Your end of the year financial checklist

This week on the Thrive For[e]ward podcast we are continuing our journey as we approach the end of the year. As you know I’m super passionate about financial planning BUT before we address the ten items on the end-of-the-year checklist let me first remind you that you need to loop in all members of your team or as I often refer to them as your personal board of directors; this includes your financial planner, tax accountant or CPA and your estate planning attorney.

First on our checklist is asking yourself, what is your financial plan? How has it evolved or changed? What do you need to add or remove?

One thing we can always count on is CHANGE. But it’s up to you to keep your team in the loop. Remember they are working on your behalf and in your best interest but if you aren’t sharing what has changed in your life they won’t know.

When looking at your financial plan I would ask that you review your net worth and cash flow before the end of the year. When I do a cash flow analysis for my clients, they often realize some hidden surprises, such as subscriptions they weren’t aware or categories they are consistently overspending in. Therefore, doing this task is super important in looking at what we spend our money on and if it’s necessary and aligns with our vision. We have a tracking tool that our client use to keep track of this. However, if you are looking for something to use on your own, you can check out tools like:

**Caveat that some of these apps and websites do charge. You can also check with your bank and even some credit cards who sometimes have services.

Another item on the checklist is doing a check-in on your investments.

Ask yourself if you STILL have the same appetite for risk?

I like to say… “Do you like Sunday drives or roller coaster rides?”

Think about what you are comfortable with and how you will continue to make contributions to your wealth. Always make sure everything is in line with the vision you are creating for yourself.

As we head the end of the year, consider what is needed in tax planning, income planning, insurance, estate planning, charitable contributions and gifting, your credit report and privacy as well as establishing your POD.

YOU are worthy of wealth and there are so many conversation starters and things to consider as we end the year in regard to your finances. Involve your team and I invite you to see the FULL list with prompting questions and to do’s …

So, if you have a topic you would like us to explore and share we want to hear from you. Please email us at [email protected] and in the meantime, we hope you continue to join us on this series and invite you to schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more about how we incorporate these strategies and other’s to assist you through the financial planning process.

Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors’ Pride, a SEC registered investment advisor. LPL Financial, Advisors’ Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. Any of the parties listed above are not affiliated with Forethought Planning, Advisor’s Pride, or LPL Financial. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor’s Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services. Socially Responsible Investing (SRI) / Environmental Social Governance (ESG) investing has certain risks based on the fact that the criteria excludes securities of certain issuers for non-financial reasons and, therefore, investors may forgo some market opportunities and the universe of investments available will be smaller.

Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors’ Pride, a SEC registered investment advisor. LPL Financial, Advisors’ Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. Any of the parties listed above are not affiliated with Forethought Planning, Advisor’s Pride, or LPL Financial. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor’s Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services.

Socially Responsible Investing (SRI) / Environmental Social Governance (ESG) investing has certain risks based on the fact that the criteria excludes securities of certain issues for non-financial reasons, and therefore, investors may forgo some market opportunities and the universe of investments available will be smaller.

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