A Personal Note?

As we approach the final month of the year, I want to encourage you to take some time to reflect not only on your finances but also on your personal and life endeavors. This is a perfect opportunity to look at everything holistically and ensure we are prioritizing what truly matters. It starts with taking care of ourselves?creating margins and spaces in our lives that allow us to recharge, find clarity, and avoid burnout. Money is a powerful tool, but it is only as useful as the health, relationships, and well-being of those we hold dear. Without a strong foundation in the things that matter most?family, health, and personal fulfillment?financial success alone can feel empty.

Taking a moment to evaluate how well we are caring for the things that bring us joy and fulfillment can have a profound impact. Are we spending quality time with family and friends? Are we tending to our physical, mental, and spiritual health? These are the questions that allow us to see if we are on the right path. When we make sure we are centered and aligned, we can better approach both our financial and personal goals with intention and confidence. Let's take this time to ensure we are not only financially prepared but also personally balanced and ready for the opportunities ahead. True wealth is about living a fulfilled life, and that requires having harmony between our financial plans and our personal well-being. Let?s commit to making the right moves for our money, but let?s also make sure we are nurturing our relationships, our health, and our inner peace.

~Barry

The holiday season is a time for reflection?but also action when it comes to your finances. With the year rapidly coming to a close, taking the time to review and address key areas of your financial life can set you up for a smoother, more prosperous 2025. Completing these year-end tasks can help you maximize savings, reduce your tax liabilities, and provide you with a sense of financial clarity as the new year approaches.

We know it can be overwhelming to find time during such a busy season, but this checklist is designed to help you focus on the most impactful actions. By dedicating a small window of time now, you can give yourself the gift of financial peace of mind moving forward. Taking care of these year-end tasks now allows you to start the new year with confidence, knowing that you have laid the groundwork for a secure financial future. It?s not just about finances but about creating a holistic plan that encompasses all aspects of your life, bringing greater alignment and purpose to your goals. As you go through this checklist, remember that even small actions can make a big difference over time.

Checklist of Year-End Financial Moves

1. Maximize Tax-Saving Opportunities

• Contribute the maximum allowable amount to your retirement accounts (401(k), IRA). This not only helps secure your retirement but also provides tax benefits that reduce your taxable income.
• Consider tax-loss harvesting to offset gains from investments. If you have investments that have not performed well, now is a good time to sell those assets to offset capital gains from other investments.
• Review charitable giving options:
• Utilize a donor-advised fund for flexibility in future donations. This allows you to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time.
• Make direct charitable contributions for potential deductions. Charitable giving is a great way to support causes that are meaningful to you while also providing tax benefits.

2. Review Your Spending and Budget

• Look back at your 2024 spending habits?did your money align with your values and goals? This reflection can provide valuable insights into where you may need to make adjustments moving forward.
• Use any remaining FSA funds before they expire. Many Flexible Spending Accounts operate on a use-it-or-lose-it basis, so make sure to utilize any remaining funds for eligible expenses.
• Start planning your 2025 budget, taking into account new goals or life changes. A fresh budget can help you prioritize spending and ensure that your financial plan is aligned with your aspirations for the coming year.

3. Check Your Investment Portfolio

• Rebalance your portfolio to ensure it aligns with your risk tolerance and financial objectives. Market movements over the year may have shifted your original allocation, and rebalancing helps maintain your desired level of risk.
• Realize gains or losses strategically to prepare for tax season. Strategic management of gains and losses can help minimize your tax bill.
• Review any underperforming assets and consider reallocating for stronger opportunities. Regularly evaluating your investments ensures that your money is working as effectively as possible for you.

4. Wrap Up Business Finances (for Business Owners)

• Make year-end purchases to maximize business expense deductions. This is especially important for items that will help grow your business in the coming year.
• Review employee bonuses and payroll adjustments. Showing appreciation for your team can boost morale and help ensure a strong start to the new year.
• Ensure you?ve maximized contributions to any employer-sponsored retirement plans. Contributing to these plans can help reduce taxable income and provide long-term benefits for you and your employees.

5. Prepare for Major Life Events in 2025

• Review and update your estate plan (wills, beneficiaries, trusts). Life changes, such as marriages, births, or deaths, may necessitate updates to your estate planning documents.
• Consider upcoming milestones, such as college tuition, a new home purchase, or job changes. Preparing for these events now will help ensure that you have the necessary resources in place when the time comes.
• Make sure your financial plan accounts for any expected transitions or opportunities. Proper planning can help you take advantage of opportunities and navigate challenges more effectively.

Don?t let the year-end rush keep you from achieving your financial goals. Contact PPFG today to finalize your 2024 plan and start 2025 with confidence and peace of mind. We?re here to help simplify your year-end planning while ensuring nothing is overlooked, so you can head into the new year feeling financially empowered. There?s no need to navigate these complex decisions alone. Let us provide you with the guidance and expertise you need to feel secure and prepared for whatever the future holds.

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Cetera Advisor Networks LLC exclusively provides investment products and services through its representatives. Although Cetera does not provide tax or legal advice, or supervise tax, accounting or legal services, Cetera representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice.

Some IRAs have contribution limitations and tax consequences for early withdrawals. For complete details, consult your tax advisor or attorney. There is no assurance that any investment strategy will be successful. All investing involves risk, including the possible loss of principal. 

Generally, a donor advised fund is a separately identified fund or account that is maintained and operated by a section 501(c)(3) organization, which is called a sponsoring organization. Each account is composed of contributions made by individual donors. Once the donor makes the contribution, the organization has legal control over it. However, the donor, or the donor's representative, retains advisory privileges with respect to the distribution of funds and the investment of assets in the account. Donors take a tax deduction for all contributions at the time they are made, even though the money may not be dispersed to a charity until much later. 

Investment adviser representative offering securities and advisory services through Cetera Advisor Networks LLC, member FINRA/SIPC (doing insurance business in CA as CFGAN Insurance Agency LLC, CA Insurance License #0644976), a broker/dealer and a registered investment adviser. Cetera is under separate ownership from any other named entity.