Most of us make them and break them. For 2015 make a financial checklist and set deadlines. Then ask someone close to you to check in on you monthly and make sure you hit those deadlines. What should be some of your financial resolutions? Here is a top ten list:
1) Review your Last Will and Testament, Financial Power of Attorney, and Advance Directive for Health Care or contact an estate planning attorney if you do not have them. Complete an important list to give to your family and friends with information on who to contact, where your assets are held, and your digital media passwords (or where to find them).
2) Review your home, auto, and umbrella insurance policies. Do you have ordinance coverage? Do you have replacement coverage? Do you have an umbrella policy? Contact your agent and review the policies in detail and also contact a competitor and compare rates and coverage.
3) Review your investments. Contact your investment advisor to go over your financial goals and investments.
4) Start preparing your income tax return so that is off of the "to do" checklist.
5) Find your "number." What is your financial independence (retirement) figure? How much do you need to achieve your goals and how are you going to achieve them?
6) Organize yourself personally and financially. The more organized you are, the more efficient you will be and that means more time for fun!
7) Set out savings goals for your financial year and set it up so that the savings are automatic. Pay off your debts, build your rainy day fund, and then save for financial independence.
8) Review your life, long-term disability, and long-term care insurance with your agent.
9) Cash flow. Words that will help you achieve financial independence. Keep it positive!
10) Balance. Find a healthy balance with money. Saving can be fun!!
Wishing you a very healthy and prosperous 2014!!
Laura K. Schilling, JD, CPA, CFP(r), CSA
Financial Innovations, LLC | www.financialinnovations.biz
5555 Glenridge Connector, Suite 200 | Atlanta, Georgia 30342
Laura Schilling isn't your typical Financial Planner. She is also a world traveler who has been to Asia, Africa, Europe, and Israel. Laura is an active member in the community, a mother of two, and a champion for each of the working mothers she employs. As principal and founder of Financial Innovations, LLC, she staffs her firm with stay-at-home moms who work from where they can meet the needs of their clients around the globe.