To start off the year on the right foot, it’s important to create a budget and stick to it. Tax-deferred savings should be a priority in everyone’s financial planning. As a Fiscal Investor, it’s recommended to max out contributions to 401ks and IRAs if possible, as the tax advantages can be significant. Keep in mind that early withdrawals from these accounts may result in penalties, so it’s best to leave the funds untouched until you reach age 59 1/2. If you don’t have an IRA, consider reaching out to your preferred brokerage to get started. Fidelity is one option worth considering. Given recent market declines, now could be an opportune time to invest, but it’s important to only invest what you’re comfortable with on a monthly basis.
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