It’s a new year and a new start. It’s time to start thinking about a juice cleanse, dry January or other meaningless remedy to figure out how to shed the ten pounds you gained over the holidays and get your life back in order in 2023. While we are certainly not dieticians, if you stuck to the basics –exercise regularly and eat healthier– we would be willing to bet in a few short weeks, you would be making progress to your weight loss goals.
Planning for what to do with your money can be similar. Instead of listening to your neighbor talk about whatever cryptocurrency is the next big thing or watching the talking heads on CNBC tell you about what stocks “will” perform well, why not actually get a plan in place for managing your money?
Talking about your money and what to do with it can sometimes be intimidating. BUT, it’s your money so you should know what you are doing with it and you should have a plan in place. So how do you do that? Like with anything in life, you need to take a small step and it’s easier than you think. The key to all of this? Getting organized!
How do you get organized? Most investment managers and financial planners (like us!) will have a conversation with you about what you are trying to accomplish, where your accounts are and will then give you a free consultation on recommendations based on your current situation. There is really nothing for you to lose here.
We can’t tell you enough how much better you feel by just knowing where your money is at (hello, forgotten 401(k)!), how much you have (it’s ok, you can look even though the market was down last year) and how you are investing it (or maybe not investing it). Once you know where your cash, investments and insurance is and how much you have, you can then get a plan in place.
So while it’s still early in the year and before you start your juice cleanse, why not get your finances in order first?
Authored by Stephen Blahovec and Michael Rausch of North River Wealth Advisors. We are an independent, fee-only financial planning and investment management firm located in Pittsburgh, PA servicing clients locally and across the country. To learn more, contact us here.
This content is developed by North River Wealth Advisors from sources believed to be providing accurate information. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.