Almost every year, people are making financial plans to make the next year a financial success. While most Americans are trying to find ways to maximize their 401(K)s, scrimp, control spending and plan better for taxes, there are at least 5 financial 2017 New Year's Resolutions one should make.
According to Todd Minear, there are a lot of financial tips out there. Minear is a certified financial planner at Open Road Wealth Management in Kansas City. For Minear, there are at least ten not-so-common financial tips to welcome the 2017 New Year.
Minear says that if people can master these tips below then they are well on their way to a better financial future.
Here are the top 5 financial tips anyone can practice:
Focus on the plan
It is wise to make daily financial decisions that are in line and consistent with the long-term financial goals. For example, if saving up for something big to purchase, starting early and saving early and everyday can help reach that goal.
Calculate and track net worth
Keep score of individual and personal net worth. It enables a person to see if a person is winning or losing in financial success.
Giving back is also important
How can one save money if they give it away? The saying goes "what goes around comes around." Donating money or even time can provide a positive impact in one's life and the lives of other people, as reported by Kansas City.
Understand the plan
It is important to involve those concerned. Talk to your partner, kids or even financial planner. If a person is able to explain it then he probably understands it. And he gets the support of the people around him, too if they are able to understand it.
Lastly, get a second opinion
Unsure of getting that policy? Getting another person's opinion can help. Making financial decisions can be overwhelming. Talk to your partner or financial planner when it comes to that investment, that life policy, the annuities and other financial decisions if you are having trouble.
