Financial Planning Tips to Help You Prepare For The End of The Year (#108)

Financial Advisors Say The Darndest Things

Episode Summary: In this episode of "Financial Advisors Say the Darnedest Things," AB Ridgeway, aka Mr. Christian Finance, delves into the importance of reflecting on the year's financial goals, offering practical advice on financial planning, debt management, retirement contributions, and beneficiary designation. Drawing parallels from biblical narratives, Ridgeway emphasizes the significance of aligning financial decisions with spiritual principles.

Key Takeaways:

1. Reflecting on Financial Goals: Ridgeway underscores the importance of reflecting on past financial decisions to recalibrate goals for the upcoming year. By taking stock of achievements and shortcomings, individuals can align their financial plans with their values and aspirations.
2. Practical Financial Planning: He advocates for the creation or review of financial plans, emphasizing the need for flexibility to accommodate life's uncertainties. Ridgeway highlights the impact of external factors like inflation and market fluctuations on financial projections, urging listeners to adjust their expectations accordingly.
3. Debt Management Strategies: Ridgeway stresses the inclusion of debt management strategies in financial plans, encouraging listeners to prioritize debt repayment and avoid accruing additional debt. He illustrates the potential savings from reducing debt balances, emphasizing the long-term benefits of debt reduction.
4. Retirement Contributions: Ridgeway advises making annual contributions to retirement accounts, regardless of eligibility for tax deductions. He recommends consulting with tax professionals to determine contribution limits and tax benefits, emphasizing the importance of long-term retirement savings.
5. Beneficiary Designation: Drawing from the biblical story of Isaac, Esau, and Jacob, Ridgeway highlights the importance of updating beneficiary designations to ensure assets are distributed according to intentions. He underscores the need for vigilance in verifying and confirming beneficiary details to avoid potential conflicts.

Quotes:

1. "Reflecting on your year allows you to be grateful for the time God has given you and to create a life you'll be happy living."
2. "At the core of all conflict is unexpressed expectations. Aligning financial plans with realistic expectations is key."
3. "Just because you sent it in doesn't mean it's complete. Follow up and ensure your beneficiaries are accurately designated."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Article Referenced:

https://finance.yahoo.com/news/end-financial-planning-checklist-170922478.html