Think back to January, and you might remember making a New Year’s resolution. Maybe the goal was to get into better shape, or perhaps you wanted to pay off debt or start saving money. If you’re anything like me, you did get into shape—although that shape may more round than intended. The problem may be that you didn’t go into the year having thought about how exactly to accomplish your goals.
As we approach year end, it’s a good time to think about resolutions for next year so that you can have a plan in place to implement them. If your goals are financial in nature, The Krajniak Group is well equipped to help you chart a path that could improve your chances for success. We can help with planning for everything from starting that college fund to choosing appropriate investments for your retirement and estate needs. As you can see, there can be quite a range of topics, but here are a couple ideas that are more general in nature:
It’s tax-harvesting time! Mutual funds may pay out capital gains, which generally happens towards the end of the year. Depending on the type of account you have, this could have a sizeable impact on the taxes you will pay in April! Often times a fund company may have information available that estimates the size of a capital gain, which means with a little research you could decide whether selling out of that fund before the payment may be a good idea. It’s also a good time to look at securities that may have lost money, as selling these could offset some of your tax burden as well.
Gather your financial data. Whatever your situation, having a comprehensive financial plan in place can provide reference points to make decisions and help you identify weak areas that need to be addressed. A good plan, though, takes time to set up. Take some time to look at your cash flow now, and find out how your investments are set up so that you can make appropriate decisions in case the markets don’t cooperate with your strategy. Above all, don’t be afraid to ask questions. Let us know if we can help!