Rosenthal Wealth Management Group Lists Top Five New Year's Resolutions to Shape Up People's Financial Fitness

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New Year's is just around the corner and so are the many, many resolutions people promise to embrace in order to get more physically fit and healthier. But one top financial planner in the Washington, DC area, Larry Rosenthal of Rosenthal Wealth Management, says that assuring financial fitness should also be high on many people's lists of personal-changes to undertake in 2019.

"There are easily dozens of actions people can take to improve their financial health in less than a year but there are a 'top five' which are especially easy to follow and can pay big dividends quickly," said Rosenthal.

  1. Review of estate planning. Making sure beneficiary wishes are up to date. Same with will/trust, power of attorney, health care or disability directives. Review Insurance coverages, types and premiums.
  2. Review of financial planning or create one. Recognizing if the current plan is providing positive projections. Is it proving realistic? Assess and correct investment funding.
  3. Review contributions. This includes funding/gifting for various types of retirement accounts such as 401ks, IRAs, and Roth IRAs; kids' college accounts; charities and family members (kids, grandkids, others). Try and save one more percent each year.
  4. Review ownership/titling of business and personal assets. There are several different types of ownership designations that have significant implications for matters such as liability and inheritance. Circumstances change and what was preferred a year ago may not be preferred today.
  5. Consider cost-saving initiatives such as refinancing a mortgage. If there is a rate of more than one percent lower than an existing rate, then refinancing might be beneficial. If the new rate would be over two percent lower or more, then there is probably room to see some advantages to refinancing. Another cost-saving tip, take a look at all credit cards and make adjustments based on rates and usage benefits, accordingly.

There are easily dozens of actions people can take to improve their financial health in less than a year but there are a 'top five' which are especially easy to follow and can pay big dividends quickly,

Larry Rosenthal

Sr. Financial Planner

As a much sought after financial adviser, Rosenthal has appeared regularly on Fox Business News and has been quoted in The Wall Street Journal, CNNMoney, U.S. News and World Report, CNBC's The Nightly Business Report, The Washington Post, USA Today, Money, Bloomberg, The Chicago Tribune, The Fiscal Times, Kiplinger's Retirement Report, Consumer Report's Money Advisor, The Washington Times, Financial Planning, Financial Advisor and others.

Rosenthal has been providing financial counseling for about three decades. He presently has offices in Mclean, Manassas, Stafford, Virginia, and Baltimore, Maryland. Additionally, he has co-authored the book "Financial Success in the year 2000 and Beyond." His next book is expected out in mid-2019.

Rosenthal is also the host of "Making Money Sense," a radio show that has aired every Saturday morning on DC's WAVA from 9:00 - 10:00 a.m. since 2004 and is now nationally simulcast via satellite on SiriusXM channel 131.

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Bob Johns

Source: Rosenthal Wealth Management Group


Categories: Asset Management, Banking, Finance, Insurance

Tags: 2019, CNNMoney, financial advising, financial fitness, Fox Business News, money management, New Year's, planning, resolutions