It's about that time: Mid-year financial checkup

It's about that time: Mid-year financial checkup

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1. Rebalance your portfolio
 - Move gains into lagging sectors, which allows you to sell high & buy low
 - It also keeps your risk constant. Otherwise it would increase with age and bubbles could form
 - Mark – Large US run-up

2. Review those retirement contributions
 - If your company's fiscal year end 6/30 and/or you've gotten a raise increase the percentage or dollar amount. Penny saved is a penny earned.
 - This is especially important to teachers where the start of the new year coinciding with the start of school

3. Adjust tax withholding
 - Have a new addition? Time to look at withholding and change the number of dependents
 - Did you get a large refund or have to pay a significant amount? Change the withholding so you don't land in the same boat next April

4. Look at legal documents
 - Will gathering dust? Brush it off and make sure it still would apply especially if there has been a birth or death in the family.
 - Remember that accounts with beneficiaries are not impacted by changing your will. Make sure the money still goes where you want it to

5. Check the budget
 - If you've made a budget, look at statements to see how well you stuck to your plan.
 - Review your MSA and FSA accounts is applicable. Remember, FSAs are use-it-or-lose-it.
 - Christmas is right around the corner so start saving now if funds are tight. You don't want to be scrambling in December or trying to pay off those credit cards in January.

1.          Rebalance your portfolio

a.       Move gains into lagging sectors, which allows you to sell high & buy low

b.      It also keeps your risk constant. Otherwise it would increase with age and bubbles could form

c.       Mark – Large US run-up

2.          Review those retirement contributions

a.       If your company's fiscal year end 6/30 and/or you've gotten a raise increase the percentage or dollar amount. Penny saved is a penny earned.

b.      This is especially important to teachers where the start of the new year coinciding with the start of school

3.          Adjust tax withholding

a.       Have a new addition? Time to look at withholding and change the number of dependents

b.      Did you get a large refund or have to pay a significant amount? Change the withholding so you don't land in the same boat next April

4.          Look at legal documents

a.       Will gathering dust? Brush it off and make sure it still would apply especially if there has been a birth or death in the family.

b.      Remember that accounts with beneficiaries are not impacted by changing your will. Make sure the money still goes where you want it to

5.          Check the budget

a.       If you've made a budget, look at statements to see how well you stuck to your plan.

b.      Review your MSA and FSA accounts is applicable. Remember, FSAs are use-it-or-lose-it.

c.       Christmas is right around the corner so start saving now if funds are tight. You don't want to be scrambling in December or trying to pay off those credit cards in January. 

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