What Are The New Year Financial Tips I Should Know?
A new year can be a hopeful time for those looking to earn more money. However, there are also changes in rules, regulations, and the economy that can affect your financial well-being. It pays to understand what's in store for the new year so you can plan.
Financial planning for the new year isn't challenging but it does take a little research. You may have to adjust the amount going into savings and change how you are investing. You may also need to tap into some resources you already have to make sure you are stable even if the economy isn't. Here are five New Year financial tips to consider.
5 New Year Financial Tips
1. Look At New Tax Laws
The federal government always implements new tax laws on January 1st and one of the biggest pieces of news over the past year is the hiring of 87,000 armed IRS agents.
The biggest change is reporting rules relating to the 1099-K form. Everyone should receive a Form 1099-K showing transactions from third parties and payment cards by the end of January. Those who were paid more than $600 for services or products in 2022 will need to report that.
There is a return to 2019 levels for some tax credits. Some will receive a smaller refund as there are changes to several tax credit programs for those with children, earned income, and dependent care.
2. Put Money Into Alternative Investments
Everyone who had a 401K in 2022 saw it drop significantly from 25 percent to 35 percent. Financial advisers are telling people to start looking at alternative investments.
That can be good news for those with little money as many of these alternative investments require anywhere from $200 to $1,000 to get started. Some great new year financial tips on investing include picking ones that have provided good returns over the past few years.
There are investments in farms, art, and wine that have been profitable.
3. Buy Some Metals
One way to stabilize a roller coaster financial crisis is to have some mental on hand. Investing in gold, silver, and platinum is always a good idea.
New year financial tips include finding a dealer where you can buy in smaller portions and who will send you the physical product.
4. Take Stock Of Your Net Worth
It never hurts to look at your assets and find value. That includes your home, vehicles, boats, campers, jewelry, investments, and what you have in the bank. Then, compare it to your debt to get your true net worth.
5. Set A Plan For Spending For The New Year
Everyone has general financial goals like setting how much they want to earn. The better goal in new year financial tips is setting how you will spend what you already earn. This may include setting goals to fix up the house, get a new car, go on vacation, and pay for a child's education.
Many people haven't been able to squirrel away money with the pandemic and then an economy filled with inflation. That's where Mississippi Title Loans, Inc. can help.
Mississippi Title Loans, Inc. offers payday advance loans from $100 to $400 to those who are 18 years old or older and are working. You can get emergency cash in as little as 30 minutes.
Those applying need three things. You will need a driver's license or state-issued photo identification along with your most recent pay stub. You will also need a blank check from an active checking account that's in your name. You do not need collateral for a payday loan. Your job is your guarantee.
Applying for a payday loan is simple today with Mississippi Title Loans, Inc. You fill out the form on the website inquiring about a loan. A nearby loan representative will call you to set a time for you to come by the store with your documents.
Your documents will be verified, and the representative will help you through the process and answer any questions. There is some simple paperwork to fill out. You will get money either that day or the next if you are approved.
One of the better aspects of getting a payday loan is you can do it even if you have bad credit. It's a short-term loan so you won't have months of debt to pay off. It can be helpful for those who have sudden unexpected expenses without savings.
Fill Out The Form
Inquiring about this type of loan with Mississippi Title Loans, Inc. doesn't obligate you to take the offer but knowing how much you can get may relieve some stress. It only takes a few minutes to fill out the form.
Filling out the form may be one of the ways you can fund that surprise bill hitting you toward the end of the year so you can start the New Year off with some peace of mind. That may help you as you follow the new year financial tips in achieving your goals. Apply today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.