insurance

3 Things To Do In November for Financial Health

Welcome to November! We’re on the cusp of the holiday season, which means there will be more time to spend with our loved ones and more plans to make as we wrap up the year.

This is one of my favorite times of year: while summer is my favorite season, November is full of exciting energy as it is the last month before the final month of the year. This time feels full of possibility: what will happen before we get swept up in the activities of December? We get to decide, for ourselves, what we do with this last dance before the end of the year.

With less than 2 months until the end of the year, this is a fantastic time to take inventory of anything that is unfinished from earlier this year. For this month, I recommend reviews and automation. My three financial tips for November:

  • Review current health insurance selections and adjust accordingly. For many employers, November is the final month to make any changes to health insurance selections before being locked in for the next year. So this is a great time to review your current insurance plan and see if you are getting the most out of your health insurance, as well as whether you need the amount of coverage you’re currently paying for. Further inspection may reveal that you are under- or over-insured, and you should absolutely choose a plan that suits your needs for your current phase of life.
  • Identify any tasks that you can pre-schedule/automate throughout the end of the year (and spilling over into the new year), then do it. During the last several weeks of the year, it can be easy to overlook tasks that need to be handled, and the price that comes from forgetfulness (usually in the form of late fees or decreased credibility) isn’t worth it. Take time to see which items need to be automated – even if it’s just for a few months – and set up those automations/schedules/alerts now, while you can. A few moments of preparation can mean huge savings for you!
  • Review your professional credentials and schedule any necessary continuing professional education (CPE/CE) courses. I mentioned the need to schedule CPE/CE classes during the summer slump that many tax practitioners experience. But, if you missed that post, now is also a good time to schedule those courses before the end of the year. Most professional credentials have annual requirements for maintaining those licenses, so the last thing you want is to let the end of the year arrive and you’re a few credits short. Schedule those now, so that you won’t have to rush around and find the courses in December, when many CPE/CE courses have limited options (because so many people wait until the last minute to do it!)

Those are the finance tips for November. Let me know if you’ve done any of these already, and how that worked out for you, in the comments below. Take care!

Weathering Tough Times – Financial Advice

Happy Tuesday, friends! I thought this post would be ready by last Friday, but COVID-19 seized my home, and every project I had was delayed. My apologies for the premature posting!

However, I’m feeling better after a weekend of rest and intense self-care. And now, I can share this great information that I got from one of my new contacts, Lawrence V. Roberts.

Lawrence is a financial advisor for New York Life, and he has kindly shared with me an easy checklist for ensuring that you cover your financial bases. Below, you can see the tips that he provided.

The takeaways from the list that Lawrence provided all speak to one thing: preparation can take care of a lot of things, but you can’t control all of life’s curve balls. So, having consultants can help tremendously in helping you to pivot when you hit a rough patch. There are as many strategies as there are consultants available to assist you, but reviewing this list can help you identify the “holes” in your strategy, and which things you can address, as well as what things you can outsource to a consultant.

If you’re interested in Lawrence’s services, you can reach out to him using the information shown on the flyer. He can help you with planning and preparing for emergencies, especially when it comes to life insurance options. Insurance is KEY for protecting your income in case of emergency and unexpected events.

I’ll be back in a few days to go over some more tips and strategies that I hope you will be helpful to you all. I’m currently researching a few things related to the metaverse, NFTs, and other developments in the digital space. So look out for that soon!