On this episode of Saving the American Dream, we’re sharing 22 money resolutions that will get you on a better financial track in the New Year.
1. Reduce your debt.
2. Boost your retirement savings amounts.
3. Learn from 2020 & 2021 and prepare for the unexpected.
4. Don’t overreact to the headlines.
5. Implement a budget (or at least look for ways to track some areas of your spending to see if you can find some waste that can be easily eliminated).
6. Meet with a financial advisor, especially if you have never done it and you’re starting to get within 5-10 years of retirement.
7. Check beneficiary designations on all your accounts.
8. Carve out time for a tough conversation or two (talk to your spouse or family about your healthcare wishes, powers of attorney, legacy planning, etc.)
9. Audit your insurance. Do you still need all your policies? Are you over or underinsured in some areas?
10. See if refinancing your home mortgage is a good idea.
11. Organize your financial life (make sure to have an easy way to gather account information, logins, etc.)
12. Check your credit. If it’s been a while, use the free reports to make sure everything is accurate and in good standing.
13. Check your fees. Find out what your financial plan is costing you. Use an advisor if you don’t know how to uncover hidden fees.
14. Share your knowledge. If you work with a great advisor or have picked up some helpful financial tips, don’t be afraid to share those resources with a family member, friend, or co-worker. Financial literacy: pass it on!
15. Look for more donation opportunities (and see if that could help your tax situation as well).
16. Review your tax bracket, so you don’t get surprised later in the year.
17. Ask your advisor if a Roth conversion is right for you.
18. Update paycheck withholdings if you’ve had any major life changes or had inappropriate amounts withheld last year.
19. Rebalance your portfolio. Again, if you don’t know how, ask your advisor.
20. Plan out your strategy to transition into retirement. Will it be best to go part-time first, a second career, or just quit cold turkey?
21. Consolidate accounts. If you have three 401(k)s, 4 IRAs, and 5 brokerage accounts it might be a good idea to simplify things in 2022.
22. Listen to more episodes of this podcast so you can continue to get smarter about money every day!
If you need help getting your finances in order for the new year reach out to Michael!
Listen to the full podcast or use the timestamps below to jump to a specific section.
Navigating the Show
[2:54] – Reduce debt
[4:31] – Boost savings
[5:44] – Prepare for unexpected
[7:25] – Don’t overreact
[8:51] – Budget
[10:29] – Meet with a financial advisor
[11:49] – Tough conversations
[13:39] – Audit insurance
[14:25] – Refinance
[15:36] – Organize
[16:38] – Check credit
[17:30] – Check fees
[18:30] – Share knowledge
[19:52] – Give back
[21:10] – Review tax brackets
[22:11] – Roth conversion
[23:13] – Update paycheck withholdings
[24:39] – Rebalance portfolio
[26:10] – Transition to retirement
[27:21] – Consolidate accounts
[28:06] – Listen to our podcast
“I’m not a big resolution guy … I’m not really as goal focused as I am growth focused.”
– Michael Schulte