2024 End of Year Financial Checklist

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Completing an end-of-year financial checklist is essential for setting yourself up for success in 2025. This process will allow you to review your progress and goals from 2024 while also helping you refresh and enhance your financial plan as you head into the new year.

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Cash Flow Review

Whether you like to budget or not, assessing your spending habits is the essential first step. All financial progress stems from spending less than you make. If you consistently budget, this is the time to figure out what worked well and what needs to be changed. Think about these questions as you forecast for next year.

• How will household income change in 2025?

• What significant expenses am I anticipating in the coming year that I can plan for?

• Am I saving and investing enough of my income?

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Prepare for Tax Season

Much of your tax planning will have to wait until next year, but getting a few items in order can be helpful before tax season. You can collect business expenses, charitable giving receipts, childcare expenses, and other tax-deductible items.

The final piece of preparation for tax season would be to decide how you plan to prepare your taxes. You could do it yourself or hire it out. There is no wrong way to go about it, but now is the time to reach out and find a good CPA that you can work with to optimize your tax situation.

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Max Out Your Contributions

The end of the year is the perfect time to review your annual contributions to your retirement accounts. In 2024, employer-sponsored plans such as 401(k), 403(b), or 457 allow you to contribute up to $23,000. It's important to note that this amount does not include any employer match. If you are 50 years old or older, you are eligible for a "catch-up" contribution, allowing for an extra $7,500 of contributions. This raises your total maximum contribution to $30,500 for the year.

The contribution limit for individual retirement accounts (IRAs) in 2024 is $7,000, with a $1,000 catch-up contribution available for those 50 or older.

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Review Your Investments

If you have a financial advisor, they should have scheduled a year-end planning meeting by now. 

If you manage your investments independently, this is an excellent time to review your strategy, assess your performance, and rebalance your portfolio. If you feel it's time to seek professional help, consider finding a fiduciary advisor who prioritizes your best interests.

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Consider a Roth Conversion

Roth conversions involve transferring pre-tax dollars into a Roth account, which will then grow tax-free. This approach can be great for someone nearing retirement with much of their wealth in pre-tax accounts. It can also benefit young professionals with plenty of time for the investment to grow. However, this only makes sense for some, so consult a financial professional to weigh the pros and cons of this option.

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Open Enrollment

Open enrollment occurs at different times of the year and is dictated by your employer. It is most commonly presented around early November and allows you to review or change employee benefits options. 

This is an excellent time to ensure you get the best insurance plan value. You and your spouse may even qualify for additional plans, such as term life insurance or disability coverage, at little to no cost.

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Confirm Beneficiaries

While this does not change often, it is necessary to ensure that it is up to date. Here are some accounts that should have a beneficiary associated with them. 

• Retirement/Investment Accounts (401k, 403b, 457, and IRAs)

• Bank Accounts

• Life Insurance Policies

Properly assigning beneficiaries can help you have peace of mind that your loved ones will be cared for. 

This checklist can help you clearly assess your financial situation and prepare for success in 2025.

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References

https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000

Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Is Your Pension Truly Guaranteed

Is Your Pension Truly Guaranteed? Let's Dive In.

Imagine this: You've just graduated from the academy, landed your first gig as a law enforcement officer, signed up for the Defined Benefit Plan (aka Pension), and now picture yourself retiring on a beach, enjoying life while your friends are still grinding away.

Sounds idyllic, right?

But, is it possible that your pension, the safety net you're banking on after years of hard work, time, and money, might not be as secure as you think? Let's dig into it.

The US Department of Labor defines a Pension (aka Defined Benefit Plan) as a plan that promises a specific monthly benefit at retirement. While the word "promised" is used twice, there's a catch — "within certain limitations." What exactly does that mean?

In a 2011 article from Police Magazine, Melanie Basich explains that pension funds come from employee contributions, employer contributions, and return on investments. Employee contributions deducted from your paycheck, check. The office contributes, check. Now, watch that money grow together, envisioning retirement and those margaritas. Right?

However, stories have surfaced about mismanaged pension programs, risky moves, and uncertain pension payments. A 2019 article by Endres M warns that a police officer's "guaranteed" pension can face hidden mismanagement practices, political interference, and the risk of benefit cuts to solve underfunding problems.

