Financial End of Year Review – Changes in Income

    Published: 06-16-2009
    Views: 4,021
    Financial Advisor Ric Edelman discusses the importance of conducting a year-end personal financial review including how changes in income can affect your finances.

    Ric Edelman: This week I'm showing you how to complete a year-end review of your investments, after you consider changes in your family life, you need to look at changes to your income. I'm not talking about annual pay raises at work; I'm talking about big events like losing a job or getting a big promotion, starting your retirement.

    If you lose a job or retire, you might need to start generating income from your investments and that could call for a new investment portfolio. On the other hand if you get a big raise or inherit some money, you might need to make changes too. Even if you think you've been doing fine, changes in your life means you need to see if you need to make changes in your portfolio.