Have you accomplished all of your New Year's Resolutions? With 5 months remaining in 2017, there is still time!
At the beginning of each year, I sit down to hit the reset button and create a variety of goals that to pertain to the following categories: finances, health, relationships, knowledge, business, and travel. I highly recommend writing these down, as you will be much more accountable to accomplishing them and being able to reflect next December.
Borrowing a piece from The White Coat Investor's newsletter, here are some great ideas for the financial piece of your goals. Building your financial life is about much more than saving and investing, and surely everyone (including myself!) can find an item from this list to focus on.
30 Financial Goals To Conclude 2017
- Pay off a debt. (Credit cards, automobile, student loan, mortgage etc.)
- Do a Backdoor Roth IRA for the first time (remember you can do it for 2016 and 2017 up until April 15.)
- Read through your 401(k) plan summary plan document for the first time.
- Max out your retirement accounts.
- Get a will written.
- Meet with an estate attorney in your state.
- Retitle your house as tenants by the entirety if allowed by your state.
- Review your designations, especially if there has been a divorce or death in the family this year.
- Meet with an asset protection attorney in your state
- Buy disability insurance.
- Buy life insurance.
- Rebalance your portfolio.
- Get rid of those legacy holdings in your portfolio that you invested in before you knew what you were doing. Be sure to consider the tax consequences of selling any in a taxable account.
- Start a Donor-Advised Fund.
- Reach a certain net worth number.
- Earn a certain amount of income.
- Read a good financial book.
- Fire an advisor.
- Hire an advisor.
- Consider starting a revocable trust.
- Transfer assets into the revocable trust you have.
- Refinance your student loans.
- Switch to RePAYE.
- Fund an HSA.
- Increase your retirement savings to 20%.
- Start a 529 for your kid.
- Open a Roth IRA and provide a "parent-match" for your teenager with a job.
- Give a certain amount of money away.
- Spend money on something big that will make you happier and that you can afford.
- Buy umbrella insurance.
Good luck with your financial goals! If you would like some help figuring out what you should be focusing on in 2017 or 2018, contact me at Alex@fncadvisor.com for a free introductory phone call.