End of the Year Financial Checklist:
#1 – Complete Backdoor Roth IRA and Mega Backdoor Roth IRA
#2 – Max Out Retirement Accounts
#3 – Make retirement account Contributions and Perform Roth Conversions
#4 – Use FSA Money
#5 – Check Insurance Coverage
#6 – Give to Charity
#7 – Spend CME Money
#8 – Reach Your Savings Goal
#9 – Check Credit Report
#10 – Accelerate (Front-Load) Your Expenses and Delay (Back-Load) Your Income
#11 – Review Withholdings
#12 – Calculate Q4 Estimated Tax Payment
#13 – Prepare to Frontload Investment Accounts
#14 – Ready Tax Paperwork
#15 – Tax Loss Harvest
#16 – Update Your Spreadsheets with Net Worth, Savings Rate, and ROI

The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor is for you!

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00:00 End of the Year Financial Checklist
00:10 Complete Backdoor Roth IRA
01:03 Max Out Retirement Accounts
01:11 Perform Roth Conversions
01:34 Use FSA Money
02:08 Check Insurance Coverage
02:31 Give to Charity
03:07 Spend CME Money
03:31 Reach Your Savings Goal
03:47 Check Credit Report
04:27 Accelerate Your Expenses and Delay Your Income
04:52 Review Withholdings
05:21 Calculate Q4 Estimated Tax Payment
05:38 Prepare to Frontload Investment Accounts
06:10 Ready Tax Paperwork
06:37 Tax Loss Harvest
07:20 Update Your Spreadsheets with Net Worth, Savings Rate, and ROI…(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERT IRA TO GOLD: Gold IRA Account

CONVERT IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

End of the Year Financial Checklist: Preparing for a Strong Financial Future

As the year draws to a close, it is essential to take time to review your financial situation and ensure that you are on track for a strong start in the coming year. By following this end-of-year financial checklist, you can make informed decisions, identify areas for improvement, and set yourself up for financial success.

1. Review your financial goals: Start by revisiting the goals you set for yourself at the beginning of the year. Assess whether you have achieved them and analyze any obstacles that may have hindered your progress. This reflection will help you set new and realistic financial objectives for the upcoming year.

2. Evaluate your budget: Take a close look at your budget to understand how you have been managing your income and expenses. Identify areas where you can cut back or reallocate funds to ensure a balanced financial plan. Create a new budget for the coming year that reflects your updated goals and priorities.

3. Assess your debt: Take stock of your outstanding debts, including credit cards, loans, and mortgages. Evaluate the interest rates and payment terms to determine if it is possible to consolidate or refinance any loans to reduce interest payments. Create a debt repayment plan that aligns with your financial goals and prioritize paying off high-interest debt first.

4. Maximize retirement contributions: If you have a retirement account, ensure that you have maximized your contributions for the year. Take advantage of any matching contributions from your employer and consider increasing your contributions for the next year if possible. By doing so, you can enjoy the benefits of compound interest and secure your retirement future.

5. Evaluate insurance coverage: Review your insurance policies, including health, life, and property insurance. Ensure that your coverage is adequate and up to date. Consider any changes in your circumstances that may require adjustments to your policies. Contact your insurance provider to discuss any necessary updates and potential cost-saving opportunities.

6. Take advantage of tax deductions: Before the year ends, make sure you have taken full advantage of all available tax deductions. Consult with a tax professional to identify deductible expenses and any changes in tax laws that might affect your situation. This will help you minimize your tax liability and potentially increase your refund.

7. Review investment portfolio: Analyze the performance of your investment portfolio, including stocks, bonds, and mutual funds. Rebalance your portfolio if needed to ensure it aligns with your risk tolerance and financial goals. Seek the guidance of a financial advisor to optimize your investment strategy based on market trends and your individual circumstances.

8. Organize financial records: Set aside time to organize important financial documents, such as bank statements, tax returns, and investment statements. Digitally store or physically file these documents in a secure and easily accessible manner. Having organized financial records will make future tax filings and financial planning easier and more efficient.

By undertaking this end-of-the-year financial checklist, you can gain a clear understanding of your financial situation, identify areas for improvement, and set goals for the upcoming year. Remember to regularly monitor your financial progress throughout the year, making adjustments as needed. By taking control of your finances, you can build a strong foundation for a prosperous future.