Jan 6, 2014 2015 Financial Resolutions
This time of year, a lot of us start making New Year’s resolutions. We want to get in shape, quit smoking, spend more time with our families, etc. As 2015 quickly approaches, it’s important to consider making resolutions that will keep you financially fit as well. Here are a few resolutions to help you kick those bad habits that may be holding you back from reaching your financial goals:
Talk to a financial advisor. Do you avoid getting a financial checkup the same way you dodge your yearly health exam or long-overdue dentist appointment? Just like visits to your doctor, regular appointments with your financial advisor are crucial to successfully managing your financial health. A financial advisor can help you rein in your spending, ramp up your savings, plan for retirement, navigate the investment market, and safeguard your assets. Not currently working with a financial advisor? Consider hiring one in 2015!
Create a budget. With the help of a financial advisor, it’s easy to set up a budget for the year to come. With a working budget you can get an overview of your larger financial picture, as well as tackle any potential problem areas in more manageable pieces. Once you have your budget in place, address one thing at a time. Start by reviewing your bank balances, paying a bill that has been sitting on your desk for weeks, or making a quick call to one of your financial institutions to address any nagging issues.
Get out of debt. Now that you have a budget in place, you should be able to start working your way out of debt. Start reducing your debt right away by getting rid of credit cards with the highest interest rates first. Consider consolidating debt to a low or no-interest credit card to help you pay down debt even faster. Another way to get out of debt is to reduce the amount you spend every month. By downsizing your expenses, you’ll be able to afford to put more money towards paying off your debt.
Save for retirement. With other financial matters on the front burner year after year, it’s easy to let your retirement savings slip. And there is always the fear you won’t have enough money to retire. Make sure 10-15% of your income goes right into your retirement savings. Does your company offer a 401(k) plan? Sign up and contribute the maximum amount, especially if your company has a 401(k) match program. An IRA is another retirement savings option. Contact your financial advisor to find out what type of account is right for you.
Manage your investments. Managing your finances is a balancing act, and it’s all too easy to get out of sync. Make sure you think about your long-term goals when investing, and not just the current market trends. A balanced and diversified portfolio is always best, and your financial advisor can help you get there.
When it comes to financial resolutions, it can be difficult to face your fears. But don’t put off getting your finances in order another year. Contact a financial advisor for help, and get started today!
Company News
Market Commentary
Retirement Planning
Tax Planning
Cyber Security
Important Disclosures
Leonard Rickey Investment Advisors, PLLC (“LRIA”), is an SEC registered investment adviser located in the State of Washington. Registration does not imply a certain level of skill or training. For information pertaining to the registration status of LRIA, please contact LRIA or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).
This is provided for general information only and contains information that is not suitable for everyone. As such, nothing herein should be construed as the provision of specific investment advice or recommendations for any individual. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. There is no guarantee that the views and opinions expressed herein will come to pass. This newsletter contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information prepared by any unaffiliated third party incorporated herein and take no responsibility therefore.
Any projections, forecasts and estimates, including without limitation any statement using “expect” or “believe” or any variation of either term or a similar term, contained here are forward-looking statements and are based upon certain current assumptions, beliefs and expectations that LRIA considers reasonable or that the applicable third parties have identified as such. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions or beliefs underlying the forward-looking statements will not materialize or will vary significantly from actual results or outcomes. Some important factors that could cause actual results or outcomes to differ materially from those in any forward-looking statements include, among others, changes in interest rates and general economic conditions in the U.S. and globally, changes in the liquidity available in the market, change and volatility in the value of the U.S. dollar, market volatility and distressed credit markets, and other market, financial or legal uncertainties. Consequently, the inclusion of forward-looking statements herein should not be regarded as a representation by LRIA or any other person or entity of the outcomes or results that will be achieved by following any recommendations contained herein. While the forward-looking statements here reflect estimates, expectations and beliefs, they are not guarantees of future performance or outcomes. LRIA has no obligation to update or otherwise revise any forward-looking statements, including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of events (whether anticipated or unanticipated), even if the underlying assumptions do not come to fruition. Opinions expressed herein are subject to change without notice and do not necessarily take into account the particular investment objectives, financial situations, or particular needs of all investors.
For additional information about LRIA, including fees and services, please contact us for our Form ADV disclosure brochure using our contact information herein. Please read the disclosure brochure carefully before you invest or send money.
Presidential Elections and the Market