Ep 22: 22 Money Resolutions For 2022

You might not be able to follow through on all 22 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year.
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Show Notes For This Episode

On this episode of Saving the American Dream, we’re sharing 22 money resolutions that will get you on a better financial track in the New Year.

1. Reduce your debt.

2. Boost your retirement savings amounts.

3. Learn from 2020 & 2021 and prepare for the unexpected.

4. Don’t overreact to the headlines.

5. Implement a budget (or at least look for ways to track some areas of your spending to see if you can find some waste that can be easily eliminated).

6. Meet with a financial advisor, especially if you have never done it and you’re starting to get within 5-10 years of retirement.

7. Check beneficiary designations on all your accounts.

8. Carve out time for a tough conversation or two (talk to your spouse or family about your healthcare wishes, powers of attorney, legacy planning, etc.)

9. Audit your insurance. Do you still need all your policies? Are you over or underinsured in some areas?

10. See if refinancing your home mortgage is a good idea.

11. Organize your financial life (make sure to have an easy way to gather account information, logins, etc.)

12. Check your credit. If it’s been a while, use the free reports to make sure everything is accurate and in good standing.

13. Check your fees. Find out what your financial plan is costing you. Use an advisor if you don’t know how to uncover hidden fees.

14. Share your knowledge. If you work with a great advisor or have picked up some helpful financial tips, don’t be afraid to share those resources with a family member, friend, or co-worker. Financial literacy: pass it on!

15. Look for more donation opportunities (and see if that could help your tax situation as well).

16. Review your tax bracket, so you don’t get surprised later in the year.

17. Ask your advisor if a Roth conversion is right for you.

18. Update paycheck withholdings if you’ve had any major life changes or had inappropriate amounts withheld last year.

19. Rebalance your portfolio. Again, if you don’t know how, ask your advisor.

20. Plan out your strategy to transition into retirement. Will it be best to go part-time first, a second career, or just quit cold turkey?

21. Consolidate accounts. If you have three 401(k)s, 4 IRAs, and 5 brokerage accounts it might be a good idea to simplify things in 2022.

22. Listen to more episodes of this podcast so you can continue to get smarter about money every day!

If you need help getting your finances in order for the new year reach out to Michael!

Listen to the full podcast or use the timestamps below to jump to a specific section.

Navigating the Show

[2:54] Reduce debt

[4:31] Boost savings

[5:44] Prepare for unexpected

[7:25] Don’t overreact

[8:51] Budget

[10:29] Meet with a financial advisor

[11:49] Tough conversations

[13:39] Audit insurance

[14:25] Refinance

[15:36] Organize

[16:38] Check credit

[17:30] Check fees

[18:30] Share knowledge

[19:52] Give back

[21:10] Review tax brackets

[22:11] Roth conversion

[23:13] Update paycheck withholdings

[24:39] Rebalance portfolio

[26:10] Transition to retirement

[27:21] Consolidate accounts

[28:06] Listen to our podcast

 

I’m not a big resolution guy … I’m not really as goal focused as I am growth focused.

– Michael Schulte

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Copyright 2020 Saving The American Dream Podcast. Michael Schulte is an investment advisor representative and certified exit planner with WestPac Wealth Partners, located at 330 South Center Street, Suite 344, Casper, Wyoming 82601. The podcast is for informational purposes only. Individual risks and investment objectives must be reviewed prior to making any recommendations. Podcasts are for informational purposes only. Any guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or WestPac Wealth Partners and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Michael is a Registered and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 5 Centerpointe Dr Suite 150, Lake Oswego, OR 97035, 503-207-4550. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners is not an affiliate or subsidiary of PAS or Guardian. 2020-105459 Exp 07/22.