Jeff's Common $en$e - Happy Holidays
Wishing everyone a happy & healthy holiday season.
I encourage each of you to look at the past year to see what you want to replicate next year and what you will need to improve on. I know I have much to work on in 2025.
Look at last year’s goals and objectives.
Assess your progress.
Now write down your 2025 goals & objectives.
Tips for the holiday season:
1) Let’s follow the same advice we want our children to follow in 2025.
Say no politely when it is necessary.
Work well with others.
Meet all your deadlines.
Budget your expenses and save money by paying yourself FIRST every month.
If you need help, ASK.
How many of us would have avoided an issue this past year if we followed this advice? How many of us would have been happier if we followed these basic rules that we all ask our children to follow?
2) Tax avoidance for the self-employed.
Pay your children for helping you with chores and paperwork. You can pay them $7000 in 2024 that can go directly into a ROTH IRA account. That $7000 reduces your taxable income by the same $7000. Your child not only deposits the $7000 tax free, all the future earnings of the deposit are also withdrawn tax free, if they withdraw the money after they are 59 ½.
If you don’t currently have the funds or you did not have them do work for you, make a plan for 2025. You can still deposit the $7000 for 2024 up until April 15th 2025, which is the deadline to file your taxes.
The person who deposits funds in an IRA from age 18 through 30 and stops, will end up with a similar amount of money at 65, compared to the person that begins saving in an IRA at age 30 and continues until 65. That is the power of compounding interest at work!
3) If you have a high deductible health insurance plan, make sure to sign up for an HSA (Health Savings Account) account. The funds in your HSA accounts never expire. You can roll over unspent funds year after year. They are taken as pretax dollars. They can be used for reading glasses & contacts, along with many basic health care products in your pharmacy and for ANY health care related expense, including co-pays or deductibles.
4) Check your credit cards for the additional services they provide:
As you are buying presents and larger items for the holidays, be aware of the purchase protection plans offered for a fee. Most manufacturers provide a 1-year warranty free. Many credit cards you have offer to double or triple the manufacturer’s warranty when you use their credit card.
5) If you have a new dog or cat in 2024, consider pet insurance. The younger the pet, the cheaper the cost of policy and the more it covers. Studies show that most people think of their pets as children. At the moment they are injured or ill, you will likely seek & pay for medical care for your pet. Pet insurance allows you to budget for the premiums to avoid costly bills in the future when your pets become injured or ill.
6) If you are going on vacation, use your time away wisely. Book all excursions and touring trips BEFORE you leave home. Researching excursions and checking prices while at home, leaves you more choices, better prices, and it does not feel like work.
You don’t want to waste an hour or two while on vacation, sitting in the lobby booking a day trip. Doing it all in advance provides you with more options & better transport. If you are going to spend time at a resort, call the resort in advance of your arrival to schedule reservations & appointments at the resort before they are all booked.
I am looking forward to a great 2025 and I am hoping to work with many more of you in the coming year. Let’s do great things together!
Quote of the Week:
“What the new year brings to you,
will depend a great deal on what you bring to the new year.”
- Vern McLellan
Click here to schedule a meeting with me through Calendly
Thanks,
Jeff Lafazan
About the Author of Jeff’s Common $en$e - Jeffrey Lafazan
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