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To help you and your family make all the right money moves for 2018, financial planner Lex Byers offers 3 key tips that could help you grow your 401(k), avoid financial ruin and adjust to the new tax rules signed into law by President Trump.
LAS VEGAS, NEVADA - "In the ever changing financial planning landscape, getting ahead financially is tough unless you set up a plan and stick to it," says Lex Byers, a financial planner in Las Vegas. "Doing an annual financial check-up," he stresses, "is only worthwhile if you use it as a jumping off point to build good habits." To help you and your family make all the right money moves for 2018, Lex offers these 3 key tips that could help you grow your 401(k), avoid financial ruin and adjust to the new tax rules signed into law by President Trump.
Tip #1 - Insurance may not be sexy, but it is the foundation of any financial plan.
Insurance protects people from catastrophic losses that can wipe them out. So January's the perfect time to make sure your family has enough life insurance to pay for the kids' college, keep current on the mortgage and fund other living costs in the event you or another breadwinner in the family dies, causing a loss of income. "Check all of your insurance coverage," especially if your life has undergone changes, such as having a child," advises Lex Byers.
That means making sure your house, car, health and life is adequately insured against events that could put your family in financial peril. Other basics not to overlook are making sure your will and estate plan are updated and all your financial accounts have the proper beneficiaries.
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