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 that allows you to travel. I like to sit down with my clients and help them create a list and help them get a plan in place to reach those goals.
A third resolution that we can easily help get started is creating an estate plan. You’ll want to make sure your will, healthcare and financial powers of attorney are established and up to date. You should also meet with an estate planning attorney and talk about trusts. Establishing tools like a bloodline trust can help with family wealth planning and can save you a lot of time and money in the long run.
The final resolution I want to leave you with is to make sure you have all the above coordinated and working together in a way that benefits you. In addition, you’ll want to make sure all the advisors you have working for you to help meet these goals are coordinating with each other to create a plan that best benefits you. It’s helpful to have someone working in your corner as a Financial Quarterback to make sure these pieces are moving together in the same direction.
When we meet with our clients, we consider these points and ensure a coordinated approach to their financial, tax, legal and insurance plan that’s developed and maintained by a personal Financial Quarterback. We know the right plan properly executed can help save time, money and unneeded stress. We hope that these resolutions can help set you up for success in the new year!
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