It's about that time: Mid-year financial checkup - DC News FOX 5 DC WTTG

It's about that time: Mid-year financial checkup

Posted: Updated:
ATLANTA -

1. Rebalance your portfolio
 - Move gains into lagging sectors, which allows you to sell high & buy low
 - It also keeps your risk constant. Otherwise it would increase with age and bubbles could form
 - Mark – Large US run-up

2. Review those retirement contributions
 - If your company's fiscal year end 6/30 and/or you've gotten a raise increase the percentage or dollar amount. Penny saved is a penny earned.
 - This is especially important to teachers where the start of the new year coinciding with the start of school

3. Adjust tax withholding
 - Have a new addition? Time to look at withholding and change the number of dependents
 - Did you get a large refund or have to pay a significant amount? Change the withholding so you don't land in the same boat next April

4. Look at legal documents
 - Will gathering dust? Brush it off and make sure it still would apply especially if there has been a birth or death in the family.
 - Remember that accounts with beneficiaries are not impacted by changing your will. Make sure the money still goes where you want it to

5. Check the budget
 - If you've made a budget, look at statements to see how well you stuck to your plan.
 - Review your MSA and FSA accounts is applicable. Remember, FSAs are use-it-or-lose-it.
 - Christmas is right around the corner so start saving now if funds are tight. You don't want to be scrambling in December or trying to pay off those credit cards in January.

1.          Rebalance your portfolio

a.       Move gains into lagging sectors, which allows you to sell high & buy low

b.      It also keeps your risk constant. Otherwise it would increase with age and bubbles could form

c.       Mark – Large US run-up

2.          Review those retirement contributions

a.       If your company's fiscal year end 6/30 and/or you've gotten a raise increase the percentage or dollar amount. Penny saved is a penny earned.

b.      This is especially important to teachers where the start of the new year coinciding with the start of school

3.          Adjust tax withholding

a.       Have a new addition? Time to look at withholding and change the number of dependents

b.      Did you get a large refund or have to pay a significant amount? Change the withholding so you don't land in the same boat next April

4.          Look at legal documents

a.       Will gathering dust? Brush it off and make sure it still would apply especially if there has been a birth or death in the family.

b.      Remember that accounts with beneficiaries are not impacted by changing your will. Make sure the money still goes where you want it to

5.          Check the budget

a.       If you've made a budget, look at statements to see how well you stuck to your plan.

b.      Review your MSA and FSA accounts is applicable. Remember, FSAs are use-it-or-lose-it.

c.       Christmas is right around the corner so start saving now if funds are tight. You don't want to be scrambling in December or trying to pay off those credit cards in January. 

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Good Day Atlanta

    Taco Thursday: Red Pepper Taqueria

    Taco Thursday: Red Pepper Taqueria

    Thursday, August 28 2014 10:19 AM EDT2014-08-28 14:19:31 GMT
    Are you addicted to tacos? So are the folks at Red Pepper Taqueria, and they would love nothing more than to help feed your taco addiction on a regular basis.
    Are you addicted to tacos? So are the folks at Red Pepper Taqueria, and they would love nothing more than to help feed your taco addiction on a regular basis.
  • Good Day Atlanta

    Actress Taraji P. Henson discusses her new film: No Good Deed

    Actress Taraji P. Henson discusses her new film: No Good Deed

    Thursday, August 28 2014 9:25 AM EDT2014-08-28 13:25:05 GMT
    Terri (Taraji P. Henson) is a devoted wife and mother of two, living an ideal suburban life in Atlanta when Colin (Idris Elba), a charming but dangerous escaped convict, shows up at her door claiming car trouble.
    Terri (Taraji P. Henson) is a devoted wife and mother of two, living an ideal suburban life in Atlanta when Colin (Idris Elba), a charming but dangerous escaped convict, shows up at her door claiming car trouble.
Powered by WorldNow
Untitled

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices