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 think about those goals and how they compare to where you are now.
We sit down with our clients and, in addition to goals like retirement, create a bucket list to make sure that we’re thinking about wants, as well as needs in retirement. So, ask yourself – what’s on your bucket list, and how will you pay for it?
Resolution No. 3
The third resolution is about tax planning.
Many people find they’re being penny-wise and pound-foolish, saving small amounts during the year and then getting hit with huge capital gains distributions or other unnecessary taxes. Now is the time to look at your year-end statements and look at the interest, dividends, or capital gains distributions you’ll have to pay taxes on.
If you don’t like what you see, spend some time with a tax strategist and do some planning so you don’t get hit with the same thing again.
Resolution No. 4
Make sure you have all the right estate planning documents in place – your will, healthcare and financial powers of attorney, and that these are up to date.
You should also meet with an estate planning attorney and talk to them about trusts – 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.
Resolution No. 5
Make sure your financial, tax, legal, and insurances are all coordinated, and that your advisors are all communicating and working toward the best possible outcome on your behalf. We touched on all of the areas of our financial plan above, but you actually need to go a bit further.
Most of the new clients we see have many advisors, but no coordination – and we see mistakes and missed opportunities all the time. It’s a good idea to make sure that you have someone acting as a Financial Quarterback, so that nothing slips through the cracks. That may mean getting a second opinion on your current plan and strategy. If you have any questions, give us a call. We’re here to help!
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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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