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

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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Department of Personal Financial Planning

Division of Personal Financial Planning

The Department of Personal Financial Planning in the College of Human Sciences educates students on the need to focus financial knowledge on families and the achievement of their goals.

Undergraduate and graduate degree programs in personal financial planning are registered by the CFP Board. Students graduating from a CFP Board-Registered Program are eligible to sit for the CFP® Certification Examination.

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Financial Planning Academy

Sponsored by Charles Schwab Foundation, the first-of-its-kind program features curriculum from college students, professors and independent financial advisers.

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