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How Do You Rate? Thumbnail

How Do You Rate?

If you are a long-time Coffeehouse Investor, you know I am passionate about maximizing returns, minimizing taxes, and keeping track of your personal inflation rate. 

And even though a Coffeehouse Investor portfolio allows you to ignore the markets and get on with your life, it doesn’t mean you should ignore your portfolio. 

As the year winds down, it is important to analyze your risk tolerance, rebalance if necessary, and perform a wellness check. Christine Benz, Director of Personal Finance at Morningstar shares a comprehensive list of seven tasks to get you started. 

  1. Conduct a wellness check.
  2. Assess your asset allocation.
  3. Check the adequacy of your liquid reserves
  4. Assess suballocations and troubleshoot other portfolio-level risk factors.
  5. Gauge inflation protection.
  6. Review holdings.
  7. Attend to tax matters.

2024 Contribution Updates

If you are still working and generating income, don’t forget to update your contributions for 2024. Below are the new plan limits. * The catch-up contribution limit for participants age 50 or older is available to those turning 50 at any time during the year. 

Check Your Mental Health

Finally, take stock of your (financial) mental health over this past year. Are your finances, investment returns, and inflation rates causing unnecessary tension in your life? If so, commit to establishing a financial plan; an essential first step in living your rich life.  

If you are still struggling, let’s connect and discuss your strategy. If have $1 million or more of investible assets and are in or close to retirement, I’m confident my firm, Soundmark Wealth Management, can provide solutions to your wealth management needs.