Your End-of-Year Financial Checklist: Setting the Stage for Financial Success in 2024

As we approach the end of the year, it’s the perfect time to reflect on your financial journey and set the stage for a prosperous 2024. Taking a proactive approach to your finances ensures that you’re prepared for whatever the future may hold. To help guide you through this process, we’ve compiled a comprehensive end-of-year financial checklist.

1. Review Your Portfolio:

Begin by evaluating your investment portfolio. Take a close look at your asset allocation, considering the performance of individual investments and assessing whether your current strategy aligns with your financial goals. If necessary, rebalance your portfolio to ensure a diversified and well-structured investment plan.

2. Make Necessary Life Change Updates:

Life is dynamic, and major life changes can significantly impact your financial situation. If you’ve experienced events such as marriage, having children, buying a home, or other significant milestones, update your financial plan accordingly. Review your insurance coverage, beneficiaries, and estate planning documents to ensure they reflect your current circumstances.

3. Update Your Tax Withholding:

Avoid surprises come tax season by reviewing and updating your tax withholding. Changes in income, deductions, or family size can impact your tax liability. Adjusting your withholding now can help you avoid owing taxes or receiving a smaller-than-expected refund next year.

4. Reinvestments in Your Accounts:

Consider reinvesting dividends and interest in your investment accounts. Whether you opt for automatic reinvestments or prefer a more hands-on approach, make sure your strategy aligns with your financial goals. Reinvesting can compound your returns and accelerate your wealth-building journey.

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5. Diversify with a Self-Directed IRA:

Explore diversifying your retirement portfolio with a self-directed Individual Retirement Account (IRA). This allows you to invest in alternative assets beyond traditional stocks and bonds. Real estate is a popular choice for diversification, offering stability and potential growth. ILS Capital provides accredited investors the opportunity to invest in funds backed by real estate notes, offering a conservative alternative to mainstream Wall Street investments.

6. Plan for 2024 Financial Priorities:

Look ahead and identify your financial priorities for the upcoming year. Whether it’s saving for a major purchase, funding your child’s education, or planning for retirement, having a clear roadmap will help you allocate resources effectively. Consider consulting with a financial advisor to ensure your goals are realistic and achievable.

7. Explore Alternative Investments with ILS Capital:

As part of your strategy to diversify, explore alternative investments offered by ILS Capital. Our funds provide accredited investors with the unique opportunity to invest in the historically best-performing asset class – real estate. With no baseline management fees in our Growth and Income Funds and over 100MM in assets under management, our mission is to help families like yours preserve and grow their wealth. 

In conclusion, taking the time to complete this end-of-year financial checklist will set you on the path to financial success in 2024. From reviewing your portfolio to exploring alternative investments with ILS Capital, each step plays a crucial role in shaping your financial future. Make the most of the year-end momentum and position yourself for a prosperous financial journey ahead.

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