On the flip side, Joan Hill, in a 2022 article on Police1.com, presents a powerful simulation example showcasing the potential of a pension. Using an assumption of a $82,000 per year pension for a 60-year-old retiree, the calculated value of the pension is staggering — $1,623,600 to live on for the rest of their life.

You'd need substantial retirement contributions, a long-term commitment, and a good return to match that cushion. For instance, investing $20,000 a year for 25 years with an expected 8% return results in just shy of $1.6 million. In comparison, many pension plans require contributions between 5-10% of your salary each year, varying by department. However, the term "guaranteed" in the financial world is a red flag.

You might be skeptical, thinking, "No way am I signing up for a pension only to have someone else spend my hard-earned money or worse, watch it disappear!" But hold on. As a Fiduciary Financial Advisor, my role is to evaluate the entire equation and guide you toward the best move. Maybe that means maxing out a Roth IRA, considering a term life insurance policy, or diversifying investments. Pensions can be fantastic, but relying solely on one is akin to putting all your eggs in one basket. Explore ways to diversify and spread out your risk, ensuring that when retirement comes knocking, you're contemplating beach choices, not financial stress.

Sources:

US Department of Labor

https://www.dol.gov/general/topic/retirement/typesofplans

Police Magazine

https://www.policemag.com/patrol/article/15348132/how-safe-is-your-pension

Poice1.com

https://www.police1.com/police-jobs-and-careers/articles/police-pensions-under-tension-gtPUe5x8dXRpiMpM/

Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Financial Goal Setting: 5 Simple Steps for Success

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I want to make my case for why goal setting matters for your financial picture. A study by Gail Matthews at Dominican University showed the benefits of goal setting, specifically the advantages of having written goals with accountability. Feel free to check out the study yourself, but she found that having written goals gave people a 33% higher chance of success compared to those with unwritten goals. Here are 5 steps to help guide you through your financial goal-setting and give you more confidence in your financial plan.

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Step 1: Define Specific Goals

I got my bachelor’s degree in exercise science, and in my program, every class emphasized goal setting. Whether discussing exercise and nutrition or personal finance, achieving a goal must be done with strategy in mind. The strategy I find the most effective in goal setting is called SMART goals. SMART stands for specific, measurable, attainable, relevant, and time-bound. By being specific, you can track progress and know when you’ve achieved your goals. For example, “I am going to invest 5% of my monthly income into a Roth IRA for the next year”.

• Specific: Investing into a Roth IRA

• Measurable: 5% of monthly income

• Attainable: 5% is a manageable contribution

• Relevant: Relevant for someone starting to invest

• Time-bound: The next year

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Step 2: Prioritize Your Goals

The reality is we can’t focus on a bunch of goals at one time. When we try to accomplish too many goals at once, they all suffer, hurting our chance of accomplishing the most important ones. I recommend prioritizing your list of SMART goals down to your top 3. This could be due to urgency or importance. Examples include creating a budget or maxing out your IRA contribution for the year. Jot down all the goals, but don’t set the expectation that you can do them all at once.

If your goal seems too big, break it down into a few smaller goals that will help you see the progress quicker. For example, break down a goal to pay off all debt into paying off credit card debt first, then student loans, and then car loans. This way, you break down a goal that would take 3 years, allowing you to check off one goal each year, making it more manageable.

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Step 3: Create A Plan and Track Progress

Now that you’ve established your SMART goals and broken them down by priority, the rubber can hit the road. There are multiple ways in which this can be done well, so find what works for you and stick with it. Research shows that written goals with accountability give you the highest chance for success. Whether you write your goals in a journal, your phone notes, or an app, the important part is that you do it.

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Step 4: Use Goals to Cultivate Consistency

This point could be summed up if you read the book “Atomic Habits” by James Clear. If you’re interested, I can’t recommend that book enough. Clear makes the point that small habits that are successfully implemented over time lead to major changes. Essentially, it is easier to make three small changes than to make one major change. This is where accountability comes into play. 

If you’re married, you have a built-in accountability partner. One that will likely share the same goals as you. If you’re single, find a trusted friend or family member who can help keep you on track with your goals over time. The beauty of financial goals is that these individual goals often turn into habits that can be automated. In my earlier example of putting 5% of your monthly income into a Roth IRA, by doing this, you build a habit that can be repeated year on year with minimal effort.

