At Extreme Investor Network, we understand the importance of staying on top of your financial goals and making sure you’re on track to achieve financial success.
As we approach the halfway mark of 2024, it’s the perfect time for a financial checkup. Whether you’ve been diligently sticking to your goals or find yourself veering off track, taking a holistic view of your finances is crucial.
Certified financial planner Jaime Eckels highlights the importance of accountability and checking in on your progress. Setting goals and forgetting about them won’t lead to financial success. That’s why a mid-year checkup is a great opportunity to revisit your financial plan and make any necessary adjustments.
Here at Extreme Investor Network, we want to provide you with valuable insights to help you optimize your financial health. Here are five key steps to include in your financial checkup:
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Review your cash flow: Take a close look at the money coming in and going out of your accounts. Ensure that you have more money going into your accounts than coming out to cover your expenses. If necessary, trim discretionary spending and focus on necessities to improve your cash flow.
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Focus on high-interest rates: Identify and prioritize paying down any high-interest debts, such as credit cards, to reduce financial burden and improve your credit score. Take advantage of high-yield savings accounts, money market accounts, and CDs to potentially earn higher returns.
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Boost emergency and retirement savings: Aim to have three to six months’ worth of living expenses saved in an emergency fund. Maximize your contributions to a 401(k) or workplace retirement plan to take advantage of employer matching. Consider opening a traditional or Roth IRA if you don’t have access to a workplace retirement plan.
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Tackle taxes early: Review your tax withholding to ensure you’re on track to minimize your tax liability for the year. Adjust your withholding if needed to avoid surprises come tax season. Self-employed individuals should make quarterly estimated tax payments to avoid penalties.
- Protect your assets: Evaluate your insurance coverage to make sure it aligns with your current needs. Explore discounts or bundling options to optimize your insurance costs. Ensure that your policies provide adequate protection for your assets and loved ones in case of unforeseen events.
By following these steps and conducting a thorough financial checkup, you can set yourself up for a successful financial future. Stay tuned to Extreme Investor Network for more expert advice on managing and growing your wealth.