13 Financial New Year’s Resolutions for 2022

As another challenging year comes to a close, it’s time to put on your optimism hat and envision a better 2022 in which the pandemic transitions to an endemic. A year in which workplaces begin to resemble a steady state of the new normal and not a single NCAA bowl game is canceled..

Alas, much of this is beyond your control, but there are a number of things that you can control, and choosing at least one of the following 13 ideas below will go a long way toward putting you in a better financial position by this time next year.

#1. Calculate Your Net Worth

This is a great place to start. If you want to set financial goals for yourself, it helps to know where you’re at, first.

Again, we’re just wanting to determine where we’re at. What do we own? In which accounts? How are these investments performing?

#2. Track Your Portfolio

#3. Track Your Spending & Consider a Budget

Once again, if you want to know how you’re doing financially, you need to keep track somehow. Since spending is a key component of both your savings rate and your required nest egg to consider yourself financially independent, it’s important to know how much you spend on a monthly and yearly basis.

#4. Write an Investor Policy Statement

Start with a desired asset allocation. List the accounts you’ll be investing in. You can build it out from there.

#5. Increase Your Savings Rate

When physicians ask how much they should be saving annually, I generally recommend they try to live on half their takehome pay. In other words, save and invest as much as you spend.

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