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Step 5: Learn from Setbacks and Adjust

News Flash: Setbacks will happen for everyone. Nobody is perfectly consistent, and a lack of consistency will lead to setbacks. I don’t say this to discourage you, but hopefully to encourage you. A setback does not equal failure when it comes to goal setting. By readjusting instead of giving up, you give yourself a chance to still be successful. Your financial life is a constantly changing picture, and your goals should be no different. Having goals in place, even after adjusting for unforeseen circumstances, will still put you in a better position than if you had never set the goals to begin with.

Goal setting is an incredibly important way to implement changes to your financial picture. It is how you intentionally go from getting out of debt to saving for retirement and having a bulletproof retirement plan. The beauty of goal setting is that it benefits everyone from the 18-year-old college student to the 72-year-old retiree and everyone in between. Use these steps to sit down and see the benefits for yourself.

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References

https://www.dominican.edu/sites/default/files/2020-02/gailmatthews-harvard-goals-researchsummary.pdf

https://success.oregonstate.edu/learning/smart-goals#:~:text=In%20general%2C%20SMART%20goals%20are,able%20to%20celebrate%20your%20accomplishment.

Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

MoneyGeek Feature: Average Cost of a Wedding

Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about the “Average Cost of a Wedding”.

Ever wonder why wedding prices seem to skyrocket? From personalized touches to seasonal trends and logistics, there are several factors that can inflate the cost of your big day. Leanne dives into the reasons behind these wedding markups and offers practical tips on how couples can manage their wedding budget without compromising on what matters most.

Discover how to prioritize key elements of your special day while keeping costs under control!

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

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MoneyGeek Feature: Financing Your Wedding

Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about “Financing Your Wedding”.

Are you considering a wedding loan but unsure if it's the right choice? Leanne will guide you through key factors to help you decide, from cash flow to debt-to-income ratio, and how it might affect your future plans like buying a home. Learn about smart ways to maximize a wedding loan if you get one and explore alternative financing options that might surprise you.

Start your marriage on the right financial foot with this comprehensive guide!"

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

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Nourishing Your Body and Bank Account: Recipes for Busy Healthcare Professionals

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As healthcare professionals, you know that staying healthy is more than just the occasional workout or salad—it’s about consistent habits that lead to long-term well-being. The same is true for managing your finances. Whether investing for retirement or planning your meals for the week, both areas require thoughtful strategies that can compound into significant benefits and savings over time.

Just like a balanced diet, a well-rounded financial plan helps you build resilience and stability. Think of budgeting as meal planning: you wouldn’t eat junk food every day and expect to feel great and wouldn’t spend impulsively without considering how it affects your financial future. Both require discipline and foresight.

In both finances and health, consistency is key. Saving a portion of your income each month may seem small at first, but over time, those savings can grow through compound interest. Similarly, making healthier food choices daily—like adding more vegetables or reducing processed foods— can compound into a healthier you. The smarter choices you make today, the more you set yourself up for success tomorrow.

 Bre Bock | RD

I’m excited to have partnered with Bre Bock on this blog post. She has provided 10 simple suggestions on how to easily add additional nutritional value to recipes you may already be making for you and your family.

She is a Registered Dietitian and owner of Revived Nutrition Counseling. Her focuses are gut health, heart health, and general health management for her clients. She is also an HAES aligned dietitian and approaches sessions with her clients within an intuitive eating framework.

If you have been thinking about meeting with a Registered Dietitian feel free to schedule a meeting with her or follow her on Instagram @revivednutritionrd.

Let me know what your favorite recipe tip is, I know I plan on trying all of them.

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1. Cowboy Caviar

A nutritional vegetarian powerhouse with legumes, bell peppers, cilantro, canned corn, and red onion - add a few seasonings like cumin, smoked paprika, chili powder, and lime juice for a very quick, and inexpensive meal.

I like to pair mine with a whole grain tortilla chip for some crunch and usually will serve with diced avocado, and a side of fresh fruit. 

2. Mac & Cheese 3 Ways

What kid (us big kids too) doesn't love cheesy mac? This easy staple can be improved upon with several quick and easy add-ons. 

-Tuna & peas (canned tuna in water and frozen peas work great here!) I usually steam the peas separately. You can also boil them with the noodles to save time. Stir in the tuna after the mac is made. 

-Add in a steamable bag of broccoli or California blend.

