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Four Steps for a Financially Fit New Year

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Most people reassess their financial strategies when things aren’t going well. The economy might be faltering, someone in the family has lost a job or experienced a medical issue. Rarely do people make changes when times are good and might wonder, “Why would we disrupt our plans if taxes are at a historic low, unemployment is low, and the stock market is at all-time highs?”

While it might seem counterintuitive, now is actually a great time to consider making a few financial resolutions because of the current environment. With a new year — and a new decade — here, consider taking these four steps for a financially fit new year.

It’s smart to review all accounts in your portfolio and take stock of where you stand at year’s end. Weigh that against your financial goals for 2020 and determine how you can be proactive. You may be willing to have a riskier asset allocation, or maybe you recently made a large investment or a major life change and don’t want as much exposure to risk as you had in the prior year.

Consider what best fits your needs and adjust (or don’t!) accordingly.

My own financial New Year’s resolution: This year I’ll be........

© Kiplinger