It’s a new year and new decade, and HCR Wealth Advisors is helping clients make financial resolutions. Financial health is an important part of living a healthy life. You need money to pay bills, medical costs, and more. We’re encouraging people to perform the following financial checks:
Update Financial Goals
A new decade means new markets and new rates. We’re already heading into the summer of 2020, and you need to adjust your financial goals and pivot to make them work if they don’t. Maybe you won’t change anything, but you’ll still want to refresh your memory.
You should have long-term and short-term goals that get you where you need to be. Retirement, college, childcare, and healthcare are all expenses you’ll need to afford someday.
Review Your Finances
Everything from your estate plan to insurance coverage, retirement savings, and credit report need to be reviewed. Make sure you have a firm grasp on where you stand financially. A data-driven approach to finances is always best.
When it comes to estate planning, HCR Wealth Advisors can help. They understand how to manage your wealth, including sharing it. The government restricts many financial gifts, and they help navigate the paperwork to make it as cheap as possible. This is done using a gift tax annual exclusion, 529 College Savings Plan, or even a direct gift.
Understand the Market
If you really want to gain financial independence or security in 2020, a solid understanding of the market is necessary. You’ll want to understand how to invest in stocks, bonds, and other financial tools. Investing on Wall Street is only recommended when you perform due diligence on the investments first.
Analysts believe 2020 can be a historic year for the market. Don’t go it alone.
HCR Wealth Advisors helps clients navigate all their financial needs in 2020 and beyond.
This article is provided for informational purposes only and should not be interpreted as investment advice. HCR Wealth Advisors is not affiliated with this website.
