Episode 106 7 Financial Tips to Start 2023 on the Right Track

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What better time to set the year on the right track than today? The beginning of the year is a great time to create a financial plan for the future and review key documents you need to make sure you are setting yourself and your family up for success. I am excited to share with you actionable steps you can take today to start 2023 on the right track when it comes to your finances.

In this episode, I discuss:
  • Seven (7) things you should do to start the year right including:
    • Creating or updating your estate plan
    • Reviewing your life insurance policies
    • Reviewing 2022 financial results compared to your goals
    • Writing down 3 to 5 financial goals for this year
  • Will, Trust, Pour-over will…
  • Key elements to include in estate plan
  • Passive income vs. active income
  • Life insurance policy as a protection for your loved ones and as a tax optimization strategy for the wealthy

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  • Review the previous year to determine what worked and what you can improve on [00:40]
  • Write down financial goals [1:49]
  • Review beneficiaries  [3:09]
  • Life insurance outside of your job. [7:29]
  • Creating more income streams, preferably passive income. [9:42]
  • Increase your credit limit if you have a good credit standing. [10:56]
  • Several options to automate investments in different vehicles or streams. [11:44]
  • “I learned to simplify things. I still believe in budgeting, but now I like to set high-level goals.” – Anne-Lyse Wealth
  • “When goals are too broad, it’s easy to lose track of them, right? When we don’t set a specific time, then we have no rush.” – Anne-Lyse Wealth
  • “Having an estate  plan to prepare for the worst is a gift to your loved ones.“ – Anne-Lyse Wealth
  • “I would just say don’t treat insurance as an investment.” – Anne-Lyse Wealth
  • “We want to eventually make more in passive income and make less in active income so we can reduce our tax burden, but also have more time to enjoy life.” – Anne-Lyse Wealth
  • “Most people don’t know this, but if you currently have a power of attorney in place – if you were to become, God forbid, incapacitated, that would be invalid. You want to have a durable power of attorney so that if something like that were to happen to you where you wouldn’t be able to make certain decisions for yourself, you have someone designated to do that for you.” – Anne-Lyse Wealth
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