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Hello Spring!

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Our Quick Tips for Spring Cleaning and Getting the Season Off to a Blossoming Financial Start.

spring flowers

 

Although our weather took a chilly turn this week, I was recently reminded by seeing colorful blooming flowers on one of my regular neighborhood walks that spring has sprung!  Actually, according to the Farmer’s Almanac, spring began on March 20th this year.  Spring is known to be a time for renewal and  “spring cleaning”…as well as the dreaded task of preparing to file income tax returns.

While you are focused on your taxes, we suggest that you also take a little time do some financial organization and planning.  Following are our quick tips to help with performing a spring cleaning of your financials.

1 – File your taxes.

First of all, file your tax return on or before April 15th, which falls on a Monday this year.  If you can’t pull it together by then, you will need to file an extension and pay any estimated additional taxes.

2 – Consider your savings plans.

If you are not already a saver, there’s no time like the present to begin.  Now is a good time to take a look at your 401K plan or to begin making contributions to an IRA or Roth IRA.  Click here to see the 2019 contribution limits for these plans.  You should also maintain an emergency reserve to help allow you to take life’s inevitable financial bumps in stride.  As the below chart illustrates, saving early can make a meaningful difference in accumulating the money needed for a comfortable retirement.

JPM-account growth chart
Source: J.P. Morgan Asset Management, Retirement Insights, Guide to Retirement 2019 ™

 

3 – Prepare for college costs.

If you have children or grandchildren and you want to prepare for the cost of their college education, you should review your savings to see how you stand relative to the ever-rising cost of college tuition.  See this helpful article for more information about the surprising costs of higher education.

4 – Review your overall portfolio.

If you have managed to accumulate some savings, now is also a good time to review your asset allocation and make sure you are comfortable with the risk profile of your holdings.  In particular, if you have a large holding in stock of the company you work for, you are likely taking on more risk than you should.  To learn more, click here.

If you would like some help getting organized or gaining a better understanding of your financial situation, please call us at 713-748-7000.  We’re happy to have a phone call or meeting to see if we can help.


Horizon Wealth Advisors is a Houston based fee-only wealth management firm. Horizon is a fiduciary advisor. We specialize in helping successful individuals and families understand, organize, and manage their often complex financial situations. Horizon offers integrated financial planning and investment management services.

Larry Maddox, CFP®, CPA
Larry founded Horizon Advisors, LLC in Houston, Texas in 1999 with fellow business partner Joe Thomson. He collaborates with our wealth management team and other external advisors to provide comprehensive wealth management services.

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