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Financial Planning Tip November

November 2021

We're less than sixty days from 2022, and with the typical year-end chaos set to return, the books will close on 2021 in the blink of an eye. Before your focus shifts to holidays and family gatherings, take a minute to be sure your finances are where they should be.

• Evaluate your rainy-day cash savings. Do you have enough cash to cover 3-6 months' of expenses? If your spending has changed in the past few years, you may need to increase or decrease the amount you have stashed away just in case.

• Stocks have gained quite a bit this year. You'll probably find that your investment lineup looks much different than it did back in January. We always rebalance client accounts that we manage. However, if you hold assets that Midway doesn't manage (for example, a work 401(k)), take a look and be sure that you have an appropriate mix of U.S. and foreign stocks, as well as bonds if they're appropriate. Todd and Rachel are always happy to help with this task.

• We will be harvesting losses to offset taxable gains in your investments. You should consider doing the same in any other investment outside of Midway.

• How much have you given to charity this year? If you intend to make any large gifts before year end, consider donating appreciated stock. Contact Todd or Rachel to hear why and to understand what's involved.

• Above all, we'd suggest simply checking in on your assets around now. Before long, you'll be collecting tax documents from a host of banks and brokers. Be sure all your usernames and passwords are up-to-date. (We recommended a password manager like LastPass to simplify this chore.) Refresh your memory as to what's being held in each account, and what purpose it serves. If you can simplify your financial life, identify the problem now and make the fix a New Year's Resolution.

We're always eager to help our clients with assets held at Midway or at other institutions. Please contact us if you need any assistance with these tasks, or if you'd just like a sounding board to provide feedback on changes you're considering.


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