New Years Resolutions – 2011
There are plenty of lists out there with helpful suggestions to help you get healthier, put yourself in a better financial position. I tend to like resolutions that require only minor changes that over time will yield larger results.
Build your “Rainy Day” fund:
Ever have a transmission go out on your car a month after the warranty runs out? Unexpected home repair? Many have gone through a period of unemployment. Depending on your household spending, it is a good idea to have enough saved up to cover 3-6 months of expenses, without leaning on credit cards or other borrowed funds
Review your estate plan:
On a personal note, --I wish I did not have much experience in this area, but sadly, I have had multiple clients and friends go through the loss of a family member in the past 12 months. Some were well prepared, unfortunately, others were not. These experiences have made me committed to getting my own house in order and updated for Anne’s sake, as well as the kids, and I am encouraging my friends to do the same. And I sleep a little better knowing it is updated…
If you don’t have a Will, get one. If you have one, but it has been a while, pull it out and review it; Are all your children included? Are the people you chose as executor, guardian, and trustee still appropriate? Does your will provide for back-ups if something happens to your primary choice for these critical roles? Do you have the correct amount and type of insurance to provide for your family should something happen to you.
(Re)build your retirement savings:
Some may have missed out on contributions due to an extended period of unemployment, others may still be trying to get back to pre-’07 account values. Either way, budget an amount of monthly savings that will allow you to save enough for an enjoyable retirement.
If you want to discuss ways to implement any of these resolutions, feel free to contact me.
All the best, and here’s to a safe, healthy, prosperous 2011!
John
John A. Davidson, CPA, CFP®
KylesHill Financial Planning
Build your “Rainy Day” fund:
Ever have a transmission go out on your car a month after the warranty runs out? Unexpected home repair? Many have gone through a period of unemployment. Depending on your household spending, it is a good idea to have enough saved up to cover 3-6 months of expenses, without leaning on credit cards or other borrowed funds
Review your estate plan:
On a personal note, --I wish I did not have much experience in this area, but sadly, I have had multiple clients and friends go through the loss of a family member in the past 12 months. Some were well prepared, unfortunately, others were not. These experiences have made me committed to getting my own house in order and updated for Anne’s sake, as well as the kids, and I am encouraging my friends to do the same. And I sleep a little better knowing it is updated…
If you don’t have a Will, get one. If you have one, but it has been a while, pull it out and review it; Are all your children included? Are the people you chose as executor, guardian, and trustee still appropriate? Does your will provide for back-ups if something happens to your primary choice for these critical roles? Do you have the correct amount and type of insurance to provide for your family should something happen to you.
(Re)build your retirement savings:
Some may have missed out on contributions due to an extended period of unemployment, others may still be trying to get back to pre-’07 account values. Either way, budget an amount of monthly savings that will allow you to save enough for an enjoyable retirement.
If you want to discuss ways to implement any of these resolutions, feel free to contact me.
All the best, and here’s to a safe, healthy, prosperous 2011!
John
John A. Davidson, CPA, CFP®
KylesHill Financial Planning