It’s a new year, which for many people presents an opportunity for a clean slate. For some, that means organizing your home, establishing a healthier lifestyle, or traveling to places you’ve never been. While those are all great goals, a new year is also the perfect time to look at your financial situation and to set up a plan to make the most of your finances for you and your family. Not sure what you need to review to make 2020 a good financial year? Read below for a few of our tips.
Financial goals and life changes
A good place to start is to talk over your financial goals with your advisor and discuss any anticipated life changes the year will bring. Maybe 2020 is the year you want to change jobs, or the year you expect to retire. To ensure a comfortable transition no matter your situation, you should look at the big picture with your advisor.
Investments and cash flow
Are your investments properly allocated? What about your cash flow and expenses? And how might those, combined with the new tax laws, affect your tax return for 2019, 2020, and beyond? The new year is a great time to review what’s been done, if your investments are still at the risk level you’re comfortable with, and to make any changes that will benefit you in the years to come.
Estate plan (or lack thereof)
The start of the new year is also the time to review your estate plan and figure out if you need to make any changes to it. If you don’t have an estate plan in place, don’t worry - our financial advisors can help you make sure your estate plan documents are drafted and kept up-to-date.
What you can expect in 2020
2019 was the year of volatile markets. Is there anything you should be preparing for in 2020? You can talk with your financial advisor about macroeconomic issues that may concern you, such as:
- Strong labor markets
- Domestic and foreign trade
- Global trends
- Global policy and world events, such as Brexit
Learn what you should and shouldn’t be worried about. Your financial advisor will be able to discuss the impact that these events may have on your investments and financial wellbeing.
Join us for an educational event in the new year
We offer educational events and seminars to ensure that our clients are kept up-to-date on the issues that might affect them. Join us for our upcoming seminar, Welcome to a New Decade: Planning in 2020 and Beyond, and start your year off right.
Want to schedule a complimentary New Year’s Resolution Review? Contact us today and Chatterton and Associates will be happy to help you make the most of your finances in 2020.
The Team at Chatterton & Associates
Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss. Past performance is no guarantee of future results. Please note that individual situations can vary. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.