9 Steps to Becoming Financially Fit in 2014-Part 6 of 6

By staying informed and engaged, you can empower yourself with the knowledge to make good financial decisions.

Over the past five weeks, I reviewed the first seven of nine steps to becoming financially fit in 2014. In the last post of this series, I will discuss steps 8 and 9:  protect your assets and schedule a year-end review.


Step 8: Protect your assets

Just like planning for retirement, estate planning is a woman’s issue because we live longer, we typically marry spouses who are older and the average age of widowhood is 52. Here is a great article outlining nine things women need to know about estate planning.

If you don’t have a strategy for your estate, the government will. Here are some key actions you should take:

  • Meet with your attorney regularly
  • Prepare estate planning documents
  • Review and update beneficiary designations
  • Make sure investments are titled appropriately
  • Don’t forget about your charitable giving

Step 9:  Schedule a year-end review

Just like an annual trip to the doctor can provide vital health information and help identify issues before they become serious, the same can be said for annual financial reviews. In addition, goals and priorities sometimes change, so it is important that you review your financial plan on an annual basis and when you have a key life change. This process will help you stay on track to meet your long term financial goals.

In addition to meeting with your financial planner, you should also:

  • Read financial:
    • Magazines
    • Newspapers
    • Websites
  • Attend workshops
  • Review
    • Brokerage and retirement plan statements
    • Annual reports
    • Prospectus
  • Consult your financial planner when you have questions 

By staying informed and engaged, you can empower yourself with the knowledge to make good financial decisions.

Call to Action: 

Two weeks-Schedule a meeting with an estate planning professional to create or update your estate plan.  

What’s next?

Time to celebrate!

If you follow the above tips throughout the year, rest assured you’ll have worked hard and made tremendous progress towards becoming financially fit. Feel free to give yourself a pat on the back – you earned it.



Upcoming Events:

On Wednesday, February 26, 2014, Pamela will be present an educational talk entitled:“Women and Money: What Women Need to Know About Money Matters.”

Learn the common mistakes women make and how you can overcome them and take control of your financial life to achieve your long-term financial goals.

The presentation will begin at 5:30 p.m. on Wednesday, Feb. 26, 2014 at Gilda’s Club  Desert Cities, 73555 Alessandro Drive, Palm Desert. The talk is free and open to the public, and light refreshments will be served. Seating is limited and reservations may be made by phoning (760) 770-5678 or e-mailing infogcdc@dc.rr.com.


About Pamela Plick

Pamela Plick is a CERTIFIED FINANCIAL PLANNER™ practitioner and Registered Investment Advisor located in Palm Desert, California specializing in planning for women. Her goal is to empower, educate and engage women around their money. You can find out more about Pamela and connect with her on twitter, Facebook or linked in by going to www.pamelaplick.com.
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