New Year Financial Planning | Episode 039

In this episode Mark shares his approach to starting the new year with a solid personal financial plan. He covers how to reflect on the past year's financial activities, organize income and expenses, and prepare a comprehensive one-page financial plan for the upcoming year. 

Topics include tracking income and expenses, calculating net worth, preparing for tax season, optimizing health insurance subsidies, and setting savings goals. Mark offers practical tips and tools for both retirees and those still earning income, emphasizing the importance of aligning spending with personal values and automating savings.

If you would like your question answered on the show, please send an email to [email protected] and put “podcast question” in the subject line.

Episode Links:

Mark’s Money Mind YouTube Channel

The Financial Speedometer: Tracking Your Income & Expenses | Episode 004

The Financial Starting Line – Net Worth, 529 to Roth IRA and Q&A | Episode 003

Dinkytown.net 1040 Tax Calculator

College for Financial Planning - 2025 Annual Limits Relating to Financial Planning

Social Security Administration

ACA Healthcare Marketplace

IRS Tax Withholding Estimator

Timestamps:

• 00:27 Reflecting on Last Year's Finances
• 01:37 Reviewing and Categorizing Financial Data
• 05:02 Creating a Net Worth Statement
• 08:14 Preparing for Tax Season
• 12:59 Planning for the New Year
• 21:22 Understanding ACA Subsidies and Tax Brackets
• 23:48 Strategies for Managing Income and Subsidies
• 28:20 Pay Yourself First: Savings Goals and Strategies
• 29:08 Maximizing Employer-Sponsored Retirement Plans
• 30:12 IRA Contributions: Traditional vs. Roth
• 31:35 Health Savings Accounts (HSAs) and Other Savings Goals
• 35:14 Reviewing Tax Withholding and Estimated Payments
• 37:10 Creating a One-Page Financial Plan