Review: Financial fine-tuning you must do before year’s end

As strange as it seems, we’re starting to close in on the end of the year.

Among other things, the end of the year is a great mental milestone to use to make sure your finances are squared away. And this article has a bunch of good suggestions – especially that last one about hiring a financial advisor.

But the author left out something major. While it’s important to do your tax loss harvesting and find out what your mutual fund distributions will probably look like, the most important thing you can do is make sure your financial plan is in order.

If you already have a financial plan, that’s great! But you should review it to make sure that everything is still appropriate.

  • Are your spending goals still about right?
  • Did you actually save as much as you planned to this year (or even more)?
  • Is your insurance still appropriate?

Now is a great time to double-check and make any appropriate adjustments to your plan. Frequent plan reviews can help you catch and correct any issues quickly. We believe this so strongly that we have a program that runs every night to automatically compare our clients’ portfolios against their plans so we know right away if there is a problem.

If you don’t have a plan in place, this should be your first priority. For more on why they are so important, and how to put yours together, read our ebook How to Develop a Successful Financial Plan


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