-Switch it up with a box of white cheddar mac and add in pre-shelled frozen edamame. You can throw the edamame in about halfway through boiling the noodles as they only need about 4 min to cook from frozen. Edamame is a great way to amp up your fiber and protein intake! 

3. Red Beans & Rice

This is a meal that makes great leftovers and there is always plenty to share! This is my own version below. 

Directions

1. Start by steaming brown rice on stove top or rice cooker according to directions on packaging. 

2. In a large skillet, start by heating oil over medium heat. 

3. Add in onion and cook until translucent, then add garlic and cook for another 1 minute. 

4. Add in bell peppers and saute until peppers start to soften. 

5. Add in the kidney beans and stir together, cook for about 5 minutes. 

5. add in the seasonings (chili powder, smoked paprika, and cumin) and mix to incorporate. 

6. Add in the brown rice once cooked and stir in the salsa and lime juice. 

7. Turn off the heat and mix in the cheese. 

8. Serve with diced avocado and/or sour cream if desired.

Ingredients

1 cup brown rice

1 can red kidney beans (rinsed and drained) 

1 Tbsp avocado oil 

1/2 large onion, diced

1/2 cup yellow bell pepper, diced

1/2 cup green bell pepper diced

2 Tbsp minced garlic 

1/2 cup jarred salsa 

1 cup cheddar or monterey jack cheese

1 tsp chili powder

1 tsp smoked paprika

1/2 tsp cumin 

2 Tbsp lime juice

1 avocado, diced

4. Salmon Patties with Sweet Potato and Cauliflower Rice

This is a great option if you're short on time and are willing to use your microwave. You can use a frozen steam bag of cauliflower rice which cooks in about 4.5 minutes. You can also cook a sweet potato/regular potato (or multiple) in the microwave in a bowl for about 8 minutes with a few inches of water, just pierce the potato with a fork a few times. The salmon patties go in the skillet cooking for about 10-12 minutes while the potato and cauliflower cook in the microwave - so you've got the whole meal done in about 15 minutes.

If you want to make your salmon patties from scratch vs picking up frozen ones, that does take a bit longer, but if you're OK with using a frozen option (the ones from Aldi (Fremont Wild Caught Salmon Burgers) are $1.32 a patty - which feels pretty reasonable to me).

5. Protein Pancakes

The Kodiak pancake mix is a great choice as it's whole grain (high fiber) and high protein. You can increase the protein count by adding an egg and/or swapping milk for water. I like to add in a little cinnamon and applesauce to increase the nutrient factor. Adding in blueberries or peaches are also favorites, for a fruity pancake. Serve with turkey or chicken breakfast sausage. 

6. Egg Bites with Veggies

This is an easy recipe to bulk prep. It also allows you to make several varieties at a time. The basics are 6 eggs, a little black pepper, and 3/4 cup of cottage cheese - put it in a blender and blend until smooth.

To boost nutrient value, add whatever vegetables (spinach, peppers, onion, mushroom, etc) you'd like. Saute the veggies and add a little on the bottom of 12 muffin cups, pour your egg evenly over the cups. Finish by adding a little more of the veggies on top. Feel free to sprinkle with a little cheese as well! Bake for 18-22 minutes.

7. One-Pan Zucchini Skillet

This is an oldie but a goodie (a childhood favorite!) Very easy and quick! :)

Directions

1. Place avocado oil in a skillet and heat over medium. 

2. Add onion and cook for 1-2 minutes. 

3. Add ground turkey. 

4. Add steak seasoning and cook meat until brown. 

4. Drain any excess fat if needed. 

5. Add zucchini and cook until softened. 

6. Mix in cheese and serve with whole grain bread or over brown rice/quinoa (bonus points if you’ve cooked extra rice or quinoa from another meal!)

Ingredients

1 Tbsp avocado oil

1/2 onion, diced 

1 lb ground turkey

1 Tbsp Steak Seasoning (low sodium steak seasoning) 

1 large zucchini, sliced into 1" pieces 

1 cup part-skim mozzarella cheese

8. Warm Salad Kits

This next one may sound weird, but hear me out! Take a salad kit, perhaps a Thai or Asian-inspired option, saute with a little olive oil, and add some diced chicken breast/ground turkey/or shrimp. You can use the salad dressing as a sauce. Consider adding extras like cashews, slivered almonds, or canned (in their own juice) mandarin oranges. Serve it over a carb like brown rice, quinoa, or a brown rice noodle.

