How to Prepare Finances for the End of the Year

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With record high inflation, stock market volatility, and interest rates jacked up…as an average American, what can we do to prepare our finances for the end of the year? “When we stay focused on what we can control, it helps us keep our eye towards our long-term goals rather than the short-term gyrations of the market,” says Anita Knotts, Founder & CEO of the Lotus Women’s Institute. Anita joins 630 Naperville host Joe Chura to discuss practical action items you can take now in this edition of Dollars and Sense. 

Four Financial Areas for End-of-Year Planning

Investment Planning: Look at your mix of stocks, bonds, alternative investments, and cash to see if the mix is still appropriate. You may want to consider engaging in “tax loss harvesting.” 

Tax Planning: “I strongly encourage you to seek a tax professional on this,” suggests Anita. Tax laws change, so you want to ensure you have access to the most up-to-date guidance. The best thing you can do is connect your tax professional with your investment advisor. 

Charitable Planning: With the help of a trusted financial advisor, you can donate appreciated investment securities or engage in planned giving. While you are doing good for your community, charitable giving can also be tax-efficient. 

Retirement Planning: The deadline for your annual 401k contribution and for taking out mandatory distributions (RMD) from your IRA is December 31st, so now is an excellent time to review your contributions. 

Who is Anita Knotts?

Anita Knotts is the Founder & CEO of Lotus Women’s Institute. After a successful career in wealth management, Anita launched this enterprise with the mission to attract, develop and advance women in finance. As a woman of color, she wants to see more women enter client-facing roles and connect them with firms who are sincerely committed to DEI. While she is based in the Chicago suburbs, Anita is working with financial service firms around the country who are seeking female candidates for their organizations. Anita strongly believes that the hiring; development, and advancement of diverse groups in our business communities is not just an altruistic mission, it is a business imperative.

What is the Lotus Women’s Institute?

Lotus Women’s Institute is on a mission to transform the world of finance. Our vision is to attract, develop and advance women – and women of color – in finance!

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