The Mid-Year Check Up

Brian Watson, CFP

Now is the time to stay committed to your yearly financial goals. Many times people will get motivated at the end of the year to set goals and take action. The beginning of the year is a "new beginning" where New Year's resolutions are made. However, the middle of the year is a time people tend to get off track.  Here are three ideas to stay focused:

First, review any big picture planning goals you made, making sure you are on track for saving enough for retirement, a child or grandchild's college education, or finally getting that will drafted and life insurance in place. If you made a decision to accomplish these goals, do not let up. Stay focused and take action.

The second idea is to make sure your investment allocations are set up congruent with your goals and risk tolerance. Staying the course with a good allocation is a sound strategy. However, more times than not, people "stay the course" but do so with an incorrect allocation for their situation. Either review your allocation yourself or have a professional do a review for you. The longer you hold onto a poor allocation, the more damage it could do.

The third mid-year idea is to make sure you are doing the things necessary to manage your taxes.  Avoiding a last minute crunch each April will not only reduce stress but can save you tax dollars as well. Keep track of all the purchases and other tax-related issues that will give you a deduction or a credit. It is not always easy to remember back over the course of a year where your tax saving lies. Keeping track throughout the year will reap rewards come tax time.

Prosperity Partners, Inc.
www.prosperitypartners.com
800-868-6230
AndreaO@prosperitypartners.com