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Mark Lamkin with Lamkin Wealth Management shares 5 New Year's Financial Resolutions that will start your New Year out right.
New Year's Financial Resolution #1: Learn One New Thing About Investing This Year
Education is empowerment. As you learn more, you will naturally make better decisions. Empower yourself this year by learning something new. Here are a few ideas for where you can start:
Take an online investing class.
Read a book on investing or finance. Browse my book reviews and pick one now.
Subscribe to a financial publication, and read several articles in each issue.
New Year's Financial Resolution #2: Make Your Own Personal Financial Statement
You can stick your head in the sand, but trust me, when you come up for a peek, things won't be much different. A better choice is to make decisions by starting with a clear picture of where things stand.
One CPA I knew started with a negative net worth. That means he had more debt than assets. Within four years he had grown his net worth to over $1 million. He started by painfully looking at how he was spending his money and the debt he had accumulated. He put it all in a spreadsheet and tracked his progress every single month.
For step by step instructions on how to calculate your own personal financial statement you can read "How To Calculate Your Net Worth."
New Year's Financial Resolution #3: Spend Less And Save More
The temporary "feel good" that comes from spending isn't nearly as satisfying as the solid sense of self-respect that comes from spending wisely.
These articles are packed with ideas on how to spend less and save more.
"6 Ways To Buy Things For Less"
"10 Budgeting and Savings Ideas For Age 55+"
"10 Ways To Save 10 Dollars A Day"
New Year's Financial Resolution #4: Invest In Yourself
Whether it be improving your career skill set or upgrading your look, investing in yourself always pays off. For specific ideas, read:
"How Not To Look Old - An Investment In You And Your Career"
"A List of Great Articles Filled With Second Career Ideas"
"Midlife Career Change Could Be Your Greatest Asset"
New Year's Financial Resolution #5: Find The Right Financial Advisor
Do you realize the wrong financial advice, and the wrong financial advisor, could be costing you thousands of dollars a year? Do you know how your advisor is compensated? How does that compare to other advisors? Do they have the expertise you need?
Even if you prefer to do things yourself, the occasional check up from an advisor who charges hourly fees may provide you with some valuable tips.
It's difficult to know where to find the right person, or what questions to ask. "Step By Step Guide To Choosing The Best Financial Advisor" will get you started on the right path.
It may take more than a year to get through all five resolutions above, so start with one. The important thing is it's a new year. Don't make it just like the last one unless the last one went just right.