October 2023

October is here with cool air, beautiful fall foliage, and brown everywhere!

It is also Financial Planning Awareness Month and Wealth Management Financial Advisors takes a leadership role in our community to raise awareness of financial literacy.

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These are some important facts to consider during October. By taking the time to plan ahead, you can save yourself time and money in the long run.

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Financial Planning Month is a nationwide observance in the United States that takes place every October. It is a time to focus on your financial goals and create a plan to achieve them. Financial planning is the process of assessing your current financial situation, identifying your financial goals, and developing a plan to achieve those goals.

 

There are many different aspects of financial planning, including budgeting, saving, investing, insurance, retirement planning, and estate planning.

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• Budgeting is the process of creating a plan for how you will spend your money. A budget can help you to track your income and expenses, make sure that you are not spending more money than you earn, and save money for your financial goals.
   

• Saving is the process of putting money aside for future use. Savings can be used to pay for unexpected expenses, reach financial goals, or invest in the future.
   

• Investing is the process of using your money to buy assets, such as stocks, bonds, or real estate, in the hope of generating a return. Investing can be a good way to grow your wealth over time, but it is important to understand the risks involved before you invest.
   

• Insurance is a way to protect yourself from financial losses caused by unexpected events, such as illness, injury, or property damage. There are many different types of insurance available, including health insurance, life insurance, and homeowners insurance.
   

• Retirement planning is the process of saving money for your retirement so that you can maintain your lifestyle after you stop working. Retirement planning can be complex, but it is important to start planning early so that you have enough time to save money.
   

• Estate planning is the process of planning for the distribution of your assets after you die. Estate planning can involve creating a will, trust, and other legal documents to ensure that your assets are distributed according to your wishes.

 

• FAFSA opens on October 1: If you have children heading to college next year, the Free Application for Federal Student Aid (FAFSA) window opens on October 1. It's best to complete the FAFSA as early as possible because states and colleges use it to award their own grants, scholarships and loans, and that aid is limited.
   

• Tax return deadline: File your income tax return by October 16 if you requested a six-month extension back in April.
   

• Set up and fund a retirement account: If you want to establish and fund an individual 401(k) or SEP IRA for 2023, the account must be opened by your tax filing deadline plus any extensions, which is typically October 16 2023 for most small businesses.
   

• Run a tax projection: Run a projection of your current-year income tax liability to get a head start on your year-end tax planning.
   

• Review your health insurance coverage: As open enrollment season rolls around at work, take the time to review your health insurance coverage and other employer benefits.

 

Get professional help. If you need help developing a financial plan or choosing investments, consider working with me, a financial advisor.

 

I'm a financial advisor who specializes in helping individuals and small business owners achieve their financial goals. I have over 20 years of experience in the tax and financial industry. I've helped thousands of individuals and small business owners save money, grow their businesses, and achieve financial security.

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