Are you ready for 2024?

💚📈🔎 WEALTH TIP WEDNESDAY ✔✔✔

Are you ready for 2024?

As the new year commences, we get busy trying to keep up with our newly minted resolutions, catch up on work after the holidays, and set our sights on a clean slate of opportunities. Remember to keep your personal finances in good standing, as well. Here are a few reminders:

>Tax brackets and contribution limits have altered in 2024. Be sure to review the new thresholds.

>Prioritize your emergency fund. First and foremost, making sure you have backup funds for whatever life throws at you is priority one.

>Pay off any toxic debt as quickly as you can. Credit Card interest is the best example of such debt, as unpaid balances can compound at rates over 20%. Do your best to get rid of it!

>Take advantage of your employer's 401(k) match. This is free money, and there is no better return than that.

>Once the match has been met, either contribute to an IRA or Roth IRA or continue contributing to your 401(k). This can be at your discretion depending on how you prefer to invest. Be sure to review the limits and conditions for each type of account.

>If you are still cash flowing at this point, consider starting or adding to a non-qualified account (this means a non-retirement account, or what many people would call their brokerage account).

>If you have a family, contributing to 529 accounts (used to help pay for college) or custodian accounts for your children can help kids get a jump start at life down the road.

These are just some of the basic fundamentals of "where to put your next dollar" in 2024, and are always individual specific.

One of the best investments you can ever make for yourself is to buy a few investment and personal finance books. They could change your life. A few great options include: "Rich Dad, Poor Dad," "The Psychology of Money," "The Most Important Thing," and "Think and Grow Rich." #personalfinance #Towson #happynewyear

Happy New Year and have a great 2024!

Consult a financial advisor for more best practices.

-Your friends at Red Oak Financial Group