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Top 10 Financial Resolutions for 2010

By Christine Marie Parker, CFP®

Financial planning is the process of wisely managing your finances to help achieve your goals and objectives.

Here are ten New Year’s resolutions to help
you plan well to live well in 2010:

1. Live within means: Prepare a written budget including a savings plan to help achieve your goals and objectives.

2. Pay down debt:Debt can be a major source of stress in your life. Create a comprehensive repayment plan. Compare credit card terms and conditions.

3. Get estate plan in order: Review your will, advance directive (selection of a health care agent, living will treatment preferences, and organ donation instructions), and other legal documents to help ensure your wishes are carried out.

4. Rebalance portfolios: Rebalance portfolios to your target strategic asset allocation.

5. Protect against risks: Prepare for a financial emergency. Review insurance policies for health, home, life, property, and auto, among others as circumstances change and at least annually to help minimize risks.

6. Get organized: Reevaluate your goals and action plans to achieve them. Organize your records and protect against loss of critical information due to unexpected disaster.

7. Protect against identity theft: Dumpster diving for personal information is a threat you can protect against—invest in an inexpensive
shredder. Also, order your FREE credit report
annually from http://www.annualcreditreport.com

8. Don’t put your eggs all in one basket: Avoid investing heavily in any one particular company—diversify your investments.

9. Give wisely: Learn how to evaluate your favorite charities and wisely make tax deductible donations.

10. Expand financial literacy: Take a personal finance course, read a personal finance book and subscribe to a personal finance
blog or magazine.

About Christine Marie Parker, CFP®

Christine Marie Parker, CERTIFIED FINANCIAL
PLANNER™, is President of Parker Financial, LLC; an independent fee-only registered investment adviser in the state of Maryland. Address: 9300 Endowment Place, La Plata, MD 20646. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. She does not provide legal or tax advice. Any strategy mentioned here may not be suitable for everyone. Before implementing any strategy, please consult your accountant, legal counsel and/or financial planner.

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