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Tips for making a financial plan for 2013

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    What can you do to prepare for the future?

  • Duration 5:32
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New year brings new opportunities to change your life and that could include your finances it's really important to make sure your economic house is an order where do you start.

In today's take charge consumer protection segment tips for making your own financial plan for 2013.

Joining us now Michael Seymour founder and president of US.

Private -- strategies.

Great to see Michael I always count on you to help us build this well I've never really seen in my lifetime -- more challenging time.

To do that we're making lasts -- paying more taxes had a we put money away.

Well that's it you know first of all I saw the topic for today -- a great topic and on behalf of every financial advisor out there I think Fox News for bringing this up.

What we're gonna do today is financial planning and taking charge your financial life really involves three things where you now.

What do you want to accomplish and how are you going to get there.

We're gonna talk today about where are you now.

And for most people out there.

If I ask you one simple question in the last twelve months.

Have you taken a look at every single thing.

That is part of your financial life and developed a plan for it and I know from eighteen years experience is an advisor.

That the answer for the vast majority of everybody.

Is now.

But you know well so people are right now -- they -- made a budget last year because they knew they weren't gonna get a raise or maybe they lost their jobs.

They cut their expenses they didn't go on vacations are eating out last.

Well now they realize that there are even their basic cost of living is more than they're bringing in.

And they can't do anymore are so what advice do you have for those folks how -- they plan for their retirement or their future.

What would -- got -- -- what did the first dynamite said is where are you now okay.

And you know -- if times are greater times or bad you still are where you are right now.

So it's even more important.

Go online typing the words household budget worksheet that you just referred to or use the one that you will use last year.

In January.

You're going to get.

-- year and you're -- December statements for basically everything you have credit card statements mortgage statements bank account statements retirement accounts.

Investment accounts.

And you're gonna actually believe it or not you gonna open the envelopes this time.

And you're gonna carefully you'll feel right so many people bury their head in the sand they don't open up steam and so now go OK so now we bring herself up to speed on everything that we have.

But given the new tax regulations the fact that the payroll tax.

Savings expired.

What benefits are there for example -- we still have the housing deduction does it make sense to keep a mortgage or buy a house at this time.

Well you know everybody's financial situation is different and and that's why you know what Mitt might make sense for you might not make sense for me and vice Versa.

But -- in what we're gonna do is we look at every one of these statements okay we're gonna look at each line item and we're gonna say.

What you know what where are we -- -- wise where are we expense wise.

Are we paying too much intrusive they are here are we not getting too much -- there are.

And win whenever you have changing tax regulations etc.

It's everything the CPAs can do to stay up on it much less you when -- so there comes a point where you do need to seek some professional help.

If he once she got all your data Michael if you can afford it let me tell you the basic information and I have really less than a minute left and I want to -- -- folks today is what.

Tax benefits and deductions remain in that folks -- -- -- just try to get back whatever their having to pay it.

OK while you -- the mortgage deduction is still in place for most of the people were talking about his people who don't.

You know that are in the higher income brackets okay.

So you know the mortgage deduction does remain you -- charitable contributions which most people may not be able to make him in -- -- levels right now.

So as far as the tax deductions are concerned some of the things that might benefit people if you can and if you're you know if you can scrape together some money.

Such things as the IRA contribution levels have gone up.

For 2013.

So if you find yourself in a little better place they need to catch up on your retirement savings that's one -- you might be able.

To do so and what she said about you know many people might not be able to afford professional help.

I would remind everybody in almost every county every community across this great country there are many many fine non profit.

Organizations.

That don't cost anything good -- absolutely geared to helping you get your financial house in order there are out there you can find them.

And one of the things -- can help you do is pay off your debt lower your interest charges and -- use every resource you have to tighten up your budget.

Thank you so much Michael -- we're going to be talking here again is going to be a challenging year for a lot of people.

Thank you CD is.

All right and I want everyone to just take charge.

Know what you have -- what you can do these segments will continue on a number of consumer issues -- you can go to foxnews.com.

Click on America's news HQ at the bottom of our main page and go -- watch some of these other segments on insurance and mortgages.

And tuition and how to really make every dollar stretch.

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