As Americans head into 2025, financial stability tops many household’s minds. According to a recent Allianz Life survey, 38% of Americans ranked financial stability as their No. 1 focus area for the year.
To help households achieve their financial goals, five certified financial planners on CNBC’s Advisor Council shared their top resolutions. Here are some key takeaways:
Creating and sticking to a budget is crucial, recommends Kamila Elliott, Co-founder and CEO of Collective Wealth Partners. This includes maximizing retirement contributions and setting personal financial goals.
Knowing where your money is going can also make a significant difference, says Barry Glassman, Founder and President of Glassman Wealth Services. Tracking spending for three months can help you identify areas to cut back and create a more manageable budget.
Estate planning is another critical area to address, advises Marguerita Cheng, CEO of Blue Ocean Global Wealth. This includes creating a financial and health care power of attorney, beneficiary designations, and revisiting life insurance policies.
Reviewing insurance coverages, including auto and home insurance, as well as disability and life insurance, is essential, suggests Lee Baker, Founder, Owner, and President of Claris Financial Advisors.
Automating savings is also key, says Cathy Curtis, Founder and CEO of Curtis Financial Planning. Setting up automatic transfers from a checking account to a savings or investment account can help you save outside of retirement.
Finally, staying invested in the stock market no matter the headlines is crucial, warns Barry Glassman. Despite potential volatility, long-term investing has proven successful over time.
By following these financial resolutions and tips from certified financial planners, households can set themselves up for success in 2025 and beyond.
Source: https://www.cnbc.com/2024/12/31/5-advisors-offer-important-tips-for-managing-your-money-in-2025.html