10 Rock Solid New Year Financial Resolutions

I’m in Puerto Vallarta recording this on vacation. I have been talking to many women in the States and Canada about their New Year financial resolutions and goals.

So many people are focused on what’s happening in the economy. They’re nervous and concerned about it.

And what a great time to set some New Year financial resolutions and start looking at the upcoming year.

What can we do if the economy is not great, our businesses aren’t doing well, or we have more, different, or unexpected expenses?

It is an important topic. I had to record it on vacation to complete the episode on time, so the sound quality differs from that of my recording studio.

I hope you enjoy this episode as much as I did preparing for it and coming up with the insight to help you on your financial journey.

Summary: Wealth Inside and Out® Podcast – “10 Rock Solid New Year Financial Resolutions”

What you will learn:

>> 4:30: Your review of financial goals

>> 6:30: Evaluating your emergency fund

>> 10:00: How to get free money

>>14:05: My favorite New Year financial resolution

Free Retirement Planning Checklist

Today’s free resource is our retirement plan checklist. You can go to https://themillionaireinsider.com/rpc and access it.

This resource provides an overview of the actions you need to take to avoid worrying about running out of money and living your life on your terms in retirement. So that you can live the golden years versus the miserable, broke years.

We share insights in this free resource that many people don’t even think of.

One of the biggest concerns for women is running out of money.

This guide will provide you with the steps you need to take to start creating a plan so you can start enjoying your life and stop worrying about money. Again, Retirement Plan Checklist.

Disclosure

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This information is for educational purposes only. It is not intended to replace any advisor or specialist or provide investment, financial, tax, retirement, planning, or healthcare advice.

By accessing this content, you agree to hold MillionaireSeries.com® and its affiliates harmless for results achieved or not achieved.

“10 Rock Solid New Year Financial Resolutions”

Heading into the New Year is a great time to create resolutions for the upcoming year.

It is also a perfect time to review your financial priorities, including:

Your spending plan
Creating a plan to reduce or eliminate debt (including a plan to pay off debt, especially those with higher interest rates)
Analyzing your investments

The beginning of the year is a perfect time to review your financial goals because financial wellness is often closely connected to physical and mental health.

It’s also a great time to combine it with your other resolutions and goal-setting. And it’s fun, even if money or numbers aren’t your favorite pastime. We will do this together, which will help make it easier.

Financial Resolutions for the New Year

When paying off credit card debt, start with the high-interest-rate cards first. It’s amazing how many people share that they are paying off debt. When I ask if they are paying off the highest-rate credit card, they don’t know. You have to look into that.

If you’re already good at managing debt, consider taking steps to reduce, eliminate, or consolidate it.

What to do if you have high interest-bearing credit cards.

Reducing the number of credit cards you use can simplify your financial life and reduce money stress, which is essential.

It’s a good idea to run free credit reports annually to make sure there are no loans in your name that you didn’t take out.

Tips to Curb Spending

Examples include making coffee at home instead of purchasing a $7 latte from your gourmet coffee shop or packing a lunch instead of eating out daily.

Little things add up. And, as I often share, I feel the little things wreak more havoc than the large purchases.

If you have questions, please click here:

Choose Free Hobbies

Examples include hiking, yoga, reading a book, or walking around your neighborhood.

There are a lot of things you can do, so consider them.

Review Your Asset Allocation

Are you considering retiring within five years? Or are you already retired?

If so, you may need to reassess your risks as you near retirement. You may need to lower the risk in your portfolio by moving into a more conservative asset allocation.

Examples of assets include fixed income, such as annuities and bonds.

Today, you will learn what many experts recommend regarding the “right allocation” based on age and risk level. And what you need to do if your growth assets have increased more than the other assets in your portfolio.

For example, if you are 60, the recommendation may be (depending on your risk assessment) 40% in equities, mutual funds, and stocks, if appropriate, and 60% in fixed-income bonds, annuities, et cetera.

Hire an Advisory Team

A financial advisor can guide you in setting up a financial plan so you can reach your goals.

They can also help you assess your risk and create an investment and retirement plan to secure your financial future.

A qualified advisor can help you set and measure short-term and long-term financial goals and ensure you are making progress toward a secure financial future.

Also, consider hiring a CPA if you don’t have one and possibly an estate planning attorney to help you create your estate plan.

Depending on your situation, you may need to hire additional members, but a financial planner, CPA, and estate planning attorney are a great start.

Always talk with a qualified advisor, ideally registered, so they have a fiduciary duty.

If you have a money mindset block, such as believing you’re not enough or that money is bad, a good money coach or a therapist can help you.

But you must know that a money coach, therapist, or financial coach differs from a qualified financial advisor.

Helpful Resources

Also, you can take a course or read a personal finance book to learn more about managing your money and improving your financial literacy.

Examples include our:

Blog at https://themillionaireinsider.com/blog.
Podcast at https://themillionaireinsider.com/podcast.
Money Mindset Mastery Course at https://themillionaireinsider.com/mmm.

Consider Updating Your Estate Plan

Remember that estate plan you did 25 years ago? Tax laws have changed; now is a great time to update it!

Real World Example

I want to share a real-world situation with you.

It occurred several years ago, and I said to my client, “Who is John Doe?”

He responded, “He was our best friend, a great guy. But he turned out to be an alcoholic and has spent most of his life in rehab. He could not kick his habit. And after several years, we just kind of lost touch.”

I asked, “How do you feel about him making financial decisions on your trust?”

The wife said, “What?”

I replied he would be a co-trustee if your partner died.

You’ve got to pay attention to those things, my friends.

Estate planning typically consists of a revocable trust, an ILIT (irrevocable life insurance trust), a last will and testament, financial and medical powers of attorneys, and even a healthcare proxy.

Sometimes, you’ll see a burial plan and other documents, depending on the laws of your resident state.

Review Your Insurance Plans

On the podcast, you will get access to questions to confirm you have the right coverage or to determine if you need to review your insurance plans.

Additional Tips

Consider funding an IRA (Individual Retirement Account) or Roth IRA.
Commit to your savings goals and the amount you put into your savings accounts.
Make saving for retirement one of your resolutions for 2024.

Conclusion – “10 Rock Solid New Year Financial Resolutions”

Determining how much money you need in retirement is critical.

Reviewing your financial resolutions each year can help to ensure you are on track and can make changes while you have time.

Most people think of New Year’s resolutions covering physical and mental health.

Examples include:

A workout plan
Diet plan
Eating less junk food
Better mental health, including meditating daily
Drinking less
Stopping smoking
Spending less time on social media

The focus is often all about their mental and physical health. But what about your financial health?

An annual review should be a top priority, just like your annual physical or things you do for your mental health.

Take note of that and ensure that you are putting your financial well-being up with your mental and physical health.

Until our next episode, take one action that will help you create a secure financial future and retirement you love.

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Click here to get your free financial checkup:

Congratulations on taking another step to create a financially free life you love. Are you unsure about your financial future or that it’s in order? Or are you ready to stop worrying about money or possibly the fear of becoming a bag lady and ending up broke in retirement?

If you are ready to know your financial house is in order so you have a secure financial future, please go to https://themillionaireinsider.com/nsf.

Thank you so much for joining me for

“10 Rock Solid New Year Financial Resolutions.”

I’m Annette Bau (Bah oo).