At our house, TIPS mean “Taylor’s Inappropriate Prideful Suggestions”. Here, I hope they mean something different…
- Taxes – People act like taxes are a surprise. They aren’t. Hire a good CPA. Make sure your withholding is set correctly. If self employed, save a % of every dollar you earn for taxes
- Investments – if you have multiple investment / 401k accounts, consolidate them and revisit your investment strategy
- Property – it may make sense to refinance (again!)
- Save – begin or increase the amount you are saving for retirement. At a minimum, contribute enough to your 401k to get the employer match. If self employed, there may be some retirement plans available that you aren’t aware of!