Just like that, in what seems the blink of eye, 2018 is half over. We’ve hit halftime of our year and like any good football fan knows, halftime can make or break the game. There are those teams who can come together at halftime, assess what has worked, what has not worked, and make just the right adjustments to close out the game with a win. The big question for each of us: can we assess what is working in our financial lives and what is not? Of course, we can so the real question is will we? We each have to make the choice to come into honesty, invest the time to reflect, to confirm our feelings by looking at the numbers, and to chart a course to get us moving toward our goals.

Ask yourself:

  1. Am I meeting my savings goals?
    1. If not, what is one thing that I can do now to move myself toward my goal?
    2. If I am, can I inch up my goal a bit?
      1. Can I increase my 401k savings by 1%?
      2. Can I increase my monthly transfer to savings by $25/50/100?
    3. Is my debt situation better or worse than on January 1?
      1. If it is better, what is one thing that I can do to speed up the rate of debt reduction? Can I add $25/50/100 to my planned payment?
      2. If it is worse, what is one thing I can do to refocus on my goal of reducing debt?
    4. Is my insurance correct for my situation?
      1. Have I reviewed my home/auto/umbrella to make sure it is appropriate, and I am paying the least amount possible?
      2. Is my life insurance (and my spouse’s) enough to meet the needs if one of us dies prematurely? Do I know when the terms end on my term policies and have I planned to replace it? Are my beneficiaries correct?
      3. Is it time to investigate long-term care insurance?
      4. Is my disability coverage appropriate?
    5. Are my estate documents up-to-date and accurate?
      1. Wills
      2. Financial Power of Attorney
      3. Medical directive/Health Care Power of Attorney
      4. HIPAA privacy release

2018 is half over. AND there is still time for you to meet your goals. Getting yourself on track is a gift to your January 1 self. Think about her and what she needs. Think about how proud she will be if she can answer these questions positively on January 1st. If you want your life to change, your actions must change. It’s halftime. It’s time to make things happen.

To your financial (and 2nd half) success,

Tana

 

Disclaimer: The views expressed herein are the personal views of Tana Gildea and are not to be construed as individual advice or as the advice or opinions of Homrich Berg; They should not be considered recommendations as each person’s financial situation is unique to her; they may or may not apply to your situation. If you believe that something communicated may be relevant to your situation, Tana strongly encourages you to consult with your individual tax or financial advisor prior to taking action so that the totality of your unique situation is considered.