Ep 34: 10 Money Resolutions for 2022

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The New Year is just around the corner. Today’s show is all about money resolutions and focusing on what you can control. You can’t control the stock market, but there are some things you can do to improve your financial future.

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Show Notes

What resolutions do you have for the New Year? According to DiscoverHappyHabits.com, after one week, 75% of people are successful in keeping their resolutions. That drops to 71% after two weeks, 64% after one month and 46% after six months.

About 1 in 10 people who fail said they made too many resolutions. Think about your past and how much you accomplished. Instead of setting year-long goals, maybe you should have 90-day projects. Break your resolutions down to one thing you can do today.

If you want to build wealth and set yourself up for financial independence you need to focus on paying down debt. Especially consumer and high-interest debt. Do you have an emergency fund or a rainy-day fund? 2020 and 2021, were great examples as to why you need to look at this resolution. Join us today as we discuss more resolutions and how they can help you have a great financial year.

Here are 10 money resolutions you can consider making for 2022:

  • Make an extra effort to pay down debt
  • Get a rainy day fund in place
  • Bump up or max out retirement contributions
  • Should you do a Roth conversion?
  • Schedule time to talk with your spouse about finances
  • Review your life insurance
  • Should you refinance your mortgage?
  • Update your tax withholdings
  • Consolidate your accounts
  • Create a retirement plan
  • Work with a financial advisor

Listen to the full podcast or use the timestamps below to jump to a specific section.

[2:30] Planning for 90 days

[3:02] New Year’s resolution statistics

[7:25] Pay down debt

[8:19] Rainy day fund

[9:48] Increase retirement contributions

[12:31 ] Roth conversion

[13:52] Talk with spouse

[16:23] Life insurance

[17:09] Refinance

[18:26] Tax withholdings

[20:13] Consolidate accounts

[23:13] Retirement plan

[24:10] Financial advisor

Thanks for checking out this episode. We’ll talk to you again soon.

“I’ve found in working with a lot of people that when you start to consolidate those old accounts … you now have a better picture of what your life looks like financially.”

-Scott Sierens