3 Financial Things To Do Right Now Before March 1st of The New Year

Here is my Top 3 to do list for the new year.

1) BUY/REVIEW YOUR LIFE INSURANCE.

Do you have children and/or a spouse who depend on your income? Then you should have life insurance. Right now there are tens of thousands of GoFundMe campaigns for families who lost a breadwinner and are desperate for donations from other people. This is sad situation considering just how inexpensive life insurance is.

For example, today I can set up a 10 year $1 Million Dollar tax free death benefit policy for a 40 year old non-smoking healthy male for just $26/ month. It's pennies on the dollar and it all but guarantees your loved ones won't be begging the internet to survive.

Also, keep in mind if you have a life insurance policy from your employer, you do not own that policy. Layoffs, career changes, or employer decisions could leave your family unprotected.

So send me a message right now. Let's figure out how much coverage your family needs and how much it will cost and get a policy setup by March 1st. It's easier than a new year diet. I do the work for you.

2) CREATE A BUDGET AND RETIREMENT PLAN.

Budgeting is an important step to financial success. It promotes reliance on cash instead of plastic. It defines your expenses, it underlines where your money goes and where it shouldn’t be going. It paints a visual picture about your finances. It demonstrates that you are in control of your money, rather than letting your money be in control of you.

One of the biggest obstacles in saving money for retirement is bad debt. This is an even greater issue today with higher interest rates. A budget allows us to get serious about eliminating bad debt. Not all debt is bad when you're young, but high interest credit cards and home equity lines of credit are, and a budget allows us to methodically eliminate that bad debt.

Furthermore, creating a household budget not only allows us to see how we can achieve short term goals, but it also allows us to paint a larger retirement picture. Creating a budget is the first step to creating a retirement plan. A retirement plan, much like a budget is a long term plan. Think years vs. months. A retirement plan establishes where you are putting money for growth and income in the future. It takes into consideration taxes, social security, expenses and sources of income to ensure you will enjoy a stress free retirement.

Right now we can establish your budget and retirement plan and have you well on your way to meeting your goals before March 1st. It's easier than a new year's work out routine. I do the work for you.

3) MAKE AN ESTATE PLAN.

Finally, it's time to make your estate plan. It's estimated around 70% of the US adult population does not have a simple will or trust. And of the 30% who do have some estate planning documents, most have fragmented estate plans, outdated wishes, or are missing important documents. For example, do you have minor children? Then you likely should have a pre need guardianship established for your kids. Do you own a home? Then you likely would want to hold that home and the rest of your assets in a revocable trust to avoid the cost and time of probate court.

A basic and proper estate plan also includes other essential documents to protect you while you're a live. It allows you to name people you trust to take care of you should you become injured or fall ill. Our society had many laws and regulations regarding who is allowed information and allowed to act on someone's behalf and family members often find out the hard way when they hit these barriers. They are often baffled because they are simply trying to help you, but without the proper estate planning documents they are often helpless.

An estate plan is the basic legal foundation you establish for your family. Every family should have one. If not it could cost your family a lot of money and frustration. Fortunately they are simple to establish and I have decades long relationships with expert estate planning attorneys and if you send me a message today, your estate plan can be established by March 1st. And once again, it's easier than a new years "organize the closets and garage" resolution. We do the work for you.

In summary, I joke at how easy these three financial new year resolutions are compared to the most common among Americans, but they truly are. It is as simple as starting a conversation with me by calling or texting 727.939.9465 or sending me an email. That's it. I will do the work. Do it today and let's get your 2023 off to a great financial start.