9. Sausage and Veggie One-Pan Meal

This is a great way to clean out your fridge, no one likes to waste money throwing produce away! Whatever leftover vegetables you may have lurking around (onion, sweet potato, broccoli, cherry tomatoes, carrots), toss with 1-2 Tbsp avocado oil. Slice and add a package of chicken sausage (I love the apple chicken sausage from Aldi or Costco).

Roast at 400 for 20-30 minutes depending on what vegetables you end up using - you'll need more time for things like carrots/potatoes and less time for things like onions, cherry tomatoes, and broccoli. 

10. Marinara Chicken Bake

Take a few fresh chicken breasts and spread some marinara or pesto sauce over top, add a slice of mozzarella cheese and sliced tomato on top, and bake at 350 for 20-30 minutes or until internal temp reaches 165 degrees. Broil for 2 minutes so the cheese is nice and bubbly/golden. If you’re short on time, serve with a steamable bag of green beans/red potatoes (Birds Eye has a good option).

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Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Avoid These Common Financial Pitfalls: A Guide for Doctors, APPs, and Nurses

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Navigating the financial landscape can be challenging, especially for medical professionals who have spent years focused on their education and training. Whether you're a doctor, advanced practice provider (APP), or nurse, understanding common money mistakes and how to avoid them is crucial for building a secure financial future. In this blog post, we'll explore some of the most frequent financial pitfalls encountered by healthcare professionals and offer practical tips to help you steer clear of them.

Common Financial Mistakes

Overlooking Student Loan Management

Student loans can be a significant burden for medical professionals. Review all your loans to understand which are public vs. private, the interest rates, and the repayment terms. This knowledge could save you tens of thousands of dollars in the future.

If your loans are public, evaluate which loan repayment option is best for you. Many healthcare employees work for non-profit hospitals. If you plan to work for a qualified non-profit for ten years, Public Service Loan Forgiveness (PSLF) will likely be the best option. You will want to make sure your student loans are direct federal student loans and not Federal Family Education Loans if you plan to pursue PSLF.

If you do not work for a qualified non-profit or have private student loans, evaluate which repayment option suits you best and determine how quickly you want to pay off the loans. I have had good experience with GradFin which offers free initial consults to help review your loan repayment options.

Increasing Lifestyle Expenses Too Quickly

Transitioning from a student budget to a professional income can be tricky. Many healthcare professionals fall into the trap of increasing their living expenses too quickly once they start earning a full-time salary.

The White Coat Investor encourages doctors to “continue to live like a resident” for a few more years before increasing their lifestyle. This advice applies to APPs and nurses as well. Doing so can free up money to pay down debt, jump-start retirement savings, and allow more thoughtful financial decisions about your lifestyle.

Delaying Retirement Savings

It might be tempting to delay retirement savings, especially if you're still paying off student loans or adjusting to a new salary. However, the benefits of early and consistent retirement contributions are tremendous.

Take advantage of employer 403(b) or 401(k) matches, HSA contributions, and backdoor Roth IRA contributions if possible. Starting now can be a significant step toward financial independence. Most people do not regret saving sooner for retirement, but many regret waiting too long.

Ignoring Insurance Needs

Insurance is a critical component of financial planning that often gets overlooked. Disability insurance, life insurance, and malpractice insurance are essential for protecting yourself and your family against unforeseen events. Understand the types of coverage available and choose policies that fit your specific needs and circumstances. Proper insurance coverage provides peace of mind and financial security.

I recommend avoiding whole life/permanent life insurance for most healthcare providers due to high expenses and fees limiting potential upside. If someone tries to sell you permanent life insurance, fully understand how it would be beneficial to you and what the costs will be. Consider getting a second opinion and exploring term life insurance instead, investing the difference.

Actionable Financial Tips

Building an Emergency Fund

One of the most important steps in financial planning is establishing an emergency fund. Aim to set aside 3-6 months of living expenses in a high-interest savings account or money market fund. This fund acts as a safety net in case of unexpected expenses or income loss.

Start small if needed, and gradually build up your fund over time. The peace of mind an emergency fund provides is invaluable. If you are single with no kids, 3 months may be enough. If you have kids and/or are married, consider aiming closer to the 6-month mark.

