As we enter the new year, it’s the perfect time to reflect on financial goals and set resolutions. It’s always important to keep an eye on your financial wellbeing, but the new year can bring an enthusiastic perspective to get 2024 started on a good note. At RaeLipskie, we understand the importance of managing your wealth wisely, so we’ve put together a few tips to help you assess and improve your financial health. 

  1. Reflect on the past year 

A great way to start planning for the year ahead is by reflecting on your financial achievements and setbacks from the previous year. By analyzing your spending habits, investment performance, and lifestyle changes, you can pinpoint areas that need attention or successes worth celebrating. 

  1. Reassess your financial goals

Establishing clear financial goals is the foundation of a solid wealth management plan. Reviewing these goals periodically is a crucial step in maintaining your financial health and assessing the progress you’ve made. This also gives you an opportunity to adjust your long- or short-term goals based on any life changes that may have shifted your priorities. The trusted advisors at RaeLipskie can assist in setting realistic financial goals for the year ahead. 

  1. Conduct a financial portfolio checkup 

After reflecting on the past year and readjusting your financial goals as needed, it’s important to ensure your portfolio aligns with your goals. By working with a financial advisor, you can conduct a thorough analysis that will determine opportunities for investment optimization and potential areas of improvement. 

  1. Diversify and strengthen your investment portfolio 

Market conditions are constantly changing and a well-diversified portfolio will allow you to mitigate risk amidst economic fluctuations. The year ahead will likely call for unexpected changes, so maintaining a diverse portfolio will help you spread risk, enhance the potential for returns, and buffer against losses in any single asset class. 

The right time to rebalance your portfolio depends on your unique situation, however the beginning of the new year offers an excellent opportunity to make adjustments as needed as you reflect on its performance in the previous year. 

At RaeLipskie, we are committed to helping you achieve your financial goals and navigate the ever-changing landscape of wealth management. For more financial guidance, talk to one of RaeLipskie’s trusted advisors. Contact us today!