5) SELF-EMPLOYED? Make sure you have disability insurance. It is one of the most important decisions you can make! One in five persons have a chance of become disabled. If you get hurt, no one is looking out for you. Check out www.workingtoday.org for their incredible disability policy.
6) CHECK UP ON YOUR MUTUAL FUNDS. With everything that is going on in the mutual fund industry today, a checkup on your funds is essential. Look them up on www.morningstar.com. Have they changed their objective in the last year? If yes, do some further digging. How have your funds performed compared to similar funds? If the answers are worse, check it out further.
7) DIVERSIFY, DIVERSIFY, DIVERSIFY. If you want your money in 20 years or more (i.e. retirement), make sure your investments are spread out among Large-Cap, Small-Cap, Growth, Value, International and Bonds. For shorter-term goals, make sure you aren’t taking on too much risk.
8) SAVING FOR COLLEGE. If you haven’t already, setup a 529 fund to help save more money for your child’s college education. The tax-free benefits will help you save more money for their education. To find out more information about your state’s fund, visit www.savingforcollege.com.
9) DO YOU HAVE A WILL? I keep mentioning this to clients. If you have any savings or investments or even any material possession you would like to pass on, you need a will. To save some money, buy a will kit at nolo.com or Staples.
10) TAKE A CLASS. Get that extra help you need. Take a class to motivate learning more about your finances. In addition to the practical information, you will feel motivated by the other people in the room wanting to take charge of their finances as well!
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