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Is 2023 Your Year to Get Your Finances in Order?

As we head into 2023, many will resolve to make the new year a time to get their finances in order. The best way to build wealth and be financially secure is by planning

As we head into 2023, many will resolve to make the new year a time to get their finances in order. The best way to build wealth and be financially secure is by planning ahead, which involves more than balancing a checkbook – or worse, not even doing that. An accountant is the best expert to help you plan for retirement, put money away for a rainy day, and cut back on spending without sacrificing. So make your first action after the ball drop Googling “accounting firms near me,” and choose Baldwin & Associates for these many benefits that we provide.

Advice and Guidance Related to Financial Decisions

If we were all experts in finance and accounting, then there would be no such thing as an accountant. Accountants are skilled at looking at budgets and making sense of them by considering all the angles involved and determining many factors that you might not recognize on your own. With the uncertainty of the current economy, many are wondering if making major purchases, like buying a new car or investing in real estate, is a good idea right now. An accountant can provide guidance about everything from timing to whether it is a good investment by weighing the facts and not going on impulse or hype!

Helping You Save By Looking at Your Budget

Most people look at their budgets and think that it is about as good as it gets, and aren’t necessarily willing to sacrifice to find ways to save. An accountant is an expert who can look at your spending and find ways to either consolidate, combine, or compare what you are spending and what you can cut back on. The key is to find a painless way to cut costs and although you don’t think it is possible, we’d bet money that it is – if betting were a good financial decision, that is.

Negotiation of Salary or Money Discussions

The job market is also very uncertain, with many looking to make a change in the year ahead. If you are working for an organization and considering going it alone as a freelancer or opening your own business, an accountant can walk you through the reality of your new endeavor to see if you have the means to go for it. They can also help you determine what types of business ventures will be most feasible, like whether you will want to become an LLC, sole proprietor, or look for another type of business ownership or operation to lower your liability and tax burden.

Retirement Savings

The younger you are, the less you see the need to save for your retirement. The catch-22, however, is that the younger you start saving for your retirement, the more likely you’ll be able to retire early. Many people just starting out without obligations and family, can painlessly take money right off of the top of their salary without even noticing a difference. Looking into savings options like stock investments, IRAs, or 401(k)s are best done when you’re younger as opposed to older.

Future Planning for Your Family

If you aren’t covering your family for the future, you aren’t covering them at all. No one wants to think about a time when they aren’t around, but it is critical for everyone’s sake. An accountant can find the best types of investments for life insurance, college tuition savings accounts like 501 accounts, and other products that will ensure that you are prepared for whatever life sends your way. If you have your finances in order, that will provide for not just your peace, but peace for all of those who depend on you and in the future.

As we roll into 2023, many will resolve to make the upcoming year one where they get their finances in order and begin to make better decisions about investing and saving. An accountant is an expert who can give it to you straight, straighten out what is going wrong, and help you find savings that will save you and those who rely on you. So as we enter the new year, now is the perfect time to Google “accountant near me” – but make sure you choose wisely by hiring Baldwin & Associates to start the year off right!