Issue 46.09
Six things you can do to get in shape financially.
Have you looked at your finances lately? There’s no wrong time to take a closer look at your financial health. Why not start today? Here are several things you may want to do:
Define your goals, set a budget. The goal setting will motivate you, and the budget (created with your goals in mind) can be reviewed and adjusted. Changes in your life may prompt you to save, spend and invest differently.
Look at your debts. What is your monthly debt vs. your monthly income? Would you benefit from refinancing your home? Could you improve your credit score? Set a plan in motion. Consider making today the day you take care of any nagging, lingering debt – once and for all.
Max out your 401(k) or IRA contributions. Consider making a bigger investment in your future today.
If your tax status has changed, revise your W-2. Did you get married or divorced recently? Is there a new addition to the family? Did you buy a house, or get a big raise or tax refund last year? If so, you need to update your withholding status.
Put all your tax information in one place as it comes in. Put your W-2, your 1099-INT, your 1099-DIV, and all forms in one folder for your preparer (or yourself).
Work on wealth protection. Annually, you should
a) calculate your net worth,
b) review your will and estate plan, and
c) review your level of risk management. Are you adequately insured? Too much tax exposure? A professional opinion couldn’t hurt.
We all need a reminder every once in a while to give ourselves a financial “check-up”. Consider this yours. Take a closer look at where you’re at, where you’d like to be, and how you’ll get there. Be sure to look at all the factors, and consider speaking with a Financial Advisor if you don’t already have one.
Scott S. Lovell is the founder of Lovell Hathaway, Your Retirement SpecialistSM , and is a registered representative offering securities and advisory services through Geneos Wealth Management, Inc. Member FINRA and SIPC. For additional information, Scott can be reached at (435) 656-2518.
This article was written by Peter Montoya, Inc., not the named Representative or Broker/Dealer, and should not be construed as investment advice. Neither the named Representative nor Broker/Dealer give tax or legal advice. Please consult your Financial Advisor for further information.