Letter From the President Q1 2019
5 Financial Resolutions to Make in the New Year
Most major new years resolutions are pretty common, and often many of them are financial.
1. First things frst--the base of any good financial plan is insurance. You want to make sure all your insurance policies are in proper order. This includes life insurance, disability insurance, long-term care insurance (if you are retired), making sure your property and casualty limits are appropriate, and even an umbrella policy – especially if you have kids or young drivers in the house.
2. The second is to pay yourself first. We generally recommend saving 15-20% of your gross income. First make sure some of this goes into an emergency reserve for you, which is usually 3-6 months of your after-tax income. Then try and maximize your pre-tax or ROTH contributions to get money tax deferred or tax free for retirement.
3. Number three is to ask yourself - are your financial goals on track? This can range from funding your kids’ education to buying that vacation home, or planning for retirement. Tracking and regularly revisiting your financial goals is important, as well as understanding and using the best strategies available to realize them.
4. The fourth resolution is about tax planning. Many people fnd 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.
5. Resolution 5 is to resolve to make sure your financial, tax, legal, and insurance plans are all coordinated. At Lineweaver Financial Group, we work to help all our clients have the right advisors in the right place at the right time – and that they’re all communicating and working together.
These are five of the most important financial resolutions you can make. We consider these points and make sure every one of our clients' investment decisions are part of a coordinated fnancial, tax, legal, and insurance plan developed and managed by a personal Financial
Quarterback. We know the right plan, properly executed, helps to save time, money and worry.
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