Even the best New Year's resolutions can be hard to keep. Here are four to help dial in your 2024 finances, and how to make them stick.
Set Goals
Distinguish intentions and take stock of the previous year’s finances. What went right? What fell short? What are your long-term goals?
Set specific and measurable action items, like putting 20% of your gross income into savings.
Get Organized
Build your personal financial statements with a balance sheet (your assets and liabilities) and a cash flow statement (your cash inflows and outflows).
Review/adjust your beneficiary designations and estate plan especially after a major life event, like a marriage or divorce.
Protect Your Family
Title assets in accordance with your estate plan to ensure your assets transfer the way you intend.
Strategies like insurance planning or robust liquidity measures safeguard your plans against catastrophic loss.
Sign up for a credit or identity theft monitoring service.
Donate to Charity
Donate in the most tax-efficient way. Strategies like donor-advised funds, qualified charitable distributions and donations of appreciated stock can support your personal causes while improving your bottom line. And keep records of your charitable donations for tax purposes.
The Duffy Group | Baird Private Wealth Management will help you make 2024 your best year yet through professional financial guidance. Duffygroup.bairdwealth.com
The opinions expressed are those of the author and not necessarily those of Robert W. Baird & Co. Incorporated. Baird does not offer tax or legal advice. Please consult your tax or legal professional for specific information. VK2023-1130.