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Estrada Webb & Associates

Top 10 Countdown: Basic Critical Financial Planning Tips for 2020

Happy New Financial Year

Estrada Webb & Associates Financial Planning 2020

Resolve to have a Happy New Year!

2020 is upon us, and with a new year comes the perfect excuse to review your goals and reset them!


10. Pay off Credit Card Debt each month

One of the most effective ways toward financial freedom is to be debt free.  This involves self-discipline.  Don’t charge something unless you really need it and make sure you pay off your credit card each month.

9. Pay off high interest rate debt as soon as possible

Develop a plan to tackle your highest interest rate first and allocate those funds to the next debt when it’s paid off.

8. Review your Insurance

Even if you are insured, is it enough? Is it structured correctly? Have there been life events that have adjusted your needs?

Make sure you are adequately covered in:

Life Insurance – how would your family’s financial situation be affected if something were to happen to you or your spouse?

Disability Insurance coverage – if you or your spouse have a serious injury or long-term illness, will your disability insurance replace enough of your income? Workers today are 3 times more likely to suffer a long-term disability than die during their working years.1

Long Term Care – The average lifetime long-term care expenditure for all individuals turning 65 in 2019 is $138,000. However, only about 27 percent of people have an expected cost that will exceed $100,000, 20 percent over $150,000 and just over 15 percent will have expenses in excess of $250,000. The expected expenditure is higher for women than for men.2

Property and Casualty Insurance – make sure you're adequately covered on your home, auto and umbrella policies… cheaper is not always better if you aren’t adequately covered.

Contact Estrada Webb & Associates for Insurance Reviews and Risk Management.

7. Establish and periodically review your Estate documents

It is important to make sure that you have laid out what happens to your assets, who will be taking care of your minor children, and any other wishes you care to have carried out when you pass…otherwise, the state will make those decisions for you.   

6. You will also need other estate associated documents

             Medical and Durable Powers of Attorney, Medical Directives, HIPAA

5. Have a tax review to ensure you are taking advantage of all deductions and tax credits

The tax code can be incredibly complex particularly at higher income levels. Major tax laws have changed over the years. Stay educated or work with someone who is. Don’t leave any money on the table.

4. Get an Investment Review

Are your personal investments and retirement investments balancing your risk-taking ability with your financial needs?  Make sure you are invested in most efficient way possible for your profile. Contact Estrada Webb & Associates for Investment Reviews and Investment Management.

3. Own a business? Make sure you have a business succession plan

Owning a small business is no easy task.  See a financial advisor to make sure you are leaving your business in capable hands, and that your family is compensated adequately should the unexpected occur.

2. Start a Retirement Plan for your business

If you have a small business, have you looked at the array of employee benefits that would enhance your workers lives as well as help reduce your taxes? Retirement Planning

1. Get a financial Plan!

This is the most important goal of all because it can help facilitate goals 1 through 9.

Start your year off right and Call Estrada Webb & Associates to get your financial life in order and remember….

Having no plan is not a plan!




1. The Council of Disability Insurers, The Long Term Disability Claims Review: 2005

2. Department of Health and Human Services Office of Disability, Aging and Long-Term Care Policy, “Long-Term Services and Supports for Older Americans: Risks and Financing,” Issue Brief, July 1, 2015.