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Looking for a financial New Year’s resolution? These ideas may help

Looking for a financial New Year’s resolution? These ideas may help

The recent surge in Omicron cases may have put a halt to many of your holiday plans. But it also may give you extra time to consider your goals in the new year.

If improving your finances is on your list of resolutions, here are some ideas to consider.

Jump start your career

    If your plan is to nail down a new job in the new year, figure out how much you’re really making at your current job, which is far more than just your salary. Doing this will help you more realistically compare the value of any new offers that come your way with the value of your current compensation and benefits package.

      Remember, too, when a prospective employer offers you a job, there’s a lot more to negotiate than your salary. Here are some tips on how to secure the best compensation package for yourself.

          Also, how you quit your current job will tell people a lot about you. Do yourself a favor and quit in the most professional way. You never know when your path with your soon-to-be-ex boss may cross again.

          Get life insurance

          The pandemic has been a bracing reminder that we could die sooner than expected. And that means you could inadvertently leave people you love in the lurch. If that concerns you and you are thinking about getting life insurance or increasing what your employer offers, here’s a rundown of whether you need it, how much it makes sense to get and what it may cost.

          Start planning your retirement

          If you hope to retire in the next 10 years, it’s time to map out a strategy. Having a well-thought-out plan will minimize the stress that comes with such a big transition — and maximize your financial security. Here are 5 key things to do now.

          Even if you’re not that close to retirement, it is good to have at least some of your nest egg in tax-free savings vehicles. You might look into opening a Roth IRA, even if you think you make too much to be eligible.

          Something else to consider: Finding ways to protect your nest egg from inflation.

          Invest in real estate

          If you’re one of the many prospective first-time homebuyers who has been searching for a house, this year was a tough one, with fierce competition and home prices rising at record rates. But don’t get caught up in the frenzy. Start by reassessing your budget and figuring out exactly what you can afford.

          Whether you’re hoping to buy a new home or refinance the one you’ve already got, a big question will be whether to get a 30-year mortgage or opt for a shorter term loan. Here are the factors to consider.

          Or are you wondering if it makes sense to invest in a rental property? It very well might, but only if you know what it takes to become a landlord.

          Learn more about crypto

          If you think 2022 may be the year you decide to give bitcoin and other digital assets a try, know what you’re getting into before throwing money at an investment opportunity. It’s still a very Wild West-y space, despite the fact that lawmakers and regulators are starting to lay down rules to better protect investors.

          Remember, too, you will owe tax on your crypto trades, which will soon be reportable to the IRS.

          Get on the same page with your partner

            Getting married, moving in together or just want to handle money decisions better with your partner? Since money can be such a tough topic for couples — explosive even — here are some good ground rules and practices you may want to follow to keep the peace at home when it comes to your family budget.

            — CNN’s Kathryn Vasel and Anna Bahney contributed to this report

            Source: https://www.cnn.com/2021/12/29/success/your-money-2022-feseries/index.html