Let’ s Climb By Jennifer Yon
The beginning of each new year promises glorious new birth and an opportunity to remedy wrongs and start over. For too many of us, poor financial management has set up roadblocks prohibiting us from living our best lives. Here at IBA Success Magazine, my team and I hope that our readers will consider shoring up their financial houses this year and we’ ve assembled a few tips that we want you to focus on.
TAXES – If you’ ve experienced any major changes in life, it is time to have some frank discussions with your tax professionals. Did you close any investments, have a child or get married? All of these life events can have an impact on your taxes. Better yet, before you embark on any new life event, find out how your taxes could be affected. It could make the difference between owing the IRS and receiving a sizable return.
INVESTMENTS – The younger you are, the more adventurous you can be with your investments. If you’ ve not reviewed your investment cache in a while, it’ s time to take a look. The older we get or the closer we get to retirement, the more cautious we should be with the investments we select. It’ s also time to consider investments outside of the norm. Bitcoin and newer pharmaceuticals are volatile but highly profitable. YouTube a tutorial on Bitcoin and keep your nose glued to the investment pages to be informed.
INSURANCE – Make sure you have adequate, but not excessive, coverage for life, health, auto, etc. Can deductibles be reduced? Can you compare companies to ensure that you have the most cost effective plan? Insurance is definitely a pain until you need it. Just be sure every area is sufficiently covered and that you have each policy stored where it’ s easily accessible just in case you need it.
RETIREMENT – Are you contributing enough to your retirement? As Americans, we are living longer and will need the ability to care for ourselves and our health care needs. If your company offers a catch-up plan, tackle it full force. Explore IRAs and contribute as much as you possibly can.
BUDGET – If you don’ t already have one, develop a family budget and stick to it. Every dollar has a purpose so don’ t deviate. What expenses can be reduced or eliminated altogether so that more can be saved for emergencies or retirement? New apps are released daily that help with developing and managing your household and business budgets.
WILLS – Life brings about many unexpected changes. Should you die, is your family prepared to go on without you? Are they aware of the preparations you’ ve made for them? It’ s time to formulate your will or review a will made years ago for any needed updates.
We hope that these tips get you started on the road to a more firm financial foundation. Doing so will provide peace of mind for you and your family and open up doors for building a life full of limitless possibilities. n
EMERSON / IPOSE MEDIA
58 IBA Success Magazine n VOL 4, Issue 1