The New Year is a great time to think about what you want to do or accomplish for the upcoming calendar year. It is also a time to calibrate and “re-center” your financial plan.

Here are 5 regular rhythms that I recommend building into your annual financial check up in early January.

  1. Net worth– Calculate your current net worth and keep a historical net worth statement to track your progress
  2. Retirement Savings– set an annual amount that you want to save for retirement and automate
  3. Debt– review your debt and develop a payoff plan
  4. Goals– Update your short (< 2 years) and long term (2+ years) goals
  5. Rebalance– your investment portfolio if necessary

Bottom line is to be cautious about setting too many or unrealistic financial goals. Tip: be simple, clear, and concise with your goals.

What else?

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