If we keep looking back, we will find ourselves headed in the wrong direction.

 Managing our finances, re-balancing our portfolios knowing where we stand financially is critical in the process of making sure you do not outlive your money.  It’s always easy to close our eyes to all the overwhelming ideas and noise about what to do and want not to do. However, proceeding blindly will cost you dearly.  Here are a few simple yet critical tasks to perform yearly that will keep you on point with the future you want to create. The first steps are to understand where your starting point is.

Take a close look at all debt. Make a list of all your credit card balances, interest rates and minimum monthly payments. Pay off the highest-rate card first, adding extra money each month. Or, you can pay off the lowest balance card first, and then hide it and don’t use it again.

Do you remember who if anyone you named as beneficiary of your retirement accounts and insurance policies?  This is a simple process that involves signing on to your account and clicking on the Beneficiaries tab.  Remember we must plan with the end in mind. At your death, this money passes directly to the person or people you have named. As children reach maturity, they can be direct beneficiaries. Also consider updating your estate plan.

A little work now can pay off big when you may need it the most!

Leave a Reply

Your email address will not be published.