Is Your 2024 Financial Plan Ready?

December 27, 2023
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Happy holidays from Illumination Wealth!

We wish everyone the best as we prepare to ring in the New Year. Whether you are ready for 2024 or not, it is here. It’s time to make sure your 2024 financial plan is in order. Illumination Wealth is here to help. Here are a few tips and thoughts to get you started.

How Was 2023?

Before you can truly look ahead to 2024 and beyond, it helps to look back on this year. Did you achieve all your financial goals that you had set at the beginning of the year? Did you experience any challenges—both expected and unexpected—with your personal and/or business finances? Did you make any adjustments during the year to accommodate for changing situations (market fluctuations, soaring interest rates, life changes, new tax codes, etc.)? Take a good, hard look at your 2023 finances. See where you can make improvements and adjustments heading into 2024. You may have already done this step, but it’s probably not too late if you haven’t performed your annual financial review yet.

What Are Your Goals for 2024?

Most of us have already put together our financial plans for 2024. Whether it’s for your business or for your personal finances, it is smart to have a plan in place. It can act as a guide for you to follow as the year progresses. It should include goals and milestones you wish to achieve. It may be broken down by quarters or months to provide even more specific deadlines for certain results.

Your financial plan will likely be based on financial projections. You may be taking chances on certain investments while playing it safe with others. There’s no way to predict everything perfectly, but studying the trends and performing careful research can give you a distinct advantage. Working with a trusted financial advisor can also provide many benefits. Let them share their expertise and insights to help you make better financial planning decisions.

What Are Your Future Goals?

It’s also wise to look beyond 2024. What are your goals for 5-10 years down the line? Are you planning and saving for retirement? Are you looking to achieve financial independence by a certain age? Where will your business be in the future (if you are a business owner)? Business owners will also want to think about issues like exit planning and succession planning. It’s never too soon to start figuring out what will happen when it’s time to move on. Estate planning is another area of concern for everyone who has wealth and assets that need to be accounted for should something happen.

Expect the Unexpected

On that note, you sometimes have to expect the unexpected. Nothing will ever go exactly as you have it mapped out in your financial plan. That’s why you might build in contingencies and allow for adjustments that can happen along the way. Things change, and your financial plan should have some flexibility. Review your financial plan each quarter. See if you are achieving your goals and milestones. If not, you can make adjustments moving forward. If you have exceeded your expectations, then you can define new goals.


Lastly, diversification will be the key to most successful financial plans and investment portfolios. You want to have a mix of conservative and aggressive investments. Some moves will be very safe, while others may allow you to take risks—without risking everything! Again, a financial advisor and investment specialist will be able to help you make better decisions now and moving forward with your financial future.

For all your financial planning needs in 2024 and beyond, contact Illumination Wealth.