A Holiday Gift List for Your Future Self
We make gift lists for friends and loved ones, so why not a list of gifts for our future selves? At its heart, Massi DeSantis of Desmo Wealth Advisors says financial planning is a list of things you can do today to improve your future.
Key Takeaways
- Calculate your net worth by listing everything you own and everything you owe, then track your gross income and where money is being deducted—this reveals hidden accounts and often shows you have more than you thought
- Create a spending awareness plan by tracking expenses for 2-3 months using apps or a simple notebook to identify exactly where your money goes and cut unnecessary spending
- Open or fund a 529 education savings account for children or grandchildren—you can show them the gift, it has tax advantages beyond education flexibility, and college costs are rising
- If self-employed, set up your own retirement plan (Solo 401k, SEP-IRA, or Solo Roth) immediately rather than waiting—most self-employed workers neglect this critical step
- For charitable giving, keep donation receipts to claim $300 deductions ($600 if married) on your tax return, and if you're 70.5 or older, make qualified charitable distributions directly from your IRA to lower your tax burden
A Holiday Gift List for Your Future Self: We make gift lists for friends and loved ones, so why not a list of gifts for our future selves? At its heart, Massi DeSantis of Desmo Wealth Advisors says financial planning is a list of things you can do today to improve your future. Watch more Massi De Santis videos on finStream at this link: https://www.finstream.tv/featured/massi-de-santis/
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