202

Your 12-month plan to take control of your wealth

If taking control of your money and wealth is one of your resolutions for 2019, The Colony Group's Her Wealth has a plan for supporting your efforts. (Thinkstock)

If taking control of your money and wealth is one of your resolutions for 2019, The Colony Group’s Her Wealth has a plan for supporting your efforts.

As we wrote in one of our earliest articles, “Breaking Down the Barriers Between Women and Financial Success,” we understand many obstacles get in the way of engaging in your finances. We also hear many clients say there simply isn’t enough time in the day. Others tell us they’re challenged by having to communicate and coordinate with their family members. Many times, it’s a matter of not knowing where to start.

If any of these barriers stand between you and a resolution for more engagement in your finances, we have put together an approachable yearlong plan. We’ll support your efforts by featuring one segment per month that focuses on a basic financial management task. We’ll review common questions and suggest actions to take to improve that area of your finances.

Starting out — a new path

As you might expect, we’ll begin by talking about establishing specific financial goals.

We recognize that setting financial priorities requires making decisions in the face of an uncertain future. We know it sometimes requires us to look beyond the disappointment or “sunk costs” of past financial decisions. Building and sustaining wealth requires having a clear direction and taking actions throughout the year. That’s why we’ll start by discussing how to establish a vision for your future and how to use your wealth as a bridge to that future.

Taking control of your tax and investing strategies

At tax time, we’ll talk about ways to take control of your taxes. This will be a transition year for many, as we learn how the new tax law affects our wealth. Following tax time, we’ll talk about creating a Personal Investment Policy Statement. That document is relevant no matter the status of the stock market, and can be especially helpful when facing volatile markets.

Making the most of your human capital

We’ll also emphasize ways to use your career and employee benefits to build your wealth. From how to negotiate a better salary to how best to make retirement plans work for you, we’ll provide ideas for boosting the value of your personal “human capital.”

Managing family and money matters

As we progress through the year, we’ll address the wide variety of family structures and the dynamics that come into play when managing money. Whether it’s negotiating priorities with your significant other or helping to teach the younger generation, we can help you become better at handling how your family communicates about money.

Minimizing threats to your wealth

We recognize the inevitable challenges of a life well-lived and will talk about ways to assess potential risks to your finances. There are many sophisticated financial planning tools to address financial risks. Sometimes, the preferred approach is to simply spend less and accumulate more for a solid safety net in case of emergencies; other times, it may require rethinking how you minimize financial risks through insurance.

Simplifying your wealth management

In the fall, we’ll give you an update on technology that you can use to simplify money management tasks. We’ll talk about the latest online tools to consolidate and review your accounts and help you reduce the amount of paperwork with electronic vault storage solutions.

Developing a vision of wealth beyond your life

As we approach the end of the year, we’ll review a variety of ways you can create a legacy that lasts beyond your lifetime. You may choose to implement a more detailed estate plan or find ways to provide for loved ones with special needs or create a charitable giving plan. Thoughtful legacy planning supports the greater good and provides an opportunity to express your interests and values to those around you.

Looking back at what you have accomplished in 2019!

Our goal is that, by the end of this new year, you’ll see a noticeable difference in your knowledge of your personal financial situation. Along the way, we’ll empower you to use that knowledge to implement strategies that benefit your financial life and move you closer to your goals. By following our plan and content month-by-month, we hope you’ll end the year better off than when you started, with clear direction and more confidence when it comes to your finances.

Dawn Doebler, CPA, CFP®, CDFA® is a senior wealth adviser at The Colony Group. She is also one of the founders of Her Wealth®.

Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others.

© 2019 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.