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What Will You Start This Year?

What Will You Start This Year?

March 15, 2024

What will you give up this year?

This time of year, the question is often asked, “What do you plan to give up?”  Many will give up chocolate or change a negative pattern.  Others will begin a positive one.  You may start a weight loss plan or join a gym.  Steak and burgers will become Friday Fish and every major store will send away the chocolate hearts to put marshmallow bunnies on the shelves.  To many, the month of March represents a period of Lent, a time where millions focus on “giving up something.”  At this time of year, I challenge you to take a moment to find something to start versus to stop.

Last Sunday, after church, my six-year-old son asked me a question.  He asked, “Daddy, what does Lent mean?”  Now, this may seem like a strange start to an article written by a financial professional.  I, like most fathers, pondered the answer to think of a way to explain the true meaning in a way for him to understand it.  “Well, Son, Lent is a time where many people give up something for a while…or start something new?”  I proceeded to give many examples to him with the notion that he would understand either the religious message or good boy at home and school message.  Ultimately, I was looking for the “father advisor” way to help him understand that this may be a good time of year to do something different.

What will you start this year?

March also brings the newness of Spring.  Let me put my Financial Advisor hat back on.  Have you planned time to reflect on what you should avoid or start doing more of?  Here are a few topics that we discuss with our clients this time of year:

  • Consider starting a ROTH IRA or funding your current ROTH
  • Evaluate life insurance for your family’s best interest
  • Get your Legal Will completed or updated – tomorrow isn’t certain for any of us, but the legacy you leave is still within your control
  • Have the Long-Term Care “Plan” discussion – do you have a “plan” for this financial and emotion transition
  • Update your beneficiaries – you won’t regret knowing it is right
  • Start a 529 Plan for a grandchild – the gift of a college education will not be forgotten
  • Plan a long overdue family vacation – build memories that will live on past any of us                                                                                                                                                                                                                                                                                                                                                                                    

    We all share the same human fault…why do today what we can put off until tomorrow.  And that is not wrong.  So, what did my son vow to do for the next 40 days?  He said that he would do a better job of not picking on his little brother.  I told him, “That sounds like a good plan, buddy.” 

    Are you planning to retire this year?  Have you wanted to understand more about Social Security or Medicare?  How about the ever-changing tax code and how it may affect your spending power in the next couple years, or maybe, you’re concerned about interest rates; will they ever come back down?  Instead of “giving up” on these concerns, set a time to sit down with your Financial Advisor over these next 40 days.  You won’t regret it.


Blessings!

Dan