Your Annual Wealth Management Checklist

Your Annual Wealth Management Checklist

If you’re like most people with significant assets, you probably engage in wealth management. Whether you have someone do the work for you or you handle all of these aspects yourself, you must conduct a yearly review. That ensures that you are on track to meet your goals. Here is a checklist to help you get through your annual wealth management review. 

Review Your Budget

According to wealth management experts like Frederick Baerenz, you want to reassess your budget every year and ensure your goals and priorities are in order. Before you start, calculate your net worth and see if you are on track. Evaluate whether you have significant cash in your emergency stash or if you need to add more. Prepare your budget for the next year, remembering to take into account things like retirement savings and your emergency stash. 

Review Your Portfolio

Professionals like Fred Baerenz also recommend that you review your investment portfolio and see where you are putting your assets and if aligns with your investing goals. Remember to review your income via investing and take into account, things like taxes on your income. 

Check Your Retirement Savings

If you are older, your retirement savings should be pretty full and you might even be drawing from it. If you are younger, review your contributions to your savings account. If you didn’t hit your yearly goal, try to find some extra money to add to the account. That becomes more important the older you get.

If you have recently retired and are not yet drawing from your retirement savings, see if you are comfortable with that account. No matter your age, make sure you are happy with the beneficiaries listed on your account should something happen to you. 

Being patient when it comes to growing your wealth doesn’t mean not taking action. Even if the market is down, you should still plan for your financial future. Remember to check on your retirement account, do your taxes, stash extra cash, review your budget and take other measures to keep your financial plan as up-to-date as possible. 

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