Start off the new year right. Make these resolutions for your finances.
One of your new year’s resolutions may be to take your relationship with money more seriously. Here are 7 resolutions for your finances you can make right now to take more control of your money.
1. Make an early contribution to your IRA, 401k, Roth IRA, or other retirement plan for the calendar year and tax year 2012.
2. With your bookkeeper and accountant, there are 2 resolutions for your finances. Call your bookkeeper and ask him/her to update your books through 12/31/2011 as soon as possible. Then, schedule a meeting with your accountant to review your tax liability. Don’t wait till March to do this. Get ahead and stay in control.
3. If you pay estimated taxes, don’t forget to make your 2011 fourth quarter payment by January 17th, 2012.
4. It’s also a good idea to make psychological resolutions for your finances. Tell yourself that you’re going to play a bigger game in 2012. Imagine you are making 10 times the income that you made in 2011 and get inside that mindset at least once a day. Find at least one place where you can invest in your business (or yourself) with limited downside and way more upside. Go out and do it.
5. You never know when you’ll need it. So fund your emergency account now. Put three to six months worth of living expenses in a separate savings account. Make this account hard to get to. For instance, open it at another bank and don’t electronically link it to your checking account.
6. If you don’t have it already, get disability insurance. If other people (like your kiddos) depend on you to provide for them and you get hurt or sick, it’s major bad news. You need to insure for this.
7. Make your investment portfolio part of this year’s resolutions for your finances. Review your portfolio and strategy every 3 to 4 months. How did you do for 2011? Are you satisfied with what it’s doing? Is your portfolio invested the right away so it can help you achieve your goals?
Get started with with these resolutions and you’ll start 2012 right. Not sure where to start with your 2012 resolutions for your finances? Give us a call or email us and we can help you get started. We’ll paint by numbers together!
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In this video Steve shares with you 12 tips to manage your money and personal finances. Personal finance and financial planning is one of the most important areas when it comes to wealth management and growing your nest egg.
In this video you will learn about the importance of bookkeeping, budgeting, reading your credit card and bank statements, tracking your income and expenses, investing in your education, and much more.
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