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Richard Chew, Financial Lifestyle Expert and Principal Owner of 1st Capital Insurance Group

1st Capital Insurance Group

605 N. Michigan Ave., Suite 400, Chicago



  1. Sit Down for a 30-Minute Family Report Card

Assess your current financial situation and review the past year. Did you meet your financial goals? Did you pay off the debts that you hoped to? Did you keep within your budget?  Answer these questions thoroughly and honestly with your spouse and family. If there are some areas that need improving, commit to making those changes now. There’s no time like the present to get a grip on your finances.


  1. Get on a Debt Reduction Diet Today

Now is the best time to go on a debt diet. The credit card debt causes your bottom line to look bad and it’s hurting your financial health. It’s time to start cutting it down today.


  1. Sell Stock Positions for a Tax Loss 

If you sell a stock for a loss, you are not allowed to buy substantially identical stock or securities within 30 days.


  1. Successful Retirees Spend 5 Plus Hours Yearly on Financial Planning

Huge for those over the age of 50, but has application for anyone of any age looking to build a strong retirement future.  The happiest retirees spend at least five hours per year planning for retirement have figured out their best formula, which is different for every individual to help determine how much money they need to save for retirement.


  1. Contribute the Maximum Amount to Your 401(k)

Basically, this is free money to you, so if possible, it’s best to contribute the maximum amount to your 401(k).  The level to qualify for your company’s matching contribution plan may differ from company to company, so make sure to check with your Human Resources Department to see how much you need to contribute. Try to save at least the amount that your employer will match, otherwise you are leaving money on the table.