How We Got Rich in November, December & January: Do These 5 Strategic Money Moves NOW
As we embark on a fresh year filled with potential and opportunities, it’s essential to reflect on the strategies that led to financial success in the previous months. November and December are often associated with holiday spending, which can lead many to financial strain. However, with the right strategies, they can also be profitable months if approached with a strategic mindset. Here, I’m sharing five effective money moves that contributed to our wealth during those months, which you can implement right now.
1. Maximize Holiday Sales and Discounts
The holiday season heralds an array of sales, promotions, and special offers that savvy consumers can leverage. Instead of succumbing to impulse buying, we focused on the following:
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Planning Ahead: Creating a thoughtful gift list allowed us to take advantage of early sales. Black Friday and Cyber Monday present incredible deals on everything from electronics to clothing.
- Loyalty Programs and Cashback Offers: Signing up for retailer loyalty programs and utilizing credit cards with cashback rewards provided additional savings, turning what could be overspending into a profit.
Action Step: Create a holiday shopping list and set alerts for sales on items you need. Don’t forget to explore cashback and rewards programs—make your spending work for you!
2. Take Advantage of Tax-Advantaged Accounts
November and December aren’t just about holiday shopping; they’re also crucial months for tax planning. By maximizing contributions to tax-advantaged accounts, we not only saved money but also prepared for tax season.
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IRA or HSA Contributions: Increasing contributions to an Individual retirement account (IRA) or Health Savings Account (HSA) not only reduced our taxable income but also set us up for future financial growth.
- Flexible Spending Account (FSA): Many employers offer FSAs with a "use it or lose it" policy by the end of the year. Taking stock of unspent funds allowed us to ensure we utilized every dollar.
Action Step: Assess your financial accounts and make contributions before the year-end deadlines. Ensure that you’re maximizing tax-exempt opportunities to reduce your tax burden.
3. Review and Adjust Budgeting Strategies
The close of the year is an excellent time to reflect on past spending habits and adjust budgets for the new year.
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Analyze Spending Patterns: We reviewed monthly expenses to identify areas where we could cut back, reallocating those funds toward savings or investments.
- Set SMART Financial Goals: Specific, Measurable, Achievable, Relevant, and Time-bound goals helped create a clear vision for our financial future, from saving for a vacation to building an emergency fund.
Action Step: Conduct a year-end review of your budget. Identify habits that led to overspending and set realistic financial goals for the year ahead.
4. Invest in Education and Skills Development
Investing in oneself is often overlooked, but we recognized that education pays dividends in future earning potential.
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Enroll in Courses and Workshops: We explored online courses or local workshops that aligned with our career aspirations, knowing they could lead to promotions or new job opportunities.
- Networking Opportunities: Attending industry-related events over the holiday season allowed us to connect with professionals who could offer mentorship or job leads.
Action Step: Identify skills that could benefit your career and seek out relevant courses or networking events. Continuous learning is an investment that can lead to long-term financial gain.
5. Set Up a Financial Review with a Professional
As the year concludes, we scheduled a meeting with a financial advisor to ensure we were on track and to seek advice for future investments or financial strategies.
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Portfolio Review: Our advisor helped us assess our investment portfolio’s performance and make necessary adjustments to align with our long-term goals.
- Debt Evaluation: We discussed strategies for managing any outstanding debts, including consolidation options and refinancing for lower interest rates.
Action Step: If you haven’t done so, consider consulting a financial advisor who can provide personalized insights and strategies to optimize your financial health.
Conclusion
November, December, and January can be transformative months for financial growth if approached with intention and strategy. By implementing these five money moves now, you can set the stage for financial success throughout the entire year. Remember, it’s not just about making money; it’s about making informed decisions that align with your long-term goals. Here’s to a prosperous new year!
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Great videos. Discovered you guys by accident and followed ever since. I even recommend you guys to friends and on Reddit. Could you do a video on pitfalls or good planning for rolling over 401k to RothIRA?
I’d like to do an HSA but is it worth it living in CA?
Found your link on a facebook group. So a lovely discovery. Thank you for sharing your passion! As a european now living in Portugal as well and looking for our home to buy as I type, wondering if you pay your taxes in Portugal and if you have your accounts (those that you recommend) here? Obrigada 😉
Wonderful tips. Thanks!
Great video guys!
I have some questions on property ownership. Is it easier to own property in Portugal or Spain? Are prices better in Portugal or Spain? Which is easier to get a long term visa?
Do you guys invest in Cryptocurrency Index Fund?
How are you liquidating your investments in order to use it as income?
I was under the impression that HSAs for 2021 allow contributions until April 15th, 2022. Is that not correct?
In the USA the market is still high ….Zillow just folded it’s ibuyer program and they are dumping 7000 homes. Generally speaking the advice to buy around the holidays is true.
Thank you so much for all you do!! I love Portugal and your channel…These year our Christmas gifts will be Roth Iras and custodial accounts! For new years resolution will be HSA account.
Hello . Do you think that in Portugal is the same? I am considering selling my house and buy one to make a fix and flip. I am portuguese and i discovered your Channel 2 months ago , thank you for everthing and i hope you like Portugal. I am sorry you my english.
I need a newer car because my training went out and lots of problems with it
You are both wonderful!! Thank you!!!
Hey could use make a video of low risk ETFs to achieve financial independence for long term investments
The housing market is crazy where we bought… Austin went up in price so much! We love our house… But I'll definitely buy a cheaper house and keep a rental property. Thanks for all the good advice!! Holiday season is near and we have to be very careful. I'm making my list now.
Guys you are hidden gems on YouTube ……you guys are true inspiration for many young people ❤️❤️
Can you all make an updated video about how to get citizenship in Portugal? I hear there are some changes
thank you.
Hi and thanks for the fine content you provide. I wasn't aware that you purchased individual stocks before your recent video. Did the hyper-inflated stock market and predictions of a market downturn due to the upcoming FRB tapering influence you away from index funds? So many of the millennials are getting into active trading to supplement "buy and hold" strategies. Also would love to see some videos of your family interacting with your new friends over there.Keep up the good work.