{"id":255,"date":"2025-02-20T20:28:41","date_gmt":"2025-02-21T01:28:41","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=255"},"modified":"2024-12-23T18:03:51","modified_gmt":"2024-12-23T23:03:51","slug":"action-items-for-the-new-year","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=255","title":{"rendered":"Action Items for the New Year"},"content":{"rendered":"

I wrote this blog two years ago as a means of encouraging readers to prepare for the New Year.\u00a0 Well, two years later, this message is still relevant as the times have not changed much from the prior years. Therefore, this message bears repeating. As 2010 draws to a close, many are hopeful for significant changes in 2011.\u00a0 Among these is a better economic outlook.\u00a0 But what can you do now to make way for a better economic outlook?<\/p>\n

    \n
  1. Keep enough cash available<\/span><\/strong>.\u00a0 I can\u2019t stress this enough.\u00a0 This year has been a record year for layoffs.\u00a0 Even if you\u2019re not in danger of losing your job, it is still imperative to keep enough cash on hand.\u00a0 Financial experts recommend having enough cash on hand to cover between 6 and 9 months of living expenses.\u00a0<\/li>\n
  2. Diversify your investment portfolio<\/span><\/strong>. In order to have a well diversified investment portfolio, it is critical that one purchase stock in both U.S. and international companies.\u00a0\u00a0 Another way to diversity is to purchase investments in large and small companies or fixed income and stocks.\u00a0 A financial advisor can show you how to properly diversity your investments.<\/li>\n
  3. Continue to live below your means.<\/span><\/strong>\u00a0 This one is self explanatory. At least I hope it is.\u00a0 Living below your means does not mean depriving yourself of the good things in life.\u00a0 It basically encompasses making wiser choices about everyday purchases.\u00a0 It\u2019s about distinguishing between wants and needs.<\/li>\n
  4. Pay off expensive debts<\/span><\/strong>.\u00a0 Basically what this means is paying off those high interest rate credit cards.\u00a0 If you\u2019re having difficulty, your accountant or financial advisor can assist you with coming up with a plan.\u00a0 Another option is to contact the credit card company directly and ask them to lower your interest rate.<\/li>\n
  5. Review your credit report.<\/span><\/strong> This is a high priority especially if you are considering refinancing your mortgage.\u00a0 Mortgage rates are at an all time low.\u00a0 Even if you are not planning on refinancing, reviewing your credit report on a quarterly or annual basis is a good habit to create.\u00a0 Check out www.annualcreditreport.com<\/a> for more information on how to obtain a free copy of your credit report.<\/li>\n
  6. Create a budget and stick to it.<\/span><\/strong> Even though I listed this topic last, it does not mean that it is the least important.\u00a0 As I mentioned in a previous blog, budgets build discipline.\u00a0 I always encourage everyone to create one.\u00a0 Not only will you see where your money is going, you will also see how much you have left for savings.\u00a0 If you need help creating and sticking to a budget, be sure to reach out to your accountant or financial professional.<\/li>\n<\/ol>\n

    With that being said, I wish you all a Happy Holiday Season and a Prosperous 2011!<\/p>\n","protected":false},"excerpt":{"rendered":"

    I wrote this blog two years ago as a means of encouraging readers to prepare for the New Year.\u00a0 Well, two years later, this message is still relevant as the times have not changed much from the prior years. Therefore, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,29,40,41,4],"tags":[13,23,46,6],"class_list":["post-255","post","type-post","status-publish","format-standard","hentry","category-credit-cards","category-education","category-investing","category-personal-finance","category-savings","tag-credit-report","tag-debt-management","tag-education","tag-personal-finance"],"_links":{"self":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=255"}],"version-history":[{"count":1,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/255\/revisions"}],"predecessor-version":[{"id":256,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/255\/revisions\/256"}],"wp:attachment":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}