Start the new year with a different approach. We usually start the new year with resolutions (that fall by the wayside in less than 30 days).

How about starting the new year picking low hanging fruit?

Start by checking in with your financial advisor.

Check on the progress of your 401(k) (IRA or Keogh) and make sure you’re at least hitting the minimum contribution for company matching. 

If you haven’t hit the maximum contributions allowed by the IRS, what I’ve done in the past was increase the contribution by 1-2%. Then, when salary increases hit, I would increase the 401(k) contributions by the salary increase percentage. Then 6 months later I would increase it by 1%. 

If life happens and you have to scale it back, start all over again with the 1-2%.

Company pensions are not as common as they used to be. But did you know that you can create your own pension through what’s called an annuity? You create it and you own it so it is not ever tied to a job – meaning, it’s portable.

If your company is publicly traded, you might be able to purchase shares directly through your paycheck. A lot of companies will let you buy shares at a discount from where the stock is traded which would give you an instant profit. 

Check with your HR/Financial Advisor for the items that are best suited for you.

My life has been one long financial journey filled with adventure. I’ve recently retired early and I now use lessons learned from those lived experiences to teach financial literacy to the youth, young adults, and the mothers who raise them.

Financial Literacy: Monk Says…Learn The Game

Monksays.com