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Below are some expert tips to help you start 2025 on the right foot.
Plus, check out themoney moves the wealthy make before a new year.
Track your spending, then set a baseline to help you visualize retirement needs.
Youll avoid future surprises and ensure your retirement budget is realistic from day one.
Aviva Pinto, managing director ofWealthspire Advisors, recommended making a financial plan.
Run various scenarios and at different income assumptions.
She said to include your current needs food, clothing, shelter, etc.
Pay Yourself First
We are living to be 90 plus years on average, said Pinto.
you oughta invest for your future.
For this, she suggested putting aside a little bit each week and putting it into the market.
Forget about market fluctuations you have avery long-term time horizon.
Contribute now, use it for qualified expenses and let it grow.
By retirement, those tax-free withdrawals will be a relief for healthcare expenses, he explained.
Consider developing a skill now that could earn you some cash during retirement, he said.
This could ease any future financial strain without a heavy impact on your savings.
Forced savings that you dont see are less likely to be spent!
verify you are spending within your means.
Can you eat out less?
Can you cut back on clothing purchases?
Are you going to too many events?
Can you invite friends over rather than spending money going out?
Awareness is key, and it will show you where you might make improvements.
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