Financial Clean-Up: Add It to Your Cleaning List

Summer is known as the clean-up season in our house of five. We rearrange the garage and try to get in every opportunity to enjoy the Michigan outdoors. It’s also a good time for an annual review or clean-up of your finances. Consider the following areas in your own financial clean up:

  • Cash flow management: Review budget, determine emergency cash reserves, address debt management.
  • Risk management: Review health, life, disability, property and liability coverages.
  • Income tax: Are you taking advantage of all strategies to keep your income tax burden to the lowest level legally possible?
  • Education: Have you begun a systematic investment plan? Are you using a tax-advantaged vehicle such as a 529 or Coverdell Education account?
  • Retirement: Evaluate your current plans to accumulate the resources necessary.
  • Estate planning: Have you named a guardian for your children? Have you made arrangements to pass your assets to your children at appropriate ages?

– Timothy Wyman, CFP®, JD

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