By Matt Loverine
Loverine is based in Milwaukee at the MetLife Premier Client Group, which helps people grow and safeguard their assets by designing wealth management, retirement planning and estate planning solutions tailored to their individual needs, notes that consumers should focus on what matters this Thanksgiving, rather than getting swept up into the kickoff to holiday shopping season.
Matt gives three tips on what to spend your energy on this Thanksgiving:
1. Don’t gobble down unnecessary expenses – Black Friday can be a great way to save, as long as you plan in advance. Don’t use savings opportunities as an excuse to buy more gifts and end up spending more. Make a budget so that you’re not left broke after the holiday season ends.
2. Consider a different kind of harvesting – As the year draws to a close, you may hear a lot about tax loss harvesting—a potential way to offset capital gains by selling investments at a loss before year’s end. Rather than working to reduce your overall tax exposure, instead consider reducing your exposure to volatile investments. The large losses they may suffer could far outweigh any you would feel as a result of taxes.
3. Take a step back and invest in what matters – It’s easy to get caught up in the thrill of the season and spend on gifts, decorations, dinners out and so on. This is the time of year to take a step back and think about what’s really important. Consider putting some of the money you would spend on gifts toward college for your kids, your retirement or a bigger expense down the road.