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Investor 10 Point year end checklist

An annual investor check up

An annual check up on your investing plan and progress helps improve your performance. Use this guide to prepare for a meeting with your financial advisor.

Mid November can be a good time to do that so you have time to make any changes before another year arrives.

Investor year end check up topics

1. Plan to plan

Don’t wait for December; do it now to have the time needed to implement any changes before year end. Start today.

2. Financial planner meeting

Bring your list of topics to a meeting with your financial planner. A topic list lets you get the most out of your meeting. After all you pay one way or another so make sure you get the full benefit.

3. Losers be gone

Face up to finding losers in your investment portfolio. Sell the losers and buy more winners. This action immediately and directly improves your results and may affect your tax bill. If you need a positive spin on the idea of selling a loser, call it “harvesting loses” to reap tax benefits!

4. Portfolio review

Check your portfolio for diversification, risk, results and satisfaction. Are changes or adjustments needed. Are you getting the performance you want and need?

5. Insurance review

Auto, home, health and life policies and needs should be reviewed. Are you getting the coverage and service you need? Do you have too little or too much coverage? What are your insurance options?

6. Use it or lose it

Especially medical health plans can have a use it or lose it provision. Under such plans if you do not claim a benefit it does not carry forward for use later. So plan accordingly and schedule doctor or dentist visits. If you have been letting such benefits slip by, put them in your calendar through 2014 and enjoy better care at no additional cost.

7. Maximize retirement

Make contributions to tax-advantaged plans like RRSP or 401(k) plans. This should be part of your pay yourself first approach to a personal financial plan. Make this important payment your first deduction on each paycheck.

8. Charitable donations

Contributions to qualified organizations can lower your tax bill.

9. Budget plan

Not exciting but very profitable. Establish a budget structure that works of you. Simply know where your money comes from and where it goes can be eye opening. That can let you make changes that greatly benefit you.

10. Beneficiary updating

Is information correct and current. Are your current intentions reflected in all the documents? Review them all to make sure.

How often do you meet with your financial planner? Make a comment, ask a question, we can talk about it.

Your comments and questions are welcome here. Please share this blog. The bite sized White Top Investor lessons are intended to demystify investing. You can become a knowledgeable confident investor, one small step at a time. Please ask questions, I can help you better understand markets and investing. The White Top Views email list will not be shared or sold.

Have a prosperous day!
White Top Investor
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