Three Simple Financial Resolutions for 2024
New year, fresh perspective: Three quick financial resolutions you can stick to
It’s that time of year again! The time for a fresh perspective and renewed focus – something that should certainly apply to your finances. Regular check-ins can ensure you and your family are protected and you are on track to achieve all you aspire to in 2024 and beyond. I put together a checklist with three items to revisit as we embark upon a new year.
Take a financial inventory to revisit your risk tolerance and asset allocation. As time goes on and life events happen, it’s not always top of mind to update your finances to account for them. The new year is an ideal time to consider what’s changed in the last 12 months and adjust your financial priorities. As you get married, divorced, promoted or have children go off to college, your risk tolerance may change. That means we should have a look and ensure your asset allocation aligns to your new short- and long-term goals.
Check on retirement progress and update estate documents. As you get closer to retirement, you may want to recalibrate your contributions. Something to remember is that retirement goals are not just financial. As the reality of retirement comes into focus, you want to have the confidence that you’ll be able to live the retirement you’re envisioning. I would gladly talk through those desires to ensure you’re on track to make them happen. In addition, I can help you determine if any of your beneficiaries or other estate planning documents like your will, power of attorney and healthcare surrogate need to be updated this year.
Have a family conversation about finances and inheritance. It might feel awkward to discuss money at the dinner table, but it’s important to have thorough conversations about the family’s finances with everyone present. It shouldn’t be a taboo topic. It’ll help your loved ones understand how you value money and what your expectations are for heirs to be good stewards of family wealth in the future. Having these conversations opens two-way lines of communication and settles anxieties surrounding the topic. Be sure your spouse or next of kin has all the information they need in case they have to take over the finances.
I want to make sure you’re on track to reach all of your financial goals, and now’s a good time to check in to see if there’s anything else I can help you pursue. Remember, I am here for you all year long. Please don’t hesitate to reach out if you have any questions or you want to schedule a conversation to go over your financial progress. Happy New Year!
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Material created by Raymond James for use by its advisors.
