We are a little more than halfway through summer and it has been an odd one to say the least. Here in New England June and July were rainy and raw. Now that August has arrived, it seems as though summer is finally here, hopefully it will last into September and October.
Since many of us take advantage of down time to recharge and regroup during the summer, this is a good time to set aside a bit of time to review your life/financial plan. Some of the areas you want to touch on are:
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- Personal goals and timelines; are you still on track or do you need to extend or adjust your original thoughts?
- Finances; are your investments and savings strategies aligned with your goals? Have you reviewed your current cash flow; is it in line or are you running a deficit each month? Do you foresee any major expenses or windfalls in the near future?
- Are you maintaining enough insurance on your life and property?
- Have you created an estate plan and have you reviewed it recently? Review your wills, trusts, and beneficiaries every few years to make sure they are current with your wishes.
- Have you considered a Power-of Attorney for finances, Power-of Attorney for health care, and Living Will?
These are just a few of the topics that make up a life/financial plan, your situation and needs determine priority. Remember your plan is not a static document, life changes, tax and law changes, good events, and bad events will all cause an adjustment in your plan.
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6. Do you have 3 to 6 months in emergency fund?
7. Always head toward debt-freedom
8. Are you withholding too much payroll tax? Study IRS tax policy to minimize your lifetime tax liabilities.
9. Save 15% into retirement plan and what’s left into kids’ college fund
10. Mortgage is the most expensive purchase in your life next to the house, so reduce your mortgage debt after your consumer debts.