Top 10 Financial Tips for 2007

By Julie Casserly

Don’t be afraid. We are going to use the word Money and Management in the same sentence. But according to Money magazine, more than a third of Americans have vowed to budget better in 2007. Bank accounts often dip to an all-time low after the holidays and aspirations for a balanced budget are high. ChicagoHealers.com Practitioner and Wealth Management Coach, Julie Casserly offers tips to make sure financial resolutions don’t become financial delusions by February. Approaching your finances holistically assures a balanced budget.

“It’s important to develop a system with accountability so the goals aren’t lost soon after January. People need to stay committed to their plans, making both short and long-term goals,” says Casserly.

1. Position yourself to be lucky. Decide what your life strategy is. Consider all aspects of your life, realizing each component has a “ripple effect” into the other aspects.

   1. Financial life

   2. Work Life

   3. Family Life

   4. Personal Life

2. Recognize where your money is at currently, and what your goals are moving forward within 3 timelines:

   1. Short-term – less than 1 year

   2. Mid-term – 3-5 year picture

   3. Long-term – 10 years plus

3. Make debt instruments you are using more effective, get them at lower interest rates

   1. Companies like Citibank and American Express have credit cards that will give you a fixed rate at 3.99% for the life of the debt, why not transfer some of that mortgage debt over to a lower fixed rate.

4. Stop getting HUGE tax refunds from filing your income taxes. Adjust your exemptions at work and then save that money monthly to make the interest yourself

5. Save ½ of “new” money like raises, bonus, etc. You didn’t have this money before, great time to take some positive financial steps. Use the other ½ to increase your lifestyle.

6. Create an online e-savings account through vendors like ING Direct or e-Citibank, they pay the greatest amount of interest and your money is still liquid and FDIC insured.

7. Look at your total portfolio of assets. If you have 100% in the stock market, you’re not diversified. You need to add other components such as 25-30% of your invested assets, not including your home, should be in real estate. And I’m not talking about putting it only in residential real estate; there are many components to real estate in the marketplace, not just residential.

8. Take control of your own retirement planning. Make sure you do a direct rollover of all 401k plans from past employers and get them into your own IRA accounts.

9. If have stock holdings or stock options with a current employer, make sure that it is not more than 10% of your total net worth. Diversification of your assets is key to financial success!

10. Know your strengths and weaknesses and bring in professionals to assist in carrying out your plan to make sure you don’t lose your New Years Resolution by February 1^st. Give yourself a system with accountability.

Julie Casserly’s (http://www.chicagohealers.com/bus-jcasserly.html) is a ChicagoHealers.com (www.chicagohealers.com ) practitioner and President of JMC Wealth Management in Chicago.

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