30 Days to a Wealthier Me Recap

In case you missed it, January on my LinkedIn and Instagram page were focused on sharing tips, financial updates, inspiration and more to be the wealthiest versions of ourselves this year.

But don’t worry here is the quick recap of what you missed:

1.What is your number one financial goal of 2024? 

2.What are you willing to do to make your dream a reality? 

3.Debunking a myth around 401ks v IRAs: 

-Roth IRAs have income contribution limits but Roth 401ks do not  

4.What is your word of the year?  

-Need help with finding the right word? Think back to your biggest financial goal of the year  

5. Here are the 2024 retirement contribution limits: 

Traditional IRA: $7,000; age 50+ catchup contribution of $1,000   

Roth IRA: $7,000; age 50+ catchup contribution of $1,000   

401k: $23,000; age 50+ catchup contribution of $7,500   

SEP IRA: $69,000 

6. 1-2 times a month comb through your credit card and bank statements to make sure there is no fraud or suspicious activity 

7. Talking about life after we are no longer here is difficult but what happens if we change the narrative and talk about the legacy that we can leave behind 

8.The number one question that I am asked as a financial advisor is: “How does my salary and net worth compare to your other clients?” 

9.Stay away from the “no spend month” trends that have gained popularity on social media

10.Spend money on the things that help move you closer toward living the life of your dreams 

11.Use estate & financial planning to empower you rather than seeing it as this difficult conversation to avoid and hide from  

12. “Whatever the problem, be part of the solution. Don’t just sit around raising questions and pointing out obstacles.” — Tina Fey 

13.This year I am focusing on celebrating the journey and the small wins along the way. What are a few ways you plan to celebrate the small wins? 

14.“Faith is taking the first step even when you don’t see the whole staircase”- Martin Luther King Jr. 

15. Here’s how I manage my financial check-ins as a Financial Advisor 

-I do a financial check-in at the start of every month 

-This means I don’t check how my investments performed at the end of every day 

-I do check my statements as they come in the mail each month to look for unfamiliar charges 

-I then take those statements at the start of each month and use that data to asses my overall finances

I focus on my overall net worth 

-Net worth= assets- liabilities 

-Based on how my net worth changed I look to see how both my assets and liabilities changed 

What caused this change? 

-When I see a change in net worth I always want to understand why 

-Was there a rally in the markets? Did I spend more last month than I usually would? Did I make a contribution to one of my retirement accounts?

16. Defining risk tolerance: How will you react when the markets are down and are you willing to wait out those down markets for the potential upside 

17.What can you ask for when I monetary raise isn’t on the table this year? 

-More time off  -A higher title  -Company stock or equity  -flexibility around your work hours  -flexibility around where you work from 

18.What is The Great Wealth Transfer? With the gradual passing of the Silent Generation massive amounts of wealth are being transferred to the Baby Boomers and Millennials 

19. CD Rates in 2024 & my USA Today Feature- CD rates have become lucrative over the last year but make sure you fully understand any penalties should you want to cash out a CD early and access the funds  

20.The real reason you need to save for retirement- even if you don’t plan to retire, at some point we get sick, our bodies slow down, and we become physically unable to work  

21.Who is going to take care of you when you no longer can? And have you told this person/ those people that are going to be your future caretakers? 

22.How do you feel about tipping culture in the U.S.? Because of inflation a lot of businesses that typically didn’t ask for tips in the past are now swinging around that iPad and asking you to leave 18, 20, or even 25 percent 

23.A Quote from Rich AF by Vivian Tu, “You can spend your money on anything but not on everything” 

24. Pay yourself first. Which means make sure you put money into savings, retirement, and the market BEFORE you pay all of your other bills  

25.”Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver”- Ayn Rand 

26.Did you rollover a 401k in 2023? Keep any eye out for a 1099-R from your old plan administrator that you will need come tax time. It might not have been a taxable event, but you will still receive this form  

27.Make sure you update your beneficiaries especially if you had a big life event over the last 12-months (marriages, divorces, death, etc.) 

28.Make sure your financial team (accountant, estate attorney, insurance broker, financial advisor) is advocating for your best interests  

29. Work with your financial team to build a financial plan that will help you make your dream life a reality  

30.3 reasons why you need a financial advisor  

1. Get more time back in your life- know that you have an advisor/ financial team that is taking managing your finances off your plate so you can spend your life enjoying those hard-earned dollars    

2. Having a customized plan- the right financial advisor for you should be building you a plan customized to your goals, needs, and desired lifestyle    

3. Expert financial knowledge- your financial advisor should be pointing out any gaps, pitfalls, or extra risk in your financials. They should also be bringing solutions and options to you to help you build and maximize your wealth in a way that gets you closer to achieving your financial goals