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 traditions, here are a few financially focused New Year’s resolutions to consider.
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
Mission Wealth is a Registered Investment Adviser. This commentary reflects the personal opinions, viewpoints, and analyses of the Mission Wealth employees providing such comments. It should not be regarded as a description of advisory services provided by Mission Wealth or performance returns of any Mission Wealth client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data, or any recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Mission Wealth manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
