Are you looking for a financial New Year’s resolution? These ideas can help

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

If your plan is to strike a new job in the new year, find out how much you really earn on your current job, which is far more than just your salary. Doing so will help you more realistically compare the value of all new offers that come your way with the value of your current compensation and benefit package.
Also, keep in mind that when a prospective employer offers you a job, there is much more to negotiate than your salary. Here are some tips to help you get the most out of your compensation package.
Also, how you quit your current job will tell people a lot about you. Do yourself a favor and stop in the most professional way. You never know when your path with your future ex-boss may cross again.

Get a life insurance policy

The pandemic has been an encouraging reminder that we could die faster than expected. And that means you can inadvertently leave people you love in the lurch. If that worries you and you are considering getting a life insurance policy or increasing what your employer offers, here is an overview of whether you need it, how much it makes sense to get, and what it can cost.

Start planning your retirement

If you are hoping to retire within the next 10 years, it’s time to lay out a strategy. Having a well-thought-out plan will minimize the stress that comes with such a large transition – and maximize your financial security. Here are 5 important things to do now.
Even if you are not that close to retirement, it is good to have at least some of your nest egg in tax-free savings vehicles. You might consider opening a Roth IRA even if you think you are earning too much to be eligible.
Something else to consider: Finding ways to protect your nest egg from inflation.

Invest in real estate

If you are one of the many potential first-time home buyers who have been looking for a house, this year was a tough year of fierce competition and house prices rose at record speeds. But do not get caught up in the madness. Start by re-evaluating your budget and finding out exactly what you can afford.
Whether you are hoping to buy a new home or refinance what you already have, a big question will be whether to get a 30-year mortgage or opt for a shorter loan. Here are the factors you need to consider.
Or are you wondering if it makes sense to invest in a rental home? It can be good, 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 is still a very Wild West-y space, despite the fact that legislators and regulators have begun to lay down rules to better protect investors.
Also, remember that you owe taxes on your cryptocurrencies, which will soon be reported to the IRS.

Get on the same page with your partner

Getting married, moving in together or just wanting to handle money decisions better with your partner? Since money can be such a difficult topic for couples – even explosives – here are some good ground rules and practices that you may want to follow to stay calm at home when it comes to your family budget.

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


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