New Year’s Resolutions That Can Help Your Finances

In Investments, Wealth Management by Skyler Kraemer


By Skyler Kraemer, Client Advisor

As the end of 2019 rapidly approaches, now is a great time to relax, spend time with family, and reflect on all the things that occurred over the past year. It’s also a great time to look forward and decide what you want to achieve in 2020. In the spirit of one of my favorite holidays, here are a few financially-focused New Year’s resolutions to consider.

If you’re working…

1) Contribute to your 401(k). Employer sponsored retirement plans are one of the best ways to build wealth. Make sure you’re taking advantage if one is being offered.

2) Make your 401(k) contribution in percentage not dollar amounts. This way when you get a raise the amount you are saving will automatically increase.

3) Increase you 401(k) contribution. If you’re already contributing, increase how much you are adding each pay check, even if it’s just 1%. If you do this, you’ll barely notice the difference in your take home pay but due to the magic of compound interest you’re 401(k) balance most certainly will.

If you’re a student…

1) Get a job, an internship or some other source of practical experience while you are attending school. It’s never too early to start building your resume and growing your network.

2) Find a mentor. Having someone to provide advice or guidance can make all the difference in your career development and growth, especially early on.

3) Find a way to start saving. Saving is a habit more than anything else. Even if it’s as little as $5 a month. Start small and build from there. Developing the habit of setting aside some of the money you have today for the future will be a huge benefit for you in the long run.

If you’re a retiree…

1) Find an organization to volunteer or give back to. When people retire they can sometimes lose track of the things that give meaning to their lives. Giving back to a cause that we care about is an easy way to get back that meaning.

2) Review your insurance coverage. Do you still need life insurance once you’re retired and after the kids’ college is paid for?

3) Review your estate plan. New changes in the laws and US tax code through the SECURE Act mean now is a good time to take a look at your estate plan to make sure it’s still appropriate.

How Mission Wealth Can Help You in the New Year

We provide our clients with caring advice that empowers them to pursue their dreams. We offer a high degree of personalized service for every client. When a client joins Mission Wealth, we always have their best interests at heart. Because we are employee-owned, we offer objective advice and are beholden to no one but the customer. We consult with your professional advisors to coordinate financial decisions. We not produce or sell any internal products. We value education and our staff holds dozens of professional designations and graduate degrees.

We are very selective about the managers we work with, and we hold them to the highest standards. All advice that we provide, is caring, thoughtful advice and focuses on your goals and what you really want out of life. Our proactive approach keeps you informed and on track with your goals.

Please reach out to us if you need guidance setting financial resolutions in the new year. We are happy to help!

Mission Wealth is a Registered Investment Advisor. 00355639 12/19