New Year's Financial Resolutions
Edward Jones - Chad Choate, AAMS
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Jan 05, 2023
Florida - Sarasota, Bradenton & Charlotte Counties
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Now that we’ve
reached 2024, you might be thinking about your goals and hopes for the new
year. But in addition to whatever personal resolutions you might make — volunteering, going to the gym more, learning a new language and others
— why not make some financial resolutions,
too?
Here are a few to consider:
• Boost your retirement savings. If you can afford it, try to
increase your contributions to your IRA and 401(k) or similar employer-sponsored
retirement plan. The more you put away in these accounts, the greater your
chances of reaching your retirement goals. At a minimum, contribute enough to
your 401(k) to earn your employer’s match, if one is offered. And whenever your
salary goes up, consider raising the amount you put in to your 401(k).
• Reduce your debts. It’s not always easy to reduce your debts — but it’s worth the effort. The lower your debt load, the greater your
monthly cash flow. So, look for ways to consolidate debts or find other,
possibly more productive, ways of using credit. And if you truly can’t afford
something that’s nonessential, don’t go into debt for it. “Live within your means”
is an old piece of advice, but it’s just as valid now as ever.
• Build an emergency fund. If you suddenly needed a major home or
car repair, or received a large medical bill not fully covered by insurance,
would you have the funds available? If not, you might be forced to dip into your
retirement accounts or other long-term investments. To avoid this possibility,
try to build an emergency fund containing several months’ worth of living expenses,
with the money kept in a liquid, low-risk account that’s separate from the ones
you use to meet your daily expenses. It can take a while to build such a fund,
but if you make it a priority and contribute regular amounts each month, you
can make good progress.
• Avoid emotional decisions. Too many people overreact to events in
the financial markets because they let their emotions get the better of them. If
the market is temporarily down, it doesn’t mean you need to sell investments to
“cut your losses” — especially if these
investments still have good fundamentals and are still appropriate for your
portfolio. It can be hard to ignore market volatility, but you’ll be better off
if you focus on the long term and continue following an investment strategy
that’s designed to meet your needs.
• Review your goals. Over time, your goals may have changed. For
example, while you once might have wanted to retire early, and planned for it, you
may now find that you’d like to work a few more years. If that’s the case, you
may also need to adjust your financial and investment strategies.
• Revisit your estate plans. If you’ve married, divorced,
remarried or added children to your family within the past few years, you may
need to review the account titling and beneficiary designations on your 401(k)
and other retirement assets, along with your estate-planning documents, such as
your will or living trust. You might also need to revise these documents in
other ways.
Of course, you may not be able to
tackle all these resolutions at one time, but if you can work at them
throughout the year, you can potentially brighten your financial outlook in
2024 — and beyond.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
chad.chaote@edwardjones.com
This
article was written by Edward Jones for use by your local Edward Jones Financial
Advisor.
Edward
Jones, Member SIPC
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Financial Advisor 828 3rd Ave. W., Bradenton, Florida, 34205Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
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