10 Most Awesome Things You Can Do for Your Finances
I’m a Financial Advisor: 10 Most Awesome Things You Can Do for Your Finances
Cara Danielle Brown Wed, April 16, 2025 GOBankingRates
Looking to make the most of your finances, starting today? Some may think that taking financial risks or chasing trends is the key to maximizing potential.
But, according to Michael Fiammetta, financial advisor at 4 Generations Wealth Management, the best thing one can do this year is the same thing he or she can and should be doing every year: master the basics.
Maximize Retirement Contributions
Contributing as much as you can as early as you can to your 401(k) or IRA — within annual limits — “is one of the smartest moves you can make for your future self,” Fiammetta said.
This is because nothing helps grow your retirement savings over time like compound interest. Can’t afford to contribute the maximum amount? That’s okay. Fiammetta argued that boosting contributions by a mere 1% in 2025 will impact your financial future.
Diversify Your Portfolio
If your investments are concentrated in one sector or asset class, consider diversifying stat.
“A diversified portfolio–spanning stocks, bonds, real estate, and more — reduces risk and positions you for long-term success,” said Fiammetta. This way, if one or two investments don’t perform well, others can balance out the loss.
Create an Estate Plan
No one likes to think about it. But what would happen to your money if you meet your untimely demise? In the absence of an estate plan, the state would determine who gets your assets based on unique intestacy laws that establish priority order beginning with closest living relatives.
But what if you wish to dictate particular amounts to specific individuals, or you prefer to pass assets to extended family and charitable organizations? Make sure a trust or will is put in place. Having a say in how your money is divided up ensures your preferences are honored and your legacy is carried on. It could also help loved ones avoid probate.
Review and Update Beneficiaries
TO READ MORE: https://www.yahoo.com/finance/news/m-financial-advisor-10-most-140127402.html
