Losing weight and improving one’s finances are almost always at the top of most people’s lists of New Year’s resolutions. It makes sense to look out for your physical and financial health so you can enjoy life to the fullest. Following through on your resolutions is usually the tough part — it takes changes in certain behaviors, discipline and time to experience and maintain the results. This is as true for financial planning as it is for losing weight. If improving your finances is one of your New Year’s resolutions, here are five steps you can take starting Jan. 1: Immediately Pay Down Holiday Bills and Credit Cards. Many people splurge on holiday gifts, parties and travel in December, but the bills will come due in January. Resolve to pay down those debts quickly to avoid large interest charges on your credit cards. Set a goal to pay off the total amount on one card within a few months, if not sooner. If you or your spouse expects a bonus check from your emplo
While retirement may not be on your mind currently as an entrepreneur, the sooner you start planning for this milestone, the better. Before anything else, you need to consider the ways that you will be able to save for your retirement while also keeping your business running today. So, what tips or tricks can you employ to ensure that you will be financially able to retire when ready? A. Set Up a Roth IRA You may not have a company 401(k), but you should take advantage of the long-term benefits of a Roth IRA, which will grow and compound over time (tax free) and be removed (again, tax free) when you are at retirement age. - Jeff Epstein, Ambassador A. Opt for a Solo 401(k) If you are a business with no full-time employees (other than you and your spouse), you are eligible for a Solo 401(k), also known as the self-employed 401(k). The benefit to this is that you can contribute up to $50,000 of business income pre-tax ($100,000 if you set up a plan for yourself and your