10 Actions to Take Charge of Your Personal Finances

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With the holiday season around the corner, now is an opportune time to take stock of your personal finances and get ahead of your New Year’s resolutions for 2025. No matter what turn the economy, elections and markets take, there are actions you can take to help optimize your personal finances.

Neil Hart, Market Director of Banking for Chase, can discuss ten actions to help you take charge of your personal finances, assessing your current standing and taking the right steps toward setting yourself up for success in 2025.

Create a Wealth Plan: Develop a comprehensive wealth plan to ensure your personal and
financial goals are well-aligned with your available resources. Tools like J.P. Morgan’s propriety planning tool, Wealth Plan, can help clearly see your risk exposure and cash flows to achieve your goals.
Hold the Right Amount of Cash: With expected interest rate cuts, ensure you have the right amount of cash on hand, and consider yield opportunities that match your time horizon and liquidity needs.
Maximize Investment Opportunities: Volatility may resurface during election season. Stay
invested for your long-term goals and evaluate opportunities to invest excess cash.
Complete the annual “to-dos”: This includes funding retirement accounts, such as IRAs and 401(k)s, taking RMDs, and making annual exclusion gifts to take advantage of tax benefits.
Review your life insurance policies: Ensure your life insurance coverage is adequate to protect your loved ones. Update beneficiaries and consider whether additional coverage is needed.
Increase your portfolio’s tax efficiency: Implement strategies to minimize taxes on your
investments, such as tax-loss harvesting and utilizing tax-advantaged accounts.
Review Your Asset Ownership Designations: Ensure your assets are properly titled to reflect your current wishes and potentially provide tax benefits.
Plan your charitable giving: Develop a charitable giving strategy that aligns with your values and maximizes tax benefits. Consider donor-advised funds or charitable trusts.
Host a Family Meeting: Discuss money and family values with your family members. Align on values, disclose age-appropriate information, and build financial literacy skills.
Be Cybersafe in a Changing World: Enhance your cybersecurity measures to protect against scams and deepfakes. Verify contacts, use safe words, and be cautious with links and attachments.

By taking these steps, you can better navigate the uncertainties of the economy and markets, and set yourself up for financial success in 2025. For more personalized advice, consider consulting with a financial advisor who can help tailor these actions to your specific situation.

Assistance is always available in person by visiting your nearest Chase branch Monday through Saturday during business hours.

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For informational/educational purposes only: Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy.
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