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Ten Financial Actions for 2024

Ten Financial Actions for 2024

January 01, 2024

Ten financial actions for 2024

By Paul A. Gydosh, Jr. CFP®
Managing Director and Founder
Kensington Wealth Partners, Ltd.

With every new year comes the opportunity to take a refreshed look at your situation and maybe incorporate a couple of new positive habits. Drawing from my years of experience, I’ve compiled this list of important financial actions that can help kickstart a successful year. If you manage to tackle all of these tasks, you should be well on your way!

Here’s my 2024 financial credo, in no particular order:

LEARN something new about money and investing. Municipal bonds, private equity, margin loans, tax deductions, and more.

KNOW what you spend each month. Track it over the next 12 months.

MAKE sure your cash is earning 4% now. After years of zero interest rates, an amazing amount of money is still at zero.

OPEN a home equity line of credit with a bank or credit union for emergencies and opportunities. This avoids having to urgently tap funds slated for retirement.

KNOW what you need to capture annually to achieve financial independence.

INVEST in yourself; fitness, mental health, a new hobby, a new vacation destination. It all brings better perspective.

SHARE financial lessons learned with your children or others you care about. Stories, not preaching, may work better.

FILTER out much of the 24/7 reactive media news on the daily markets, the FED, the economy, inflation, and more; actively seek this on your own.

UPDATE your estate plan including your intent, wills, POA’s, trusts, beneficiaries, and charity.

HIRE a financial planner to audit your situation and goals; or thank the one you have for their partnership during tough and better times.

A simple list can often be easier to digest and tackle. If you have questions or would like more information about any of the financial to-dos listed above, our Kensington team has answers and would welcome a conversation. Please contact us to get started on your best year yet!

Paul A. Gydosh, Jr. is founder of Kensington Wealth Partners, Ltd., a premier financial planning organization centrally based in Columbus, Ohio with clients in 26 states and major cities including Chicago, New York, Boston, Washington D.C. and Miami. He is also co-author of “Master Your Financial Success: Retirement and Legacy Secrets from Planning Professionals.” Paul regularly addresses industry, academia and client organizations on topics of current interest. As a leader and mentor in his field, Paul’s commitment to continuous improvement has enabled Kensington to serve the financial needs of some of the most successful individuals, families, and businesses over the last 35 years.

Paul A. Gydosh, Jr. is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Kensington Wealth Partners is not an affiliate of Lincoln Financial Advisors Corp.