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Cleaning House? Financial Ins and Outs for 2024

Bonds and automating IRA contributions are in. Holding too much cash and checking your portfolio every day are out.

Two arrows: 'Ins' arrow pointing left, 'Outs' arrow pointing right

Many people use the new year as an opportunity to revamp their wardrobes, redecorate their personal spaces, or revisit their finances.

Yet, most of us learn every year that our resolutions or intentions (whatever you’d like to call them) can be hard to achieve. The trick is to keep things simple and realistic—both with your goals and yourself.

That’s why we’ve boiled down a starting point for getting your financial house in order. Morningstar’s specialists told us what’s in and what’s out when it comes to retirement savings, market movements, portfolio performance, and more. Plus, we’ve got the resources to get you there.

Here’s a handy list of financial ins and outs for 2024 and beyond.

What’s In for 2024?

  1. Reading finance books to build investing confidence.
  2. Saving first, spending last.
  3. Maxing out your 401(K) or other tax-advantaged accounts.
  4. Roth IRA conversions.
  5. Setting up a health savings account.
  6. Automating IRA contributions.
  7. Keeping beneficiary designations up to date.
  8. Tying portfolio withdrawals to portfolio performance.
  9. Bonds.
  10. Being a minimalist.
  11. Rebalancing.
  12. Small-cap stocks.
  13. Filling out the FAFSA.
  14. Second-derivative artificial intelligence stocks.
  15. Active exchange-traded funds with low fees.

What’s Out for 2024?

  1. Checking your portfolio every day.
  2. Feeling shame from financial mistakes.
  3. Using a raise to justify unnecessary spending.
  4. Dissing the 60/40 portfolio.
  5. Manifesting money goals without saving.
  6. YOLO, NFTs, meme stocks.
  7. Keeping up with the Joneses.
  8. Worrying that the government will begin taxing Roth IRAs.
  9. Underspending in retirement.
  10. Holding too much cash.
  11. Digital assets.
  12. Derivative income.
  13. Making five $100 purchases instead of a single $500 one.
  14. Avoiding conversations about money.
  15. Underestimating the Bucket approach.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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