3 Tips to Plan Your Investments for Year-End
/I hope you enjoyed the Thanksgiving holiday!
We have just over a month remaining in 2016, and it’s going to go by super quickly. To be honest, I was both annoyed and excited by the Christmas music I heard before Thanksgiving. I wanted to just enjoy Thanksgiving. Since Christmas is my favorite holiday, however, you’ll have to bear with my side-eye excitement.
Are you ready to close the year?
I saw Arrival this past weekend, and it reminded me that we have little control over the future. If you’ve seen it, you know what I mean.
If you haven’t yet, I encourage you to see the movie because it provides an interesting twist on our ability to control (or change) the future. I will whet your appetite with this question – If you could change the trajectory of your life’s journey thus far, would you?
Well, I asked this loaded question to several people over the weekend. Many responded that they would make different financial and investment decisions to put them in a different position today. If you can relate to this feeling, leave a comment below and let’s chat it up. If not, I want you to leave a comment about one financial action you made that changed your life’s trajectory for the positive.
Either way, I want you to read these 3 tips that you can use over the next 30 days to help set you up for a 2017so that you can (or continue to) feel ahead of the game:
3 Tips Before 2016 Ends:
Make changes to your 401k contributions as needed. If you want to stash some extra cash away for retirement and get a tax deduction, it’s not too late. Check your 401k statement, where you will find out how much you’ve contributed thus far.
If you got an increase in salary, or stopped paying social security tax already this year, then you probably have the capacity to put a little more money away if you haven’t maxed out at the $18,000 cap already. Or, if you just want to be a badass investor and get ahead of the game, go for it. If you missed last week’s post on how to do a full 401k check-up, check it out.
Plan your tax deductions now. Most people think about taxes after the calendar year ends, when they are about to file their tax return. But, now is really the time to start planning what and how much you will deduct. Drop your tax advisor a note now to ask how you might strategize for the end of the year today. I’ve previously talked about how a Trump Presidency could affect your money, and here’s another insight – favorable tax deduction policies could change, as denoted in this Wall Street Journal article –“Maximize Your Deductions Now. A Trump Presidency Means You Could Lose Them.”
2017 planning starts now. Whether you are single or married, now is the time to start thinking about your financial situation for next year. Make a date with yourself and/or your partner, and start the money conversation. You’re already doing this indirectly by planning those trips, weddings, baby celebrations, or investments you want to make. But, now is the time to do this holistically with some concrete goals in mind. Want to know how? Leave a comment below.
As 2016 winds down, my wish for you is joy and peace. And, let’s get that money right!
