7 Money Moves the Rich Will Make Before the End of the Year — and Why You Should, Too

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Even those who are already well-off will make certain year-end money moves to keep their finances on track.

If your medical expenses exceeded 7.5% of your income, theyre also tax deductible.

Its something you might be able to do even if youre not rich.

All you need is a taxable account.

Take loses by selling an investment that is underperforming [and] reinvest the cash, said Doherty.

We have had many clients misunderstand the $3,000 capital loss limit.

Im telling people to evaluate how fluctuating interest rates might affect their cash flow, said Weiss.

Rates might start dropping soon, so lock in while you could.

Another money move to consider is a Roth conversion.

Roth conversions allow you to take advantage oflower tax ratesand build a tax-free bucket.

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They also provide an added benefit of lowering future RMDs and making your estate more tax efficient.

Many wealthy people benefit from making charitable contributions before the end of the year.

Depending on your age and financial situation, you could, too.

This works well for anyone with appreciated assets who is looking to itemize their tax return, said Doherty.

Be sure to check the standard deductions as these change based on year and filing status.