Investing Wisely

Investing is a powerful tool for growing your wealth, but it's essential to approach it wisely. Educate yourself on the basics of investing in the stock market and consider low-cost mutual funds and index funds. Diversifying your investment portfolio can help manage risk and improve your chances of long-term success. Learning about expense ratios and the fees associated with investing is also critical.

Evaluate your risk tolerance and risk capacity when investing. Everyone is happy during the years when the market goes up, but some people let their anxiety get the best of them during the years when the market drops. Having your investments set up based on your individual risk level is crucial to avoid making emotional decisions during periods of market volatility.

Seeking Professional Financial Advice

Working with a financial advisor can provide significant benefits, especially if you're navigating complex financial decisions. A good financial advisor can help you create a comprehensive financial plan tailored to your goals, manage your investments, and provide guidance on tax strategies and retirement planning.

If you decide to work with a financial advisor, I recommend:

• Looking for one who is a fiduciary, meaning they must look out for your best interest.

• Finding one that is fee-only, which means they do not get commissions.

• Clearly understanding what fees they are charging and what services they provide.

Don’t Wait, Start Today

Avoiding common financial mistakes and implementing smart money strategies is crucial for medical professionals aiming for long-term financial health. By managing your student loans, budgeting wisely, prioritizing retirement savings, securing appropriate insurance, building an emergency fund, investing prudently, and seeking professional advice, you can set yourself up for a secure and prosperous future. Remember, taking proactive steps today can make a significant difference in your financial well-being tomorrow.

If you need more personalized advice or have specific financial questions, don't hesitate to reach out. Your financial health is just as important as your physical health, and taking care of it now will pay off in the years to come.

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Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Next Avenue Feature: Degrees of Difficulty

Ben Lex was recently featured in a Next Avenue article titled “Degrees of Difficulty.”

In it, he discusses smart financial strategies for approaching a spouse returning to school. Check out Ben’s insights—they’re great tips for navigating your financial life with advanced education.

Financial Planning Feature: Back-to-school is a reminder for financial advisors to review clients' educational savings goals

Andrew Van Alstyne had the privilege to be featured in Financial Planning, where he shares insights on the importance of revisiting educational savings strategies during the back-to-school season.

Andrew emphasizes the need for financial advisors to help clients stay on track with their educational savings goals by regularly reviewing and adjusting their college savings plans.

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

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Recent Articles Written by Andrew:

Recent Articles Andrew Has Been Featured In:

Couples Synergy Podcast: Money Matters for Couples

Andrew Van Alstyne had the privilege to be featured on the
Couples Synergy Podcast with Dr. Ray & Jean Kadkhodaian.

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Andrew recently joined Dr. Ray and Jean Kadkhodaian on the Couples Synergy Podcast for episode 321, "Money Matters for Couples." In this conversation, they explore the complexities couples face when managing finances together, highlighting the significance of open communication and mutual understanding. The episode offers practical advice on aligning financial goals and emphasizes the importance of collaboration in building a secure financial future together. Discover how adopting these strategies can strengthen relationships and set the stage for long-term financial stability.

Click the Links Below to Watch or Listen to the Full Episode:

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

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Recent Articles Written by Andrew:

Recent Articles Andrew Has Been Featured In:

Recent Podcasts Andrew Has Been On:

Fox Business Feature: Financial experts reveal how Americans can prepare for the possibility of a recession→

Andrew Van Alstyne had the privilege to be featured in Fox Business to talk to readers about best practices in preparing for times of economic uncertainty.

Andrew discusses the importance of a fully funded emergency fund along with addressing liquidity concerns in volitile times.

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

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Recent Articles Written by Andrew:

Recent Articles Andrew Has Been Featured In:

Beyond The Paycheck Podcast with Paula Christine: Transforming Life Through Financial Literacy

Andrew Van Alstyne had the privilege to be featured on the
Beyond The Paycheck Podcast with Paula Christine.

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Andrew recently had the opportunity to join Paula Christine on the Beyond The Paycheck Podcast. In this episode, they discuss the everyday challenges many face when stepping into adulthood and the common hesitation parents experience in teaching financial principles to their children. Discover the importance of early financial education and how instilling good money habits in children can pave the way toward a financially secure and fulfilling future

Click the Links Below to Watch or Listen to the Full Episode:

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

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Recent Articles Written by Andrew:

Recent Articles Andrew Has Been Featured In:

Recent Podcasts Andrew Has Been On:

Financial Freedom Podcast with Dr. Christopher Loo: Mastering Generational Wealth

Andrew Van Alstyne had the privilege to be featured on the
Financial Freedom Podcast with Dr. Christopher Loo.

