Clarence Thompson is owner and founder of Capital Connoisseur Group, LLC, a financial education and consulting company. Capital Connoisseur Group specializes in financial management including Savings/ Budgeting, Mutual Funds (401(k), IRA), Stock market investing, Estates/ Wills, Insurance (Life and Health), Real Estate financing with over 10 years of financial services experience. Now he is looking to share his expertise advise with you!
Develop a Budget & Stick to it
I will always say this and stress how important to have a budget and sticking to it. Your finances can be similar to a big tall Oak tree. The most important piece to the tree is the roots because it is the foundation. Well a budget is like the roots to your finances. It all starts here. So make sure to implement and adhere to a budget for the entire year. Your budget should be annualized so you can project your finances for the entire year.
Talk to a Professional About Your Taxes
Begin to speak to your tax adviser. If you don’t have one then you should seriously think about making that investment to have an expert help you maximize all of the tax benefits you are eligible for. There’s nothing worse than getting to the end of the year and being upset about what you “thought” your tax outcome was going to be. So word to the wise start now in getting your tax plan in order. Taxes can be one of the most difficult things to understand on your own. Don’t allow Turbo Tax to make you feel like you’re an expert because you aren’t!
Review Your Investment Portfolios
Review your investments and make adjustments accordingly. Look at those accounts that serve the largest tax benefit to you and your financial goals, whether it is a Traditional IRA, Roth IRA or just a mutual fund. Don’t always try and figure it out on your own. New laws are created every year where these accounts can become more or less beneficial to you.
Review Your Insurance Policies
Start reviewing your insurance coverages, including your auto, home and life. Evaluate if changes need to be made for the upcoming year and look for where adjustments can be made with your premiums and/or deductibles. You may be considering some medical procedures that will require additional coverage or those pesky speeding tickets you got three years ago have fallen off your record and you can start considering cheaper auto insurance.
Review Your Credit
Review your credit report at the beginning of the year to give yourself an idea of what your credit score is, what things need to be addressed and reviewed and what changes need to be made in the new year that will help increase you score or keep your score at an acceptable level. My recommendation is that you review your credit report semi-annually. It is not uncommon for things to just “appear” on your credit report that need to be disputed. This can be a daunting process if you don’t stay on top of it. Be sure to utilize CreditKarma.com or MyFico.com.
If you have a financial question, please send an email to INFO@CapitalConnoisseur.com