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What Do I Need to Do Before the End of the Year?

Getting prepared for the end of the year? Here are four things to consider to set yourself up for a brighter financial future.

Full Transcript: 

Hello, welcome to Arista Advice. Hope you're well during this holiday season. Question of the week is "Paul, what do I need to do before the end of the year?" 

We've done a lot of year-end client meetings already at the beginning of December. We've had some wonderful times checking in with our clients and visiting with them, but let me share with you four things to consider by year end.

Number one: fully fund your retirement account. Put as much as you can into a traditional 401(k) or IRA by the end of the year to maximize your deductibility. People say "Don't wait" in an area just like this. You want 10% at the beginning of the year or 0% at the end of the year.
Number two: update your beneficiaries. We see this time and time again beneficiaries being left off. We also, this week, heard of Tony Hsieh unfortunately passing away and leaving an 800 million-dollar estate with no will and no trust. Still to this day the Frank Sinatra family and many other celebrity families are still fighting because there were not properly documented on who, what, and where the money was supposed to go.
Number three: do a security check. Fraud attempts rise by over 23% at year end due to holiday spending. Delete credit card and other personal information saved in your browser. Be careful of your information during the holiday season, and number four consider charitable giving. Many organizations everyday are reporting drastic cutbacks and effects because giving is down so much. So consider giving 5, 10, 15 or larger amounts to help those that are struggling. 

Please remember go to AristaWealth.com to look at tools, tips, and videos. We look forward to talking to you soon.