5 Financial Resolutions for 2013

Lamp on money backgroundReduce your credit card debt.

Try to pay off as much of your credit card debt as possible in order to reduce the interest costs. If you are currently being harassed by creditors, you have rights and may be entitled to sue for damages.

Check your credit report.

You have a right to a fair and accurate report. If your credit report contains errors, you should address this immediately. If the credit bureau does not correct or delete the information, the Fair Credit Reporting Act gives you the right to sue for damages. It also says that the credit bureau must pay attorneys’ fees and court costs.

Diversify your Investments

Stocks, bonds, and CDs are good investments, but you may also want to consider another type of investment: Real Estate. It is a buyer’s market right now, and long-term real estate investments can pay off.

Review your Health Insurance Options

The provisions of the Affordable Care Act take effect in 2014. As an individual, you should review your plan to see if there are ways to increase your coverage without increasing your premium. If you are a business owner, you should review the law and clarify the affect it will have on you and your employees.

Draw up or Update your Will

If you have not done so yet, it is important to draw up a will, no matter what age you are. Wills protect your assets and can save your loved ones the trouble of going through a long, drawn-out probate process. In addition to having a will, it is important to update it. Those with large estates should update their will every year, and those with small estates should update their will every four years. You may also consider other estate planning tools, such as a living will or living trust.

Source: http://www.miamiherald.com/2013/01/14/3182481/its-not-too-late-for-financial.html

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