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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
January/February 2023
Are Your Finances Ready for the New Year?
If you’re not sure whether your financial strategy is as comprehensive as it could be, a checklist and your financial professional can help. Get a fresh start in the new year by reviewing the items on the list to see if you’re on track.
- List your assets, including investments, savings, retirement accounts, real estate, college funds, and other valuables. Then list liabilities, such as your mortgage; student, personal and car loans; and credit card debt to see the big picture.
- Revisit your budget. If it’s stretched thin every month, look for ways to reduce costs. Cable and streaming services, cell phone plans, and dining and entertainment are good places to start.
- Save money in an emergency fund to cover living expenses for three months to a year.
- Come up with a plan to pay off debt, especially high-interest credit cards.
- Check your credit score and credit reports from the three major credit reporting bureaus: TransUnion, Equifax, and Experian. Accessing one report now and the other two at different times during the year can keep you on top of any changes.
- Review your investments and rebalance your portfolio if your asset allocation or your risk tolerance has changed.
- Estimate retirement income needs. Contribute the maximum to an employer’s retirement plan, or at least enough to receive any employer matching funds. No plan at work? Consider opening a traditional or Roth individual retirement account.
- Save for college with the guidance of your financial professional. Starting early and saving consistently is best.
- Check your estate planning documents. At a minimum, you need a will; durable powers of attorney for health care and finances; and a health care proxy specifying your treatment preferences.
- Review your insurance coverage. Protection for yourself and your family might include life, disability, auto, homeowners/renters, long-term care, and umbrella policies.
- Schedule a meeting with your financial professional to discuss any concerns.
1-05343485
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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