The New Year is a great time to make a commitment to get your finances in order. With proper planning and appropriate guidance, your resolution to make your finances a priority can begin to build financial stability to prepare you for the uncertainties of tomorrow. The New Year is offering you a fresh beginning.
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For many people, the New Year is a time for personal reflection, a time to consider commitments and resolutions for the coming year.
This year, why not resolve to make your finances a priority? With proper planning and appropriate guidance, you can begin to build financial stability and prepare for the uncertainties of tomorrow. Consider the following steps:
Gather all your important financial documents – life insurance policies, homeowners insurance, wills, trusts, and other pertinent financial records – and organize them so you can access them quickly and easily.
Arrange a time to meet with your financial advisor to review or write your will and establish any necessary trusts. Prior to your meeting, discuss with your spouse or other loved ones how to handle property dispositions and guardian appointments.
Pay off high interest debt first, especially if the interest is not tax deductible. Do your best to avoid the minimum payment trap. By making only the minimum monthly payment, the interest that accumulates over time can make even “bargain” purchases costly in the long run.
Review your life insurance policies to ensure that your beneficiary designations are appropriate to your current situation and that all arrangements are up-to-date. Also, consider repaying any loans you may have against your insurance policies. This can help to reestablish an emergency fund for the future.
If your children plan to attend college next year and require financial aid, remember that financial aid forms are due early in the year. The earlier you apply, the better your chances may be for obtaining aid.
Begin to gather your tax information and arrange a time to meet with your accountant, if necessary. It is important to file your income taxes on time and to be aware of any tax changes that may affect your return.
Once you’ve met with your professional advisors, write down a few realistic goals that you think are achievable. Make the commitment now to plan your finances accordingly. This is your first step to building a solid financial future.
The New Year offers us a fresh beginning. This year, resolve to make your finances a priority. With proper planning and appropriate guidance from your financial advisor, you can begin to work toward financial independence and prepare for life’s uncertainties.
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