Organizing Your Financial Documents

shj122716_organizing_financial_documents_blog_imageWhen it comes to important documents, some people are detailed filers and others are “organized pilers”. You know where your documents are, but does anybody else? In an emergency or the event of your incapacity, could your adult children or designated Power of Attorney quickly find the documents and information that they need? Whether you choose to go electronic or stick with paper, there are a couple of steps to follow to organize your financial documents.

Stay Protected
If you make the shift to paperless with your documents, be sure that your home network is secure and that the documents and your personal computer are password protected. Be sure to quickly update the password that is automatically assigned to you during a new internet installation. Periodically update your antivirus software and make sure you have a firewall. If you receive account statements and notifications electronically, consider changing your password every six months to a year, and never access your financial information on a public network! When storing documents electronically, you can either save them locally on your computer or research websites that offer services to store and organize your important documents in one place.

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Inside the Economy with SH&J: December 19, 2016

This week on Inside the Economy with SH&J, we discuss the recent Federal increase in interest rates and the likelihood of additional increases in 2017. How will the higher interest rates impact us in the Denver real estate market? Will we see a push on wage inflation in 2017? Listen in to hear our last economic update for 2016!

New Year, New Goals: Evaluate Your Finances and Make a Plan for 2017

shj121916_new_years_resolution_blog_image2016 has been a whirlwind of a year, but hopefully not on your finances. Life changes and with it come new expenses or new financial goals. It’s important to regularly check in on your finances to ensure you are staying on track. What better time than the new year?

Here are 5 things to review as we move into 2017:

Income and expenses
The key to managing a spending plan is knowing how much money is coming in and how much is going out. As we head into the new year, review your pay stubs, earnings reports and other sources of income and crunch some numbers. Once you’ve figured out your income, do the same with your expenses.

Try out an online budget tool or use online banking to automatically categorize your expenses so you can see where you are spending the most. Pull up your budget from last year to see what may have changed and adjust as needed. Remember to be realistic about how much you will spend, not how much you want to spend.

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Holiday Spending Hangover

shj121316_happy_holidaysMany people may experience a spiked eggnog hangover during the holiday season, but do you also find yourself with a spending hangover? That nagging feeling that you may have spent too much on gifts for your loved ones but you aren’t really sure how much you should have spent?

According to a recent survey by T. Rowe Price, you are not alone. Of the participants surveyed, 64% “spent more over the holidays than [they] should have”. And women are not the only ones doing the holiday shopping. “Men are more likely than women to try to get everything on their kids’ lists (60% vs. 45%).” The holiday spending hangover is increasing as well. Of the participants surveyed, 69% spent the same amount, a little bit more, or a lot more than last year.

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Inside the Economy with SH&J: December 5, 2016

This week on Inside the Economy with SH&J, we discuss how OPEC’s recent decision to cut production impacted the U.S. stock market and the level of influence we can expect from OPEC going forward. Additionally, the new administration may have a plan to bring overseas corporate profits back to the U.S., but will repatriation be important? Listen in to hear more on these issues as well as U.S. contributions to globalization by industry since 1997.

The Future of Retail: 3 Predictions for What’s to Come

shj120616_retail_future_in_america_blog1 in 3 online retail transactions happen on a mobile phone (source). Consumers are flocking to the convenience of online shopping. For example, Amazon Prime gives consumers free two-day shipping on purchases and some apps provide same day delivery of items.

We’ve seen major retailers, Sports Authority for example, experience difficulty when faced with online competition. Will this trend continue or will brick and mortar find a way to survive? With the prevalence of online shopping, what will retail look like in the future?

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Should I Consider a Partial Roth Conversion?

shj113016_roth_conversionsIn a world filled with IRAs, 401(k)s, and brokerage accounts, what is the appeal of a Roth IRA? Unlike a traditional IRA, when funds are withdrawn from a Roth IRA account they are tax free because taxes have already been paid on the money at the time contributions were made. With the traditional IRA, funds are contributed pre-tax so when money is withdrawn from the account it is taxable at ordinary income rates. So the question becomes, pay tax now or later?

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