Money Moves 2020

As the end of the year comes to an end, you should prioritize overviewing your financials. This can bring future savings and bigger investments. This month is the last time to make money moves for the current 2020 year, as much as everyone would like to get past this year, it is important to get a close look for your financials and make the right moves for this year.

Put Savings to Work: There might be a chance that you are keeping too much cash, if you are getting paid a high salary or have extra money the bank, there are some ways you can put this money to work.

  • Invest cash using a brokerage account

  • Max out contributions to a 401 (k), 403 (b), or IRA

  • Refinance your Mortgage

  • Pay down student loans

Review Benefit Elections and Contributions: This is a good time to evaluate your health and life insurance, as well as paid benefits you might have.

Diversify and Relocate Investments: this time of the year might be a good time to do tax-loss harvesting which is the process of selling an investment that has lost value. Something else to consider might be rebalancing your accounts which is the process of buying and selling part of the investments to get back to the original investment mix.

There are several things you can do to manage your money and put it int he right places before the year ends, the list can go on about how to put your savings to work, it will vary case by case how you want to manage your money.

To read the full article click on the link below:

Year-End Financial Checklist: 4 Money Moves You should Prioritize Now

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