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Andrew recently had the opportunity to join Dr. Christopher Loo on the Financial Freedom Podcast. In this episode, they explore the crucial topic of generational wealth and how to effectively manage and transfer wealth across generations.

Click the Links Below to Watch or Listen to the Full Episode:

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

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Net Worth Tracking: The Underutilized Financial Tool

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When it comes to tracking finances, budgeting is likely what you think of, and rightly so. Budgeting continues to be the best method for establishing your monthly income and expenses to ensure you are on track. What I am suggesting is not a replacement for budgeting but a complement to it. Tracking your net worth allows you to see progress across your financial picture over the long term. Let’s dive into this underutilized tracking method that can significantly impact your financial outlook.

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How to Figure Out Your Net Worth

The first step in calculating your net worth is understanding the necessary information. You can think of net worth as a mathematical equation. The equation goes: Assets - Liabilities = Net Worth. To break it down even further, I will often explain net worth as the difference between what you own and what you owe. What you own (assets) would consist of your home, vehicles, investments, money in the bank, and other tangible goods. What you owe (liabilities) would be any home loan, auto loan, student loan, or other consumer debt.

There is no shortage of methods for tracking net worth, so the best method will ultimately be what works for you. There are plenty of Net Worth Calculators on the internet, but I like to use the Schwab Net Worth Calculator. Others may prefer to create their own spreadsheet. Both methods are great ways to calculate and track your net worth.

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How Often to Track

Once you know what comprises the net worth statement, you need to figure out how often you will track it. This is a preferential component, but the most effective frequency is calculating and recording your net worth every year. Because of fluctuations in cash flow and investment performance, tracking on a monthly or quarterly basis would not have much benefit. Doing this yearly makes the most sense because enough time has passed to see legitimate progress. Many people do an end-of-year financial review, and adding this into that process can be simple.

The other reason I like the year mark for calculation is that net worth is intended to complement your budget. Your monthly budget ultimately leads to the progress you see in your net worth statement. It takes the monthly victory of following your budget and shows you a more substantial victory by compounding those smaller wins over the course of a year.

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The Benefits of Tracking

All this information is excellent, but why do it? Where does the benefit actually come into play with tracking net worth? The main advantage lies in the bird' s-eye view of your financial well-being. It provides you with context on financial components that your monthly budget doesn’t take into account. Seeing overall liabilities go down and, in turn, watching your asset total rise over the years can be an excellent encouragement to stay the course. 

The final benefit of net worth tracking is its opportunity to measure success based on your progress instead of basing it on others. No two people have the same financial picture, so why compare to someone in an entirely different circumstance? Often, we can't help ourselves from it. But by tracking your net worth year after year, success is measured by your improvement from the last year and not by how your number stacks up to those around you.

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The “Secret” to Growing Your Net Worth

The final question that often accompanies conversations about net worth is how to improve your number. Honestly, it’s pretty simple, and the answer isn’t anything groundbreaking—consistent effort. By being consistent over time, you allow compounding growth to occur. Not just when it comes to your money compounding but also the good habits associated with money management. Much of this comes back to the foundational principles I discuss in my article, “Mastering Your Money: Budgeting Essentials and When You Need Them.” The “secret” to improving your net worth is consistent effort over a long enough period.

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Final Thoughts

Net Worth tracking doesn’t have to be very time-consuming, especially if it is done only once a year. Taking an extra 30 minutes at the end of each year to calculate your net worth may quickly become your favorite way of tracking financial progress. Remember, this is not intended to replace your monthly budget. If done properly, your net worth statement will be an amplified version of your monthly efforts and diligence.

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References

https://www.schwabmoneywise.com/net-worth-calculator

Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Legacy Planning(c), A Resource Library: The 5 Pillars of Capital For Your Legacy

Andrew Van Alstyne had the privilege to be featured on the
Legacy Planning(c), A Resource Library’s Podcast with Angelina Carleton.

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Andrew and Angelina discuss that while most families seek out management of their financial capital, it is important to remember financial capital is merely a tool that should be used to grow the qualitative forms of capital within the family.

Click the Links Below to Watch or Listen to the Full Episode:

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.

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