Managing your finances: Top 5 things to do before the end of the year
Rebound Detroit: Putting a financial plan in place before 2021
By: WXYZ Staff
and last updated 2020-12-22 12:41:07-05
As many people are still struggling to reclaim their financial footing, experts say easing the burden on your future entails putting a financial plan into place right now.
So where do you start?
WXYZ spoke to Robin Thompson of metro Detroit s MoneyWise Consulting for the top five financial things you need to do as you get ready for the new year.
#1) Review your spending plan
Now is a good time to evaluate your expenses. Figure out where you can cut temporarily. Good places to look include anywhere youâre sending an automatic payment. Think about any unused streaming service subscriptions or gym memberships.
The Globe and Mail Helen Burnett-Nichols Published December 16, 2020
tadamichi/iStockPhoto / Getty Images
Volatility and uncertainty during the early days of the COVID-19 pandemic brought a forced pause to the year’s plans for most Canadians and businesses – financial advisors included. But several advisors have chosen to shift back into growth mode carefully in recent months as client demand has put their plans for strategic long-term expansion come back into focus.
Before COVID-19, Robyn Thompson, president of Castlemark Wealth Management Inc. in Toronto, was focusing on adding more administrative staff to her team in order to increase support from a back-end perspective. After the pandemic hit and clients began placing a greater emphasis on financial planning, she chose to add a younger insurance advisor who’s a financial planner to her team instead in early September.
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