It’s time to rejuvenate your finances! To celebrate spring The Life Skills Network [1] is featuring a rejuvenation day today. Check out all the fun topics to spice up your spring at the end of the article.
Rejuvenate Your Finances
- Update your withholding. Now that your taxes are done (or almost done), if you got a tax refund [2], you may want to update your withholding for 2010.
- Convert your IRA. It may be time for a Roth IRA conversion [3] in 2010 if the income limits were holding you back in prior years.
- Update your asset allocation. If it’s been awhile since you took a look at your asset allocation [4], now is the time to update it.
- Sell your stocks. If you’re lucky enough to be in the lower 2 tax brackets, 2010 is the last year you can take advantage of the 0% long term capital gains rate unless the laws change.
- Bump up the contribution in your 401k. This one will help lower your tax bracket to help you take advantage of the last one. Of course, it’s also a good way to save more. See the 2010 Roth 401k Limits [5].
- Buy a house. The Tax Credit for Existing Homeowners [6] and first time home buyers end in one month. If you’re planning to take advantage of the free government money, you have to have your contract in place during the month of April.
- Review the health care plan. No matter which side you fall on in the health care debate, it’s likely going to have an impact on your finances. Review the Health Care Reform Bill Summary [7] to see the taxes included in the plan.
- Do a second quarter financial check-up. Here’s a list of tips for your Second Quarter Financial Check-up [8] to get you started.
- Try something new. Many times the best way to learn something new, is to give it a try. We’re considering a new business venture, but we’re a little unsure of the profitability. Stay tuned, as always, there will be more to come on that topic. If you have something new you want to try, whether it’s Social Lending [9], Real Estate Investing [10], or another interesting idea [11], give it a try!
- Try it immediately. Have that new idea in mind, but stuck in analysis paralysis? Someone once gave me some advice, that if you sit on the sideline and never execute an idea, you’ll never really know how well it worked. So let’s get moving!