The end of the year is a busy time with a variety of commitments pulling us in different directions. In between those things we have to do and those we want to, it’s important to set aside some time to review our finances and the status of our investments. Most investors have a general idea how the year has gone for them, but knowing how much up or down their bottom line has moved in the past year does nothing to help make the new year a better one. To give yourself the best opportunity to have a successful financial 2020, complete this investor checklist in 2019.

Review your investments

Your asset allocation may have changed during the year due to outperforming or underperforming assets. Are you satisfied with your current allocation of stocks, bonds, real estate and other assets? It’s prudent to be sure your current allocation continues to meet your investment goals, timelines and risk tolerance. This is also a good time to take note of any capital gains or losses for the closing year.

Review your tax situation

If you have investments that have lost money, you may be able to offset other capital gains and reduce your total tax liability. If the past year included a major life event, such as marriage or the birth of a child, it will be necessary to consider changing your withholding allowances. If your income is likely to be significantly higher or lower in the coming year, it may be possible to defer anticipated losses or income. 

Review your insurance

It can be counterproductive to increase the value of your assets if you leave yourself exposed to potentially costly payouts. Review your current policies and be sure your current coverage is sufficient.  

Review your debt

While the long-term goal is to be debt-free, managing debt until that ideal can be achieved is an important component of your financial health. Be sure the products you are using are adequately serving your needs, and maintain a good balance among the goals of saving, investing and paying down debt.

Review your personal goals

It’s always good to look in the mirror regularly and see how you’re doing with your personal budget expenditures and the amount of money you are putting aside for investments. Be objective and make adjustments where appropriate.

Everyone’s situation is unique. Some will have more to consider, while others may be able to use a more streamlined approach. Spinnaker Investment Group can assist any investor in achieving their individual goals with as little stress as possible. Contact us today to get started.

Disclosure

The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Opinions expressed herein are subject to change without notice.