Your 2021 Financial To-Do List

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Eagle33
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Your 2021 Financial To-Do List

Post by Eagle33 »

For those who made a resolution to improve your financial life in 2021, Christine Benz offers this plan Your 2021 Financial To-Do List as a starting point for your plan.
Helping you look forward and plan for a productive year ahead is the goal of my annual financial to-do calendar and to-do list, which plots out a number of jobs you can undertake to improve your financial life on a month-by-month basis. The myriad tasks associated with maintaining an organized financial life seem daunting in list form, but they're more manageable when spread throughout the year.

While some of the financial jobs on the calendar are time-sensitive and therefore I've placed them in a specific month, such as the tax to-do's early this year, many of the others aren't. You should feel free to tackle those in any order you see fit, or to ignore those that don't apply to you or that you've already achieved.
Rocket science is not “rocket science” to a rocket scientist, just as personal finance is not “rocket science” to a Boglehead.
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abuss368
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Re: Your 2021 Financial To-Do List

Post by abuss368 »

Our goals are so simple but we are going to attack it right out of the gate!

We are going to focus 100% of simplifying both our financial and non-financial life even more!!! I already have a bunch of ideas.

Then I am going to just find ways to buy more shares of all investments and keep paying down even more debt.

Happy New Year!
Tony
John C. Bogle: “Simplicity is the master key to financial success."
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GerryL
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Re: Your 2021 Financial To-Do List

Post by GerryL »

Move forward (finish?) on plan to get my "death book" ready in case I am suddenly abducted by aliens. Got a good start in 2020, but I need to reach critical mass before I get my trust drawn up.

I am using the Nolo book "Get It Together" as a guide to organizing important papers and resources. The next two months, before I start seriously thinking about getting vaccinated, will be a good time to buckle down.
hudson
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Mid December Take Required Minimum Distribution (RMD)

Post by hudson »

I used to take my RMDs in January until I read a Boglehead discussion that said that you could use your RMDs for one-shot withholding instead of paying quarterly taxes. Now I plan to take my RMDs on December 15, 2021; I'll use the proceeds for withholding instead of paying quarterly taxes.

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midwest40
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Re: Your 2021 Financial To-Do List

Post by midwest40 »

GerryL wrote: Fri Jan 01, 2021 7:39 pm Move forward (finish?) on plan to get my "death book" ready in case I am suddenly abducted by aliens. Got a good start in 2020, but I need to reach critical mass before I get my trust drawn up.

I am using the Nolo book "Get It Together" as a guide to organizing important papers and resources. The next two months, before I start seriously thinking about getting vaccinated, will be a good time to buckle down.
That’s so funny. I recently got that book from the library.

Can I ask how you are working through it (ie, just completing section by section sequentially)?

Also, are you using the downloadable forms to do it?

One more question if I may? Are you working with a loved one to do it?

Let’s all hope an alien abduction is the topic of another year far far from now :)
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GerryL
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Re: Your 2021 Financial To-Do List

Post by GerryL »

midwest40 wrote: Sun Jan 03, 2021 12:51 am
GerryL wrote: Fri Jan 01, 2021 7:39 pm Move forward (finish?) on plan to get my "death book" ready in case I am suddenly abducted by aliens. Got a good start in 2020, but I need to reach critical mass before I get my trust drawn up.

I am using the Nolo book "Get It Together" as a guide to organizing important papers and resources. The next two months, before I start seriously thinking about getting vaccinated, will be a good time to buckle down.
That’s so funny. I recently got that book from the library.

Can I ask how you are working through it (ie, just completing section by section sequentially)?

Also, are you using the downloadable forms to do it?

One more question if I may? Are you working with a loved one to do it?

Let’s all hope an alien abduction is the topic of another year far far from now :)
How I'm working through it?
I have started in the second half, documenting key accounts, passwords, etc. Make sure I have the critical stuff in order, for my own purposes and in case someone else needs it. I think you need to be "in the mood" to tackle some of the sections.

I'm filling out the digital forms and will print them when they are ready to go into the binder. That way they will be easier to update as needed. I have a folder where I can put stuff for periodic updates.
I bought a set of 31 numbered divider tabs on Amazon and plan to divide the contents into two binders, 1st half to go on shelf; 2nd half locked in safe. I have password-protected the digital forms.

I'm a solo. That's why it's especially important for me to get this done.
midwest40
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Re: Your 2021 Financial To-Do List

Post by midwest40 »

GerryL wrote: Sun Jan 03, 2021 1:53 am How I'm working through it?
I have started in the second half, documenting key accounts, passwords, etc. Make sure I have the critical stuff in order, for my own purposes and in case someone else needs it. I think you need to be "in the mood" to tackle some of the sections.

I'm filling out the digital forms and will print them when they are ready to go into the binder. That way they will be easier to update as needed. I have a folder where I can put stuff for periodic updates.
I bought a set of 31 numbered divider tabs on Amazon and plan to divide the contents into two binders, 1st half to go on shelf; 2nd half locked in safe. I have password-protected the digital forms.

I'm a solo. That's why it's especially important for me to get this done.
Thank you so much for your response! It is kind of a monster of a project so I appreciate understanding how you’ve broken it down into manageable pieces and processes.

I think I will be starting mid-book somewhere too - probably with the service provider section. Great ideas on the binders, tabs, and password-protected (and updatable) forms. It really is helpful to have some of these things together even for personal use. Wishing us both the best of luck! :)
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GerryL
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Re: Your 2021 Financial To-Do List

Post by GerryL »

midwest40 wrote: Sun Jan 03, 2021 2:22 am
GerryL wrote: Sun Jan 03, 2021 1:53 am How I'm working through it?
I have started in the second half, documenting key accounts, passwords, etc. Make sure I have the critical stuff in order, for my own purposes and in case someone else needs it. I think you need to be "in the mood" to tackle some of the sections.

I'm filling out the digital forms and will print them when they are ready to go into the binder. That way they will be easier to update as needed. I have a folder where I can put stuff for periodic updates.
I bought a set of 31 numbered divider tabs on Amazon and plan to divide the contents into two binders, 1st half to go on shelf; 2nd half locked in safe. I have password-protected the digital forms.

I'm a solo. That's why it's especially important for me to get this done.
Thank you so much for your response! It is kind of a monster of a project so I appreciate understanding how you’ve broken it down into manageable pieces and processes.

I think I will be starting mid-book somewhere too - probably with the service provider section. Great ideas on the binders, tabs, and password-protected (and updatable) forms. It really is helpful to have some of these things together even for personal use. Wishing us both the best of luck! :)
I just came downstairs to check something on my computer and realized that the password for my forms was not where it was supposed to be. I had not worked on the forms since setting up my new computer. I looked and looked and could not find it. Panic. I was about to go back to bed and have bad dreams about needing to start over from scratch. One last check -- and I found it!
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