Article

Time to Consider Your New Year Resolutions

Time to Consider Your New Year Resolutions

The New Year is a great time to make a commitment to get your finances in order. With proper planning and appropriate guidance, your resolution to make your finances a priority can begin to build financial stability to prepare you for the uncertainties of tomorrow. The New Year is offering you a fresh beginning.

January 1, 2023
Time to Consider Your New Year Resolutions
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

For many people, the New Year is a time for personal reflection, a time to consider commitments and resolutions for the coming year.

This year, why not resolve to make your finances a priority? With proper planning and appropriate guidance, you can begin to build financial stability and prepare for the uncertainties of tomorrow. Consider the following steps:

Get Organized

Gather all your important financial documents – life insurance policies, homeowners insurance, wills, trusts, and other pertinent financial records – and organize them so you can access them quickly and easily.

Schedule a Professional Consultation

Arrange a time to meet with your financial advisor to review or write your will and establish any necessary trusts. Prior to your meeting, discuss with your spouse or other loved ones how to handle property dispositions and guardian appointments.

Keep Debt in Check

Pay off high interest debt first, especially if the interest is not tax deductible. Do your best to avoid the minimum payment trap.  By making only the minimum monthly payment, the interest that accumulates over time can make even “bargain” purchases costly in the long run.

Review Insurance Coverage

Review your life insurance policies to ensure that your beneficiary designations are appropriate to your current situation and that all arrangements are up-to-date. Also, consider repaying any loans you may have against your insurance policies. This can help to reestablish an emergency fund for the future.

Apply for Scholarships

If your children plan to attend college next year and require financial aid, remember that financial aid forms are due early in the year. The earlier you apply, the better your chances may be for obtaining aid.

Prepare a Tax Strategy

Begin to gather your tax information and arrange a time to meet with your accountant, if necessary. It is important to file your income taxes on time and to be aware of any tax changes that may affect your return.

Write It All Down

Once you’ve met with your professional advisors, write down a few realistic goals that you think are achievable. Make the commitment now to plan your finances accordingly. This is your first step to building a solid financial future.

The New Year offers us a fresh beginning. This year, resolve to make your finances a priority. With proper planning and appropriate guidance from your financial advisor, you can begin to work toward financial independence and prepare for life’s uncertainties.

Other content you may like

  • Finally, A 2022 Wrap-Up

    Finally, A 2022 Wrap-Up

    January 4, 2023
    It’s been a rough year and there’s no way to sugarcoat it. Strong Valley team members Jason and Kyle give a quick look at what happened overall, who it hurt most, and what could happen next by looking at historical examples. They also discuss the stats and how our feelings may not paint a true picture. Here are some of the topics we cover in this brief 2022 update: • 2023 performance recap • Federal Rate Hikes • Inflation
    Read this Article
  • returns-following-interest-rate-hikes-in-the-past

    Returns Following Interest Rate Hikes in the Past

    January 25, 2022
    How has US stock and bond performance been affected by previous interest rate hikes by the Feds? January’s Student of the Market also takes a brief look at the last 3 years of stock market returns and examines diversified portfolio emotions, money market assets and important inflation considerations.
    Read this Article
  • JUNE Monthly Market Matters

    Tech Titans and Real Estate Resilience

    July 7, 2023
    Strong Valley team members Chris and Jason discuss the performance of domestic and international markets, bonds, commodities, and real estate. They highlight the significant influence of big tech stocks and the impact of a few key players on overall market trends. They also explore the unexpected stability in real estate prices despite rising mortgage rates. They conclude with a discussion on the challenges in the commercial real estate sector due to high vacancy rates, largely driven by the enduring work-from-home trend.
    Read this Article
  • Is Value Poised for a Big Bounce?

    Is Value Poised for a Big Bounce?

    October 19, 2021
    This Student of the Market looks at what happened in September with stock market returns and an overview of 2021 for bond market returns. Growth versus Value is charted along with Long-Term Bond returns, and alternative fund flows. A helpful chart illustrates a broad category and specific category breakdown of what goes into Headline inflation.
    Read this Article
  • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    phone-handset