Financial Planning Tip January

January 2021


As we all bid good riddance to 2020, we suggest taking a moment to think about what you'd like your financial picture to look like on December 31, 2021. It's always easiest to do nothing, and many otherwise smart people avoid making changes to their financial picture out of fear, complacency, or any of a number of other faults. Here’s a methodical approach to tackling these changes.

  • First, identify where you'd like to be at the end of 2021. This may be a small change, or it may be a single step in a larger process (for example, getting one year closer to retirement).

  • Next, set regular deadlines to make incremental changes. If you're looking to invest some of the cash you saved in 2020, set targets and deadlines to be met each quarter. This will keep you focused on the full-year objective so you're nearly finished by Thanksgiving rather than just starting.

  • Finally, don't let one bad quarter derail the entire process. If you aren't where you should be by June, either make up lost ground or reset your timeline. Remember that the objective is to make progress, and while you may not end up where you originally intended, any movement towards your goal is better than staying put.

If you need help with any of these phases -- idea, planning, or implementation -- please contact us. Even if you're unsure whether it's beneficial to make a change, please contact us anyway. In many cases, we can handle the heavy lifting on your behalf.