The new year is an opportunity to pause, reflect, and hit the reset button on your financial goals. As we begin 2024, consider making these three simple, yet impactful, changes to your finances.
Review asset allocation
The new year is a great time to review your portfolio’s asset allocation, no matter what’s happening in the markets. Whether the markets are experiencing an upswing or downturn, there are possibly strategic opportunities to buy and sell. By reviewing your assets closely with your advisor, you can determine if your portfolio is still aligned with your risk tolerance and long- term goals, or if allocations need to be adjusted.
Did your income change this past year? Maybe you received a promotion, changed jobs, or negotiated a new salary. If so, did you increase your savings and contributions accordingly? Use this time of year as an opportunity to reset your savings plan for your retirement ac- counts, emergency fund, and other savings goals.
Automate where possible
Stop and think, “What part of my financial life isn’t accessible online?” In 2024, the answer is… not very much (if anything at all). From your retirement accounts, brokerage accounts, and banking, to insurance coverage and loans, it’s likely you’re only a few clicks away from accessing your financial data at any point in time.
This also means that you should, if you haven’t already, automate wherever possible. Set bills to autopay, defer a portion of your paycheck to your savings accounts, and automatically contribute to your brokerage account each month. One more important step to take is to review the financial legacy you want to leave behind.
Looking to kickstart your financial goals in 2024? Having a trusted advisor on your side can help you feel more financial- ly confident this year and beyond. Reach out today to learn more about how we can help you with your U.S. investment accounts from Israel by calling the office at (02) 624-2788.
Douglas Goldstein, CFP®, GFP®, is the director of Profile Investment Services, Ltd. www.Profile-Financial.com He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published December 27, 2023.