January is the perfect time to set goals for getting financially healthy, says Kipley Quinn, a Farmers Insurance Agency owner in Parker. Here he offers ideas for a happier and healthier 2019.
What are small things people can do in January that will have a huge impact by next December?
As we start a new year, it’s always important to review the changes in your life and see if you need to adjust your plans for the coming year. Did you buy a new home? Did you have a baby? Did you change jobs? Are you getting ready to retire?
Whether there has been a change or not, there is no time like the present to review your plans, including insurance coverages and financial planning.
What are three things people can do to create a healthier personal financial portfolio for 2019?
- Know your risk tolerance. If you don’t know your risk tolerance, talk to your adviser and they will help you figure it out. They will find out what’s important to you and how long you want to hold your investment.
- Diversify. You may not want to put all your eggs in one basket, so mutual funds are an easy way to diversify your investment.
- Review your investments regularly. This doesn’t necessarily mean every day but at least twice a year to see how your investments are performing and if you need to rebalance.
What is on your reading list right now?
My go-to has always been the Millionaire Next Door by Thomas Stanley. It’s a classic and promotes good financial habits. The second is the Power of Zero by David McKnight, which looks at retirement planning and how to get to the 0 percent tax bracket.
—Kip Quinn, a Farmers Insurance Agency owner in Parker, is a Colorado native and graduated from the University of Colorado at Boulder. His agency offers financial services* as well as home, auto, life and business insurance.
*Kipley Quinn is registered with and securities offered through Farmers Financial Solutions, LLC Member FINRA & SIPC.