Your 2024 Financial Checklist

As we step into a promising new year, it's essential to address your financial concerns and aspirations. In this article, we present a financial checklist, thoughtfully crafted to guide you through the steps necessary for financial success in 2024.

Holistic Financial Assessment:

· Begin by conducting a thorough financial checkup. Gather all your financial statements including bank accounts, investments, retirement accounts, and debts.

· Evaluate your net worth to understand your overall financial health. Compare this to previous years to track your progress.

Income and Expense Analysis:

· Review your income sources including salary, investments, and passive income.

· Scrutinize your expenses to identify areas where you can reduce discretionary spending and increase savings and contributions.

Beneficiary Confirmation:

· Ensure that the beneficiaries listed on your financial accounts, insurance policies, and estate plans are current and aligned with your wishes.

Insurance Coverage:

· Reach out to your advisor to evaluate your life, health, disability, and property insurance to make certain you have adequate coverage for your evolving needs.

Risk Assessment and Investment Portfolio:

· Reassess your risk tolerance and investment goals. Consider adjusting your portfolio to align with your objectives and risk comfort.

· Explore diversification strategies to mitigate risk and improve returns.

Tax Planning:

· Stay informed about any changes in tax laws that may affect your financial situation.

· Gather all your documents needed to complete taxes. Account for all earnings, including realized capital gains. Seek the advice of a tax professional.

· Additionally, plan ahead. Start the year by proactively planning your tax strategy. This involves anticipating your financial activities throughout the year to optimize your tax position.

Estate Planning:

· Review your will, trusts, and estate plan to ensure they reflect your current wishes.

· Work with a financial advisor and an estate planning attorney to reduce estate taxes and help ensure a smooth wealth transfer.

Are you a Christian? Consider Aligning Faith and Finance:

· Integrate your faith values into your financial planning, helping to ensure that your financial decisions align with your spiritual beliefs.

· Explore opportunities for charitable giving and stewardship in your financial journey.

Our dedicated team at Affirm Wealth Advisors is here to assist you every step of the way. If you have questions or require guidance on any of the checklist items, don't hesitate to reach out. Here's to a year filled with financial success, growth, and abundance!