Essential Steps for Thriving in Your New Job

Getting a new job is a significant milestone that marks the beginning of an exciting chapter in your life. As you embark on this journey, you need to get ready and aim for a financially secured future.

The next steps are crucial. You need to establish a solid foundation if you really want to safeguard the fruits of your labor.

Here are several key elements that warrant your attention. By acquiring or reviewing these essentials, you will position yourself for an optimal path to success.

Optimizing your Resources

Whether this is your first job or a transition to a higher income, carefully reviewing your income, expenses, and savings is the first step towards financial success. It’s tempting to envision all the things you can buy with your first paycheck, but it’s crucial to plan for existing expenses and save for future needs, such as retirement. If your income has increased or decreased, a financial professional can provide valuable guidance in optimizing your resources.

Getting Proper Insurance Coverage

With a new job, you may have new financial responsibilities and acquisitions to consider. If your job requires travel or a longer commute, a new car might be necessary, right? Items like that come with a significant cost and need to be adequately insured.

Moreover, if you have dependents who rely on you, it’s important to think about their financial security in the event of your passing. Life insurance can provide the necessary support for your loved ones during such challenging times. Furthermore, disability insurance is worth considering to safeguard your financial well-being and that of your loved ones if you were to experience a disability that affects your ability to work.

By addressing your insurance needs appropriately, you can have peace of mind and protect yourself and your loved ones from unexpected financial burdens.

Create an Income Tax Strategy

Navigating the tax filing process can be overwhelming, especially if you’re unfamiliar with it. If this is your first job, you may encounter elements like federal and state income tax withholding, Medicare deductions, and other similar deductions for the first time.Then at the end of the calendar year, you will be required to file your first federal and state income tax returns.

If it’s a job change, it can put you in a different tax bracket. It’s valuable to determine if you now qualify for any tax credits or deductions, or if it’s more beneficial to itemize your deductions rather than taking the standard deduction.

An experienced tax advisor can guide you through the process, explaining the necessary steps and providing insights into optimizing your tax situation and potentially reducing your overall tax liability.

Securing the Basic Estate Planning Documents

It’s worth noting that estate planning isn’t reserved for the wealthy – it is relevant and beneficial for individuals of all income levels. If you haven’t established an estate plan, now is an opportune moment to develop one tailored to your unique circumstances and goals.

Having a comprehensive estate plan safeguards yourself and your loved ones throughout your lifetime, even during periods of incapacity, and ultimately upon your passing.

If you already have an existing estate plan, a change in employment also serves as a significant catalyst to review and potentially revise your plan. By doing so, you can ensure that it aligns with your current situation, addresses any new considerations that arise from your job change, and remains in line with your long-term objectives.

Set Yourself to Success Today!

We understand the importance of making the most of this exciting chapter in your life. That’s why we’re here to offer our expertise and work alongside your team of financial, tax, or insurance professionals.

Together, we will develop a comprehensive financial and estate plan designed to safeguard the legacy you are building.

750 F Street, Suite 2
Davis, CA 95616

333 University Ave, Suite 200
Sacramento, CA 95825

3017 Douglas Blvd, Ste 300
Roseville, CA 95616

288 Pearl Street
Monterey, CA 93940

San Antonio
18756 Stone Oak Pkwy, Ste 200
San Antonio, TX 78258

We operate on an appointment-only basis other than our Davis office.

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