a potential hack.
  6. Review (and possibly boost) your 401K contributions.
  7. Look back at last year’s financial short comings and try to make some changes.
  8. Set realistic debt reduction methods.
  9. Get your annual checkups – medical and dental.  Your health DIRECTLY affects your wealth – safeguard it.
  10. Stress test your investment portfolio to ensure that it still matches your goals and financial “comfort zone”.
  11. Reflect on your financial team.  Do they know you and your financial situation well? Do they ask the right questions?  Do they offer advice?
  12. Review your insurance policies – life, disability, property – make sure that they adequately protect your wealth.
  13. 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.
  14. Review (and update) your Will to reflect any changes that may have happened over the past year.
  15. Calculate your Net Worth – sit down and determine all of your Assets and Liabilities to see what you are worth financially.
  16. Update any beneficiaries on all policies and accounts.
  17. Consult with your tax team to see if there are any tax strategies you can proactively utilize to minimize your tax burden.
  18. Review your health insurance – does it cover your needs?
  19. Make sure to have in place a power of attorney or a healthcare proxy for any health care needs.
  20. 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!!