Category: Goals
Financial Resolutions to Help Make You Wealthier in the New Year
We’ve been working with private and corporate clients for nearly 30 years. Every year at this time, we meet new clients who want to drastically overhaul their finances, and set themselves up for increased wealth in the New Year. We’ve put a list of 5 resolutions that we always share and that you can put to work for you, too. Resolution No. 1 First things first. The base of any good financial plan is insurance because it helps you control risk. You can have the best financial plan in the world, but if something happens to you or your family, you need to be protected to keep your plan in solid footing. You first want to take the time to make sure all your insurances are in proper order. This includes Life insurance, disability insurance, and even property and casualty. Because we specialize in working with retirees, long-term care is especially important to our clients. According to the U.S. Department of Health and Human Services, 70% of people aged 65 or older are likely to need long-term care at some point. Finally, you may want to consider an umbrella policy, especially if you have rental or vacation homes. Resolution No. 2 Your financial goals, both long and short term, should be driven by your personal goals – whether that’s providing for children and grandchildren, sending them to college, passing the family business to the next generation, or preparing for your own retirement and the traveling you want to do, you should
Financial resolutions to maintain throughout the new year
By Jim Lineweaver, CFP®, AIF® President and Founder It might not be so shocking to learn that many of us don’t stick to our New Year’s resolutions. In fact, according to a study conducted by the University of Scranton in Pennsylvania, only 8% of people achieved their New Year’s resolutions in 2021. One problem that typically arises is that we set aspirational goals for ourselves instead of ones based on the reality of integrating them into our everyday activities. This can set us up for failure and create self-doubt in our abilities. Here’s a list of attainable resolutions I’ve put together to give you the confidence needed to stay true to your financial goals throughout the new year. The first resolution that will help set a solid foundation to your financial plan is to set aside time to look at your insurance plans. You’ll want to make sure all your insurance is in proper order including life insurance, disability insurance and even property and casualty. Because we specialize in working with retirees, long-term care is of top priority to our clients. And if you have rental or vacation homes, you may want to consider an umbrella policy. Another resolution is to establish your financial goals. Both long and short financial goals should be driven by your personal goals. That could look like sending your children or grandchildren to college, passing on the family business or having a retirement plan tha
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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