Contributed by: Center for Financial Planning, Inc.®
On New Year's Day, about 45 percent of Americans will resolve to make 2019 their best year ever.
Not surprisingly, the most common New Year’s resolution is to lose weight. People also vow to get more organized, exercise more, better manage their finances, and do more good in the world.
While many of our team’s resolutions fall into those categories, The Center has one rebel.
Angie simply doesn’t believe in making New Year’s resolutions. “I feel like, if it is a good idea, why wait until January to start? For example, losing weight. I’m reducing my carb intake to lose a few pounds before the new year!”
The rest of our team members have taken the tradition to heart. Here are their 2019 resolutions:
Jaclyn >> Balance my checkbook more frequently.
Matt T >> Give away 10% of my income to charity in 2019.
Nick D >> Run another half marathon! Did it back in 2009, but have been a bum ever since.
Tim :: In addition to the common resolutions of losing weight and saving more money (not in that order), I have some financial resolutions for 2019. First, due to last year’s tax law changes, I will review my tax withholding before January 15 to make sure enough has been withheld. Unfortunately, this is a tax trap for many. Next, I plan to review some old life insurance policies. And lastly, my wife Jen and I will finalize a major gift to our alma mater, Albion College – using a donor advised fund, of course!
Matt C >> To feed 100 hungry children, plant 100 trees, pick up 100 pieces of trash, mentor 100 kids, and give more than I take.
Jacki >> Block weekly time for activities that bring me joy.
Josh B >> My New Year’s resolution is to read more books.
Lauren >> Use a 529 to save for my son’s future college expenses. We hope he’ll be a college grad in the Class of 2039!
Sandy >> To be more intentional with my attention, my time, and my money, in order to make a more meaningful impact on my family and my community.
Kali >> Increase my overall savings rate by 5%.
Laurie >> Add one extra month to my emergency fund reserves. Being prepared ahead of time for unexpected but necessary expenses gives me a sense of accomplishment. I know that, if needed, I have a Plan B in place!
Nancy >> Thanks to Tim’s “Financial Wellness; Estate Planning Lunch and Learn,” I’m motivated to get all my financial documents, such as a will, beneficiary forms, etc., completed, updated, and organized.
Gerri >> This year, I am committing to travel more with friends. Many of my friends travel, and since I have made a commitment to do more myself, I think it would be a blast to make some memories together.
Andrew >> Spend a minute each morning in appreciation of the things for which I’m grateful.
Bob >> Update my estate plan and track my monthly spending budget at least once per quarter.
We hope these New Year’s resolutions inspire you to make a few of your own. And if any of them involve your finances, reach out to one of our team members for support and guidance.
Here’s wishing you a happy and successful 2019!
Donor Advised Fund: Contributions to a DAF are irrevocable. Raymond James does not provide legal or tax advice. Taxpayers should seek advice based from an independent legal or tax professional prior to opening account. 529: As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. Investors should consider, before investing, whether the investor's or the designated beneficiary's home state offers any tax or other benefits that are only available for investment in such state's 529 savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors. The tax implications can vary significantly from state to state.