Albert Williams, a nationally renowned economist and an associate professor says that this is the perfect time of the year to discuss finances and offers some financial recommendations for the end of 2018 and some resolutions for 2019.
He says online shopping has made it even easier for people to overspend and be over budget. When you're walking through a mall and have more packages than you can carry, it's a sure sign that you've overspent. Unfortunately, we don't have that same "alert" when we're ordering online.
Dr. Williams' expertise is in personal finance, corporate finance, macroeconomics, microeconomics, and managerial economics. He has extensive experience working with both print and broadcast media.
Financial recommendations for the end of 2018 (Tips)
- Do NOT overspend for gifts, parties, travel, etc.
- Do not borrow for the above and have to take all of 2019 or more to pay off the bills.
- Last minute shoppers - stay on budget.
Financial Resolutions for 2019 (Tips)
- Keep a watchful eye on the economy!
- Do not overpay taxes!
- Take stock of your net wealth situation! Assets - Liabilities = Net Wealth
- Take stock of your income situation. Income and expense.
- Make plans, take action, and evaluate results!
- Set financial goals and keep them.
- Be specific. I will save $ 250 per month for the next 12 months.
- Become more money smart. Get some financial education.
- Learn from the experts. Get a financial coach, advisor - your money doctor. Everyone needs one!
- Build financial confidence - get financial knowledge and make financial decisions with confidence.
- Be smart when buying a car and a house.
- Cut mortgage costs - make one more monthly payment per year to reduce 30-year mortgage by nine years
- Manage your credit better
- Credit card - do not overuse - no maxing out!!!
- Pay more than the monthly minimum - to cut high-interest charges
- Check your credit report carefully and fix any inaccuracies
- Check on your insurance needs - life, health, and property.
- Save, Save, and Save!!! BUILD A CUSHION FOR RAINY DAY.
- Invest, invest, and invest!!! stocks, bonds, real estate, business, mutual funds, ETFs, etc.
- Aging is a must! Do retirement planning from early.
- Who is going to get what from your estate? Anyone over 50, please do not put this off!
- HELP MAKE 2019 BETTER THAN 2018 - FINANCIALLY.