Texas Tech University

Expert: For New Year's, Here's How to Finally Get Your Finances in Order

Glenys Young

December 19, 2017

Evensky

Personal Financial Planning professor Harold Evensky can offer some tips to help people get past the resolution and make change.

With 2018 just around the corner, many people are beginning to think about their New Year's resolutions.

Harold Evensky
Harold Evensky

While eating right and exercising more are certainly high on the list, one of the most common New Year's resolutions is to better handle money. And while this is a great resolution, it's not enough just to resolve to do something, you actually have to do it – so says Harold Evensky, a certified financial planner and professor of practice in the Texas Tech University Department of Personal Financial Planning. He can offer some tips to help people get past the resolution and actually get their finances in order.

Expert

Harold Evensky, professor of practice,(806) 392-2525 or harold@evensky.com

Talking points

  • Don't "resolve,” do. Resolutions are nice, but they're worthless if they just sit there.
  • Start with cash flow. Prepare a detailed budget to see where you stand now: Are you saving or over-spending?
  • Prepare a detailed balance sheet. List your assets with the amount, location and account number, if appropriate, and liabilities with amount, rate and term.
  • Prepare a detailed asset allocation. If you have bonds, are they short-term, intermediate, long-term, municipal, taxable? Are your stocks domestic (large or small), international, emerging market, REITs, etc.?
  • Make an appointment with a qualified certified financial planner to begin some serious planning.

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