January is the Time for Financial Resolutions

Resolve to have a Happy New Year 2020!

Click to View: 10 Basic Critical Financial Planning Tips for 2020
Basic financial planning needed to get control of (and grow!) – wealth in 2020.

Allen Wealth Advisors Financial Planning 2020

At Allen Wealth Advisors, we get to know you – and your unique situation – as well as your goals for the future. At the beginning of the New Year is an ideal time to create Financial Resolutions and Financial Planning for 2020.

In our experience – these 10 Basic Tips for Financial Planning have the greatest impact.

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We act as a fiduciary, meaning: We are obligated to put our clients’ interests first.

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10 Basic Critical Financial Planning Tips for 2020

The financial planning tips below are the basics needed to get control of (and grow!) – wealth in 2020.

1. Pay off Credit Card Debt each month.
One of the best gifts you can give yourself if to be debt free. This requires self-discipline. Don’t charge something unless you really need it and make sure you pay off your credit card each month.

2. Pay off high interest rate debt as soon as possible.
Make a plan to reduce high interest rate debt as soon as you can. Even paying $10-$20 more per month will help put you on the right path.

3. Review your insurance.
Make sure you are adequately covered in:
• Life insurance – will there be enough for your survivors should something happen to you?
• Disability insurance coverage – if you have a serious injury or long-term illness, will your disability insurance replace enough of your income?
• Long Term Care – do you have enough set aside to cover 2-3 years of long- term care costs?
• Property and Casualty Insurance – are you adequately covered on your home, auto and umbrella policies?

4. Get will and estate documents done.
If you have any dependents – parents, spouse, children, or assets that you would like disposed of in a certain way, you need a will and possibly other estate documents such as a trust.

5. You will also need other estate associated documents:
• Medical and Durable Powers of Attorney
• Physician Directives
• HIPAA

6. Have a tax review to ensure you are taking advantage of all deductions and tax credits
The tax code can be incredibly complex particularly at higher income levels. Don’t leave any money on the table.

7. Get an Investment Review.
Are your personal investments and retirement investments balancing your risk-taking ability with your financial needs? Make sure you are invested in most efficient way possible for your profile. Contact Allen Wealth Advisors for Investment Reviews and Investment Management.

8. Build a small business succession plan.
Owning a small business is no easy task. See a financial advisor to make sure you are leaving your business in capable hands, and that your family is compensated adequately should the unexpected occur.

9. Start a Retirement Plan for your small business.
If you have a small business, have you looked at the array of employee benefits that would enhance your workers lives as well as help reduce your taxes?  Retirement Planning

10. Get a Financial Plan.
This is the most important goal of all – because it can help facilitate goals 1 through 9.

Be sure to Call Allen Wealth Advisors to get your financial life in order.

And remember….
Having no plan is not a plan!

Colleyville Fee-Only Financial Planner – Allen Wealth Advisors

Allen Wealth Advisors is a fee-only advisory. Our advisors are Certified Financial Planners®.

• We are paid directly by clients for our services and cannot receive other forms of compensation.
• We act as a fiduciary, meaning: We are obligated to put our clients’ interests first.

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