Financial Planning

Despite high interest rates and unsettling geopolitical conflict, the U.S. economy outperformed the expectations of most economists in 2023.1 Inflation-adjusted gross domestic product (Real GDP) accelerated to an annualized rate of 5.2% in the third quarter, after growing 2.1% in Q2 and 2.2% in Q1.

Charlie Munger, the longtime vice chairman and second-in-command to Warren Buffett at Berkshire Hathaway, passed away in November. Munger was 99, and would have turned 100 on Jan. 1. He died peacefully, Berkshire said. No cause was given.

Generational wealth involves proactive financial planning, especially when parents or grandparents pass on their wealth to loved ones after they die. Entrusting family members with receiving an inheritance is more than just getting a hold of assets or a check in the mail. It is about understanding how to steward the hard-earned wealth that you and your spouse spent your lives building.

Could you be losing money because of simple monetary mistakes? Avoid these money-wasting habits in 2023 to have more cash when you need it—or save it for a rainy day.

Failing to budget

Your retirement planning needs to incorporate more than just investments.

Your open heart and your relatives can combine to threaten your retirement savings – savings you soon may need. Learn the true cost to your future before you write that well-intentioned check.

Many people may find the notion of creating and adhering to a financial plan about as appealing as doing housework. As everyone knows, putting off chores can lead to further procrastination. And, the longer you let things go, the more difficult it is to get started. But eventually, the time comes when you just have to buckle down and get to work.

In an increasingly paper-free society, organizing your financial documents can still be a challenge. No matter how simple or complex your financial picture might be, it takes some thought-out organization to keep your tax documents, service records, and paid bills in a format that will allow you to easily access information when you need it.

At the beginning of each year, and regularly after that, it may be a wise idea to take stock of finances and make some changes to help improve your financial life. Here are five resolutions you may make to increase financial independence and work toward building wealth.