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Reflect on Your Financial Plan in the New Year

The New Year is a great time to pause and reflect on your goals and values. Your financial plan is a huge part of that! In this episode of Financial Clarity for Doctors, Corey and Rachelle offer some suggestions of things to reflect on and how to use that to adjust.

What should you focus on?
• Worried about anything financially? - Start there! This can be uncomfortable but is likely the most productive use of your time.
• Reflect on your spending and ask yourself if you’re spending money on the things you value.
o Love good food? – Awesome!
o Enjoy traveling, but not enough to feel like your $20,000 spend was appropriate? – Plan smaller or fewer trips this year.
• Double check your progress on debt repayment.
o Knocking out credit cards?
o Crossing your t’s and dotting your i’s for PSLF?
• Review your progress toward short-term savings goals like a home down payment.
• Add up how much you were able to save toward your long-term goals. Was it 10% of your gross income? 20%? 20% is often a good goal to work toward as a medical professional.
• Take some time to make sure you have enough insurance coverage for your current situation.
o More kids and more income, may mean you need more life insurance for example.
• Speaking of kids, check your progress toward any college savings goals and other goals you may have for them.

This is a lot! Sometimes you feel comfortable reviewing on your own, but this is also a great thing to do with your financial advisor. If you review a bit on your own and have specific thoughts or concerns for your advisor, schedule a meeting and make some adjustments. When you have a better understanding of how you’re doing, you can plan much more effectively.

For more financial planning tips from Corey and Rachelle, find them on social media!

LinkedIn: @CoreyJanoff and @RachelleVanderzanden;
Instagram: @CoreyJanoff and @VanderzandenRachelle;
and Twitter: @CoreyJanoffCFP and @RachelleFinance

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.