Quarantined at Home?

Quarantined at Home? Financial Tasks to do During Quarantine:

We understand that this is a difficult time for everyone. As the COVID-19 pandemic sweeps the world, you are likely spending more time than ever at home now. With money at the top of mind for many during this time, you may be wondering what you can do to be productive? Check out some things you could do to help your financial future. Here are some quarantine financial tasks that you can do in and out of quarantine!

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Organize your Finances: Whether you are used to having a system in place when it comes to finances or just throwing receipts in an old shoebox, it’s time to declutter. Create (or update) a system that will work for you. Consider making a finance filing cabinet, drawer, or e-file as the designated location to store all things finance-related.

Develop a Budget: If you’ve been meaning to tweak or even create a budget for a while now, the time has come! It’s smart to reevaluate and see where you are spending your money. Do you have enough in your emergency fund? Are you contributing to retirement? You now have the time to go through your bank statements and credit card bills to review where your money is going. A great place to start can be using apps like Mint or Quicken that help catalog the past three months of expenses.

Roll Over Old 401ks: It’s easy to put off rolling over your old 401k when transitioning into a new job. The steps needed to rollover your money is a brief phone to initiate the transfer and typically a few days for the transfer to occur. This prevents you from forgetting about them entirely and consolidates your accounts for a convenience factor.

Roth IRA Conversions: In a volatile market, a Roth Conversion can become very appealing. This involves changing a traditional (pre-tax) IRA to a Roth (after-tax) IRA.  Rather than paying taxes in retirement, investors can pay taxes now and benefit from the potential tax-free growth of their investments. We recommend that you consult with your tax advisor before initiating the conversion.

In conclusion, there are many things you can do to the advantage of this extra time at home. Use your time wisely to help clean, organize and plan for your future goals. Partnership Wealth Management is available for phone meetings to help answer your investment, retirement, or other financial questions. We are happy to meet with our clients virtually from the comfort of your home. Contact us today to schedule an appointment.


Questions and Consultations

If you have questions or if you’d like to schedule an appointment to discuss your finances, contact us today.

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The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice to any individual.  Consult your legal, tax, and/or financial advisor to determine what is appropriate for your situation.

As a Registered Investment Advisor (RIA), Partnership Wealth Management is committed to providing our clients with financial planning and wealth management services to help them work towards their financial goals. At Partnership Wealth Management, we have a long history of working with the LGBT community. Among the many services we offer are financial planning and estate planning strategies for gay and lesbian couples. Financial planning is an important part of preparing for the future; contact us today to get started: www.partnershipwm.com.