WM 052 Your End-of-Year Financial Checkup with Kate Holmes.jpg

W+M 052: An Interview with Kate Holmes

Kate Holmes, CFP is the founder of Belmore Financial, a location independent financial advising practice. Kate launched Belmore Financial to help people with their particular financial questions, not to push asset management or sell products–she doesn't even do that. Her goal with Belmore was to ensure there were no conflicts-of-interest so she can focus on providing top quality advice and education. In this episode, we go through the financial end-of-year checklist that Kate takes her clients through in preparing for the new year. From updating beneficiaries to making sure your credit is in check, it's all in this episode.

Listen to the show:

What we talk about:

How Kate went from getting a degree in photography to starting a financial services business.
Kate's biggest lesson on how there is no one size fits all.
How photography plays a role in Kate's life as a financial planner.
Kate's next travel destination on her bucket list.

Takeaway: Your End-of-Year Financial Checkup

Just what I needed! - Your End-of-Year Financial Checkup - A checklist of things to make sure you go through before year-end to know your finances are in order - perfect!

Checking your credit report every year. Go to annualcreditreport.com to get your FREE credit report.
- Kate shares examples of mistakes that could show up on your credit report. See John Oliver's Last Week Tonight on Credit Reports.
- Why your credit report is so important and what sort of things your credit report and score plays a role in and can impact.
Update your beneficiary designations on the following:
- 401(k), 403(b), Pension
- IRA, Roth IRA
- Life Insurance
- Checking and Savings Accounts ("Transfer on Death" or "Payable on Death")
Top life changes that can impact our finances.
- Divorce: Update your beneficiary designations on your retirement accounts because your will may not cover it. Update your will too. Check your credit reports
- Having Kids: Life insurance, estate planning, solidly plan for the future of your children's education.
- Death or Marriage of someone close to you: If they were your primary beneficiary on your account, go ahead an update that.
- Newlywed: Estate planning including health care directives and deciding whether you and your spouse will keep your assets and other finances together or separate.