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Is It Time To Revamp Your Finances? Thumbnail

Is It Time To Revamp Your Finances?

Is It Time To Revamp Your Finances?

As many of you know, I recently went on a wonderful vacation to Kauai with my family.  We witnessed breathtaking sunrises and sunsets, went mountain tubing, and as you will see in the photo above, had loads of fun on a sunset cruise.  I am very grateful to have been able to spend this time with my family in such a beautiful setting.  It inspires me to think about the importance of making time for the people and things that matter most in our lives.  I returned home just after the New Year…and my thoughts turned to new beginnings and opportunities.

January is a fitting time to think about from where we have come and where we are headed.  Moreover, it’s an opportune time to set realistic goals, including those related to our personal finances.

The following are some thoughts for your consideration as we embark upon the New Year.

Goal Setting

  • Start by reviewing both your short-term and long-term goals.
  • What concrete/measurable progress have you made towards accomplishing them?
  • Do your goals still inspire you?  If not, ask yourself…what has changed?  
  • Are your goals still relevant to your current circumstances?  If your answer is no, it would prove beneficial to re-assess them.  You may need to tweak your goals or even identify new, more realistic ones.
  • What do you need to do this year (perhaps differently from 2021) to move closer towards achieving your goals?

Review Your Expenses

  • Do you track your expenses on a regular basis?
  • How often do you balance your Checking Account?
  • How often do you check your credit card invoices to ensure you are being billed correctly?  You may discover that some charges are on auto-pay and that you no longer use those products/services.
  • As part of our financial planning/investment management services, Dorsey Wealth Management provides you with a secure Client Portal.  You are able to link your bank accounts/debit cards and credit cards through the Portal as a way to monitor your spending more easily.

Estate Planning

  • In its simplest terms, estate planning entails having a plan in place in which you name the people and/or organizations you want to receive the things you own after you die.
  • Do you have an Estate Plan (including a Legal Trust and Last Will & Testament)?   When was the last time that you reviewed it?  Does it consider the changes that have occurred in your life since it was first executed?  That is, does it accurately reflect how you presently feel in terms of bequeathing your assets and personal possessions to those persons/organizations that you care about most?
  • Have you designated a Power of Attorney agent?
  • Do you have a Healthcare Proxy?  Is Your Living Will clear in the event of a medical emergency?
  • Have you named guardians for your minor children and/or dependents?
  • Have you designated beneficiaries on your financial accounts?  Are these beneficiary designations still relevant or are changes warranted?

All of the above topics and questions are posed to stimulate your thinking…and to aid you in setting practical goals that add meaning and richness to your life.  If you would like to discuss any of these in more depth, please let me know.  I’m pleased to include them in our next review meeting.

Best Wishes for a Positive and Productive 2022.

Angela Dorsey

About Angela

Angela Dorsey is the founder and fiduciary wealth manager at Dorsey Wealth Management, a fee-only financial planning firm helping successful women and couples prepare for retirement. Angela earned a BS in computer science from Loyola Marymount University, an MBA from UCLA Anderson School of Management, and spent 20 years as a Senior Compensation Specialist in large corporations before becoming a Certified Financial Planner™ (CFP®) and a Registered Investment Advisor (RIA). That background gave her the tools to couple with her passion for empowering women to make the best financial decisions possible. Angela lives in Torrance, California, with her husband and two children. She enjoys spending time at the beach or surrounded by nature. To learn more about Angela, connect with her on LinkedIn.

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