Is 2010 the Year?
by Evan Vanderwey on 09/01/10 at 6:44 pm
Is 2010 the Year . . .
The year Michigan will gain residents and increase its employed residents number?
The year Michigan will lower taxes and become Right to Work?
The year property values will rise?
The year you will own a home (again)?
I have been blessed this year to have assisted in and listened to 1000′s of stories from Michigan residents about the home they purchased, sold, rented, lost in foreclosure, rennovated, refinanced, etc.
Where as we cannot be certain about whether the above will happen in 2010 – there is a lot that, with good advice and determination, we can be very certain about.
With a good plan, great advice and accountability my clients are hopeful and certain that 2010 will be the year . . . !
The year that they will finally pay off their last credit card – never to return!
The year they will start a family!
The year they will start a business!
The year they will buy or build the home they have been thinking about for years!
The year they will jump in for the first time - or back in – to the housing market.
We cannot know the future – we can only prepare well by doing some smart things that we know will help us reach what ever we hope for in 2010. Here are a few things that are always a good idea:
1. Make a plan to eliminate all of your consumer debt and commit to paying it all off once and for all before you enter into any new major purchases. This one for most families will have the biggest impact on their future options. With no credit cards or car loans most families will reclaim the right to spend upwards of $1000 per month of their income again. Income that today is being claimed by banks and credit unions against prior years purchases. Get out of debt in 2010!
2. Boost your Emergency Fund – Dave Ramsey recommends six months worth of your monthly expenses in a money market or savings account. This is a very good idea after you’ve paid off all of your consumer debt.
3. Start a ROTH IRA – or convert your old 401k to a ROTH IRA. In 2010, the IRS will allow anyone regardless of income to convert old pretax accounts to a ROTH IRA. Anyone currently paying taxes in the 15% (or lower) tax bracket should consider using a ROTH IRA instead of a traditional IRA, or converting their traditional IRA to a ROTH IRA. The math is not too difficult on this and I’ll post it on www.evanvanderwey.com soon.
Make a plan this year to better your financial future. While many are whining and complaining about the uncertainties in life, doing some smart things that will increase your level of certainty.
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