20 minute read
Financial Health
By Laurie Haelen
New Year, New Financial You
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When it comes to New Year’s resolutions, there seems to be two types of people: those who look forward to making (and sometimes breaking) them and those who think the whole thing is probably a waste of time.
Everyone knows that many popular resolutions are broken by the time Valentine’s Day comes around. Just look at the gym in January versus February or March!
However, I would argue that financial resolutions should be seriously considered for everyone.
I fully recognize that my long-time habit of tracking a balance sheet and cheering (or lamenting) its progress monthly is not for everyone. But this has given me the sense of financial security that I have today — even in the face of market volatility.
Getting started on financial resolutions at any time —New Year’s or not — can help bring peace of mind to both working and retired people if you tackle it in a few easy steps.
STEP 1: Know where you stand by calculating your net worth.
For many, this may not be a challenge as you may already be a spreadsheet wizard or use an aggregator (i.e., MINT or Personal Capital) to regularly look at your balance sheet. For those who are new to the process, I would start by listing your assets including: home, investment accounts, bank accounts, loans, credit card balances, cash value of life insurance policies, 401k/403b, automobiles, home furnishings, vacation home or rentals. By subtracting debt from your assets, you end up with your total net worth.
The resolutions you should make may become clearer by regularly completing this exercise. As you look closely at your assets and liabilities, patterns may emerge. If you have lowinterest savings accounts and highinterest debt, for example, a payoff strategy could be a top priority. Or, if your savings are not where they need to be, is there a way to save more? In the current environment, with both stocks and bonds “on sale” is there a way to put more money to work in the market?
STEP 2: Rebalance your portfolio.
Volatility always creates opportunities, as the winners of last year are often the losers of today. Rebalancing your portfolio to your target allocation (such as 60% stocks, 40% bonds) will enable you to buy low and sell high —a proven longterm strategy for success. An annual rebalancing is preferable to a more frequent one, as studies show that rebalancing too often can increase taxes or fees and inhibit performance. STEP 3: Review your credit report.
Identity theft is running rampant. So checking your credit report is more important than ever. You are entitled to three free credit reports per year. In addition, many banks offer credit reporting that is free and daily.
There also are paid services that can help reduce the risk of someone opening accounts in your name or getting hold of passwords or other personal data.
If your credit score looks good and you can verify all the accounts as yours, then there is not much more to do than continue to monitor the data. If there are issues, however, take steps to improve your credit rating as it would adversely impact your ability to borrow by forcing you to get credit at a higher interest rate or not be able to get it when you need it.
STEP 4: Review insurance coverage.
Insurance is a critical part of risk management and yet is an oftenoverlooked area of personal financial planning. At least annually, you should review all your coverage, including your property and casualty (homeowners, auto and umbrella), as well as your life insurance coverage.
It is possible that your coverage in any of these areas could be less or more than what you need, due to changing life circumstances. The cost, too, can rise so gradually that you may not realize how much more you are paying. If you have an agent or financial planner to assist with this, it can ameliorate the process. I have seen many circumstances with P&C insurance where clients could pay a lot less for even better coverage. Just don’t make a change based on cost alone, as you may end up with increased cost when you need the coverage due to an accident or catastrophic event.
STEP 5: Set your budget for the year.
When setting the budget for the year, a good method is to first establish the minimum required for living expenses. With inflation as high as it has been recently, this amount could be higher for 2023. Therefore, you may need to cut back on some of the more enjoyable things, such as vacation, concerts, sporting events, etc.
Be sure to budget not just for spending but also for saving to ensure you have a comfortable emergency fund — as well as longer term investments for retirement or legacy needs and wants. If you are close to retirement, you may consider having a larger emergency fund accumulated for the first year of retirement, in case the market declines in that first year. By doing so, you can spend cash and leave the funds to recover in the market versus drawing them when it is down.
The new year is an excellent time to take a close look at your overall financial picture and take the necessary steps to re-chart your course if there are improvements to be made. If not, the peace of mind from knowing you are fiscally sound can put you in a positive frame of mind as you enter another year. Taking the time will always be a worthwhile resolution. So if there is one you will make, I recommend this one. LARGEST INVENTORY OF TOP QUALITY WIGS IN WESTERN NEW YORK! GET YOUR DREAM HAIR! LARGEST INVENTORY OF TOP QUALITY WIGS IN WESTERN NEW YORK! GET YOUR DREAM HAIR! +1 LARGEST INVENTORY OF TOP QUALITY WIGS IN WESTERN NEW YORK! ★ ★ ★ ★ ★ RATING
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New Year’s Financial Resolutions
By Deborah Jeanne Sergeant
Diana Apostolova Phil Provenzano
Many people make New Year’s resolutions to lose weight, get in shape, quit smoking or walk 10,000 steps every day. While these may improve your physical fitness — what about your fiscal fitness?
Though the new year has already begun, it is not too late to make some changes that can improve what you do with your money.
Two area financial experts offered a few ideas for 55-plussers’ finances.
Tips from Phillip Provenzano, insurance agent and financial adviser with The Financial Guys Insurance Agency in Rochester:
• “Review your investment strategy. With the market as volatile as it is today, are the assets that you have invested allocated correctly? • “Have cash for emergencies. If possible, it is good to have a few months’ cash stacked away in a money market just in case you need it for emergencies. • “Shop out your insurance. By shopping out your Medicare and drug coverage, home, auto and other insurance, you may be able to save money on a monthly basis that will help your overall budget and living expenses. Rising prices don't just affect bread and milk; these insurance companies are raising rates at an astronomical rate in some cases. • “Update or create a will. Most families created a will when their kids were young. However, they have not updated that same will in decades. Also, some individuals think they don't need a will. Contact a professional that can help you determine that need. • “Cut out any unnecessary expenses. As most seniors are in the phase of life where they are living off a fixed income, the need to create or update their budget and living expenses becomes very vital due to no longer being in the active workforce.”
Tips from Diana Apostolova, investment consultant with Rochester Investments in Rochester:
• “Save regularly. This goes without saying. However, a lot more people will keep on saying, ‘I’ll start next month, or next year’ and they wake up one day and are significantly unprepared for retirement.
• “Keep money invested longterm. 2022 is the perfect year for panic amongst investors. Over the last 10 years, the market was mostly booming and in 2022 a lot of people got completely unprepared to make wise investment decisions. Selling in a panic is never a good thing. • “Ensure your money is invested properly. The fact that someone has an investment account is not a guarantee for a proper investment strategy. Ensure your assets are invested for varying market conditions because the market goes up, but it also goes down. • “Keep an eye on taxes, from investments and from all sources. Many people only think about taxes at tax time. Taxes are managed yearround and not just before April 15. Your investments and taxes go hand in hand. Your tax preparer can’t change what already happened last year. Plan wisely and plan accordingly. • “Balance your investments with your other assets. Many people fail to balance their total assets and only focus on certain types. This may lead to lost opportunities in terms of higher growth or higher income.”
