Five wise ways to spend your extra hour
On Sunday, November 6, most of us will turn our clocks back and gain the gift of an extra hour. Consider using the extra hour to refine your financial plan with these helpful tips.
Get your balance sheet in order
Start or update your personal balance sheet. Add your assets and subtract your liabilities to determine your net worth.
Review your budget and spending habits
Take some time to review the past few months to see how close you came to your goals. Where can you trim expenses? Are there ways to bring in extra income? Contact the companies you have accounts with (cell phone, cable, etc.) and verify that you are on the best plan for your current situation.
Revisit your investment asset allocation
Revisit your current and ideal asset allocation annually and rebalance as needed. The ups and downs of the market can affect your allocation over time.
Check to see if your retirement plan is on track
Whether your clock is winding down on your time in the workplace or not, monitoring and managing your retirement plan is an ongoing process. Compare the assets and income you will have in retirement against your planned expenses. Don’t forget to factor inflation into your plan.
Set up a regular review with your advisor
An hour with your advisor can be very productive. Since advisors can’t help you manage what they don’t know, keep them informed of changes with your family, employer and investment views.
Call our team today to schedule a no cost, no obligation appointment with one of our licensed financial advisors to help build a financial plan tailored to you.