We asked Lifestyle Financial Expert Richard Chew to help us “plan for success” in 2020. Chew is Principal Owner of 1st Capital Insurance Group and has been helping his clients prepare to live the lifestyle they choose for the past 20 years. This month he provides helpful tips that we can apply to achieve our 2020 goals.
Richard Chew’s Top 5 Tips for Planning
In Chicago, snow and cold weather is here and winter expenses have arrived. In FLM October’s issue I provided 5 tips that can help you achieve a successful fourth quarter lifestyle. This month I’d like to drill down on a couple of other planning items that will help you navigate the end of year and launch successfully into 2020!
I recently had a client contact me at the end of October wanting to know what he should do about his 401k allocations heading into 2020. I realized that this is a good time of the year to share my year end checklist, however only want to focus on 5.
1. Sit Down for a 30-Minute Family Report Card
Something that I often suggest is to do a “30-minute family report card.” During this time, you can assess your current financial situation and review the past year. Did you meet your financial goals? Did you pay off the debts that you hoped to? Did you keep within your budget? Answer these questions thoroughly and honestly with your spouse and family. If there are some areas that need improving, commit to making those changes now. There’s no time like the present to get a grip on your finances.
2. Get on a Debt Reduction Diet Today
I know that is a mouthful and you are probably thinking to yourself, “No way! I can’t worry about my debt in the midst of the holiday season!” But now is the best time to go on a debt diet. The credit card debt causes your bottom line to look bad and it’s hurting your financial health. It's time to start cutting it down today.
Richard Chew