#85 - Do The Next Best Thing
Personal finance at times can be overwhelming. One aspect of personal finances that can cause stress every year about this time is tax preparation.
A phrase that I frequently say to myself when a task list becomes overwhelming is “Do the next best thing.” I am obviously not saying do the second best thing but take the best action you know to at this time.
The phrase shifts your perspective from the overwhelming totality of all the tasks to prioritizing just the next best action. For example, with tax preparation that can be as simple as consolidating all of your tax documents for the year.
The next time your personal finances become overwhelming, consider using the phrase “Do the next best thing” and take the best action you know to do.
Interesting Article(s) or Video(s)
There have been recent updates to health insurance that could have several thousands of dollars of impact. I wanted to highlight an article that discusses the changes below.
Advisor Perspectives - Client Opportunities for Health Insurance Coverage Under the American Rescue Plan
This article was originally seen on Kitces.com. Carolyn McClanahan highlights an overview of some of the changes including forgiveness of excess premium tax credit for 2020 among other provisions. She also discusses the possibility of no premium health insurance if you received unemployment insurance in 2021. This may not be possible depending on coverage options available but many will qualify.
Thank you for reading!