A Verse For The New Year!
Isaiah 43:19See, I am doing a new thing! Now it springs up; do you not perceive it? I am making a way in the desert and streams in the wasteland.
With a new year comes the opportunity to start the year off right and begin accomplishing all of those things that you have been needing to do, but have been putting off. Do not feel alone, as we all procrastinate! It is very easy to put off the things we need to do, especially when it comes to financial matters. We all have limited time and need to prioritize.
Here is a list of 5 important financial areas that should not fall victim to procrastination, as it can be very costly if you do.
How long has it been since you have updated your estate planning documents? Has anything changed over the last 5 years? Don’t have an estate plan consisting of at least a will? Then it is time to schedule an appointment to get it done. Can you imagine what procrastinating about this could do to your family?
How long has it been since you have gone over all your policies with an independent insurance advisor to assure you are well covered for the best value? Do you think you are well covered in the event of an accident? More often than not, we discover that property and casualty insurance was bought on price over adequate coverage. It would be a shame to be in an accident and think you are well covered when you may not be. Procrastination on this one…ouch!
How long has it been since you have had an annual review to make sure you are still on the right path for your specific situation? Are you well positioned for a potential major downturn in the markets, or a major rally to take advantage of the markets? Are you aware of exactly how all of your investments are positioned in old 401ks, 403bs or IRAs? Old brokerage accounts? Could you reposition your CDs or savings to another financial institution for a better rate of return? Procrastination for very long on this one could mean thousands of dollars in missed gains.
How long has it been since you have gone over all of the potential legal tax strategies you could be using to lower your tax burden with an experienced advisor? Taking a proactive approach towards tax planning if you are a high income earner can make a huge difference. Procrastinating could be costing you thousands of dollars in unneeded taxes. Could you use that money for better causes?
Daily Tracking of Expenses
Do you know where everything is anytime of the day? 90% of the way we pay for ordinary expenses today like groceries, eating out, clothing, gas, etc. is with a debit or credit card. Many of us have multiple bank, investment, and even credit card accounts for personal and business expenditures that we pay off monthly. Fortunately, nearly all financial institutions today allow you to track your spending, investments, and account balances anytime with online access. You may be old fashioned and say, “I don’t want to look at any of my accounts online,” but hackers do not think that way. If you are not monitoring all your accounts with different institutions daily, how would you know if a hacker got into any of your accounts until it is possibly too late to do anything about it? With today’s technology, we have a system that you can monitor your accounts with different banks and credit unions, credit cards, and investment accounts (even your 401k) all at the same time on a daily basis! You can see these all on your computer or smartphone at any time of the day. I personally love this system, and I log in at least 2-3 times a day to monitor my finances.
This system does not allow any money to be moved or transferred, but it is strictly a monitoring system. It keeps track of all your expenses and consolidates them daily so that you will know at anytime what you spent in any budget category for the month. It even lets you know if you have gone over budget. This incredible monitoring system is offered free for clients of CIS Wealth Management Group. Why do you need it? Because those that know where they are financially do better than most of those who do not.
We can help you accomplish your goals in these 5 areas. Call our office today at (830)609-6986.
Procrastination is the #1 reason for financial failure. Many find themselves in the vicious rotation described below of putting off financial matters that need to be done. Could you be in this cycle? Maybe it is time to step off of the spinning wheel.
Here is how we have seen procrastination happen when it comes to financial matters:
- It’s January but we are just now getting over December, could we get this done in March?
- It’s March but with taxes coming up In April, I’ll plan to take care of this in May.
- It’s May, but with kids and grandkids graduating, why don’t we tackle this in July?
- It’s July but with summer vacation, how about waiting until August?
- It’s August but with the kids/grandkids starting school, could we wait until September or October?
- It’s October but we are just so busy with the kids’/ grandkids’ school activities, I don’t think I’ll have time until next month?
- It’s November but with Thanksgiving coming up can we wait to get this done until December?
- It’s December and with all the Christmas parties and getting ready for family to come in, I think we need to wait until next year.
Is there ever really a convenient time? No, not really. Make this the year to prioritize and make that appointment to get all your financial matters in order.
One of the most common New Year’s resolutions is “Get My Finances Organized”. If that is yours this year, we can help! The CIS Wealth Management System provides the capability to bring together ALL of your financial accounts and holdings in one place.
ONE login to view ALL your financial data.
You will have access to your own, personalized website to view your accounts, run reports, create budgets, and much, much more. Plus, we can help you set up a quick link on your mobile device for easy access. Contact us today and we will setup your personal profile and get you started!
Are you contemplating retirement in the next 5-10 years? Bob Barber is now a certified Fit-To-Retire® coach! Visit the Fit-To-Retire® page to start a quick, easy assessment and check your retirement readiness.
Thank you for your prayers for Shawn Peters, husband of Jenna and son-in-law of Bob and Rachael Barber. A few months ago, we shared that he was battling cancer. After surgery and chemotherapy treatments, his doctor declared him N.E.D. (No Evidence of Disease)! We thank God for His healing!
Do you have a friend, family member, or colleague that could benefit from our services? If so, we have a packet of information we would love to share with them to them. Just call our office at 830-609-6986 and we can get out the information to help your friends!