Financial success requires planning and discipline.
A new year means new starts.
Maybe you realized you did not steward your money well in 2016.
How can you do better in 2017?
According to the recent US News article titled “A Simple Resolution for the New Year,” this begins with a plan.
If you have a resolution to handle your money more responsibly and to allocate more to savings, you are in good company.
Apparently, 37 percent of survey respondents also share this goal.
No matter your generation, you can take easy steps to help you establish better financial habits.
Commit to using cash only for a month.
You will place greater value on what you do have and to more tangibly track where your money goes.
You have more to protect.
You have worked longer and likely have a family.
In fact, you probably earn more than you did previously.
What can you do to protect your loved ones?
Purchase life insurance and/or disability insurance.
These can help you take care of the family financial burden were something untoward to happen to you or your spouse.
Max out your employer match in your company 401(k) if you have one.
To maximize savings, work with a financial advisor to examine tax benefits and develop a financial plan.
Review and update your estate plan and beneficiaries on IRAs, life insurance policies and other plans or accounts.
As you prepare for the end of your life, you should also prepare to live longer.
Life expectancy is on the rise.
You will need to make certain your budget and investments account for this as well as increases in the cost of living.
Obviously, many of these may overlap.
Regardless your life stage, the point is to take action.
Follow these steps and start meeting your goals now in the new year.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: US News (December 20, 2016) “A Simple Resolution for the New Year”