It’s hard to believe, but we have officially reached the halfway mark of 2024! Even if you’re like us and feel like the year has sped by so far, June is the perfect month to pause and take stock of your financial health. Our May blog mentioned the importance of regularly reviewing and updating your financial plan, and this month, we have put together a few tips for you to consider as you look back at the first half of 2024 and consider your plan for the rest of the year.
The first few months of 2024 showed a stronger economy than expected by many investors. Although the expected Fed rate cuts have not arrived, there hasn’t been a recession yet. The S&P 500 also hit its first record high in two years, marking its largest first-quarter increase since 2019.1 These positive market trends have led to many investors having increasingly optimistic outlooks for the rest of 2024. We believe that you, too, should be optimistic about your financial future, and there is no better way to feel confident than by making sure you have taken all the necessary steps to make the most of the remaining year.
One of the best ways to set yourself up for success with your financial plan is to update your financial records. If you track your finances independently, is your information current? If you partner with a wealth management firm like our GDS team, have you logged in to see how your finances are doing? Simply checking in periodically can be helpful to ensure that you are aware of your financial health.
Assess your income. Have there been any changes so far in 2024? Did you receive a raise or take on a second source of income? Or did you take a step back from work and cut back to part-time hours? If your annual income has changed, make sure you have also made the necessary adjustments to your financial plan.
Now that we are halfway through the year, review your yearly savings. If your income has increased or you have underspent in some areas of your life, consider increasing some of your 2024 savings. If you are eligible for a Roth IRA, consider making the maximum yearly contribution. If you are saving for a specific financial goal, consider increasing your monthly or yearly savings in that category.
Finally, consider updating your overall financial goals! Many of us may not have kept all of our New Year’s resolutions; sometimes our goals from January are not the same goals we have in June. If you have set any new financial goals for yourself, your family, or your business in the second half of 2024, make sure to factor those updates into your financial plan.
As you complete your mid-year financial review, don’t hesitate to reach out if you have any questions about your financial plan, your personal goals, or your savings. Our team of financial planners is here to help you feel confident about your plan—in 2024 and into the future. You can reach our office at (469) 212-8072 or www.gdswealth.com.
1 Reuters, 2024.
Investment advice offered through GDS Wealth Management, a registered investment adviser in Flower Mound, TX. This blog does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for informational purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith, and any related legal, tax, accounting, or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact GDS Wealth Management at (469)212-8072 or www.gdswealth.com or consult with the professional adviser of their choosing.
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