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5 Tips to Tidy Up Your Finances

Thursday, July 2nd, 2020 | Uncategorized | No Comments

By Yvonne Marsh, CFP®, CPA

I think we can all admit that the health pandemic and the incredible resulting economic shocks have given all of us pause, to think about our place in the world and how secure we really are – whether in our finances or in our good health.  But good things can come from that kind of wake-up call, including the awareness that it might be time to do a little sprucing up in the area of your family’s finances. Here are five tips to get you started:

1. Take a look at your credit card statement and decide whether you’re really using all of those monthly subscription services that are so easy to sign up for.  And how about that expensive cable or satellite bill?  We cut ours from $140/month to $60/month, and that feels really good.

2. If you noticed that you were spending a lot less on expensive restaurants and fancy coffee, be deliberate in continuing to save that new-found source of money.  Invest $100/week for 10 years earning an average of 5%, and you’ll have a cool $67,425.

3. It’s time to review your legal planning, no matter how old you are.  A will is important, yes, but so is a financial power of attorney, which allows a trusted person to manage your finances if you’re incapacitated.  No one (not even your spouse) can access your individually-owned IRA or 401(k) without a power of attorney.  And don’t forget about healthcare directives, too. Let’s make life easy for our loved ones if anything ever happens to us.

4. Check your IRA and 401(k) beneficiary designations.  Keep in mind that beneficiary designation forms override the terms of your will. And if your beneficiary forms are blank or incorrectly completed, your account will go through your estate and probate process. This triggers critical tax consequences, and those accounts can be claimed by your creditors.

5. If the pandemic triggered some thoughts of “What would my family do if something happened to me?”, it’s time to look at your life insurance and your disability insurance.  If the results are reassuring and your family is protected, that’s great news.  If it unnerved you, then it’s time to take action.

Personally, I took some time to review my family’s finances, and I found a few items to tidy up; I’ll bet you will, too.  Call, email, or contact me on our website if you’d like to learn more.

Marsh Wealth Management, LLC
Fiduciary Registered Investment Advisors
504 Ebenezer Road
Knoxville, TN 37923

Financial Planning & Investment Advisory Services are offered through Marsh Wealth Management, LLC (“MWM”), an independent investment advisor registered with the state of Tennessee. Yvonne Marsh is an Investment Advisor Representative of MWM in the state of Tennessee. Marsh Professional Group, LLC is a TN registered public accounting firm and a separate legal entity from MWM. For a detailed discussion of MWM and their investment advisory fees, see the firm’s Form ADV on file with the SEC at www.adviserinfo.sec.gov.

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