Frank Legan Advisors at Cedar Brook Group

What to Think About When Preparing Your Finances for the New Year

What to Think About When Preparing Your Finances for the New Year

By Dayna Smith 

As we all get ready to ring in a new year, we at Cedar Brook Group want to take this opportunity to thank you for letting us be a part of your life. We can’t wait to partner with you in 2024 and beyond. 

The end of 2023 is a perfect time to think ahead to 2024. Finances in particular need a regular tune-up for optimal performance. So, keep your eyes on your goals by preparing your finances for the new year.

Here are some important things to think about.

1. Be Thankful for What you Have

Start by appreciating the good things in life, like your health, career, and family. Granted, it’s very easy to get caught up in the hustle and bustle of day-to-day life, but taking a moment to express gratitude for what we already have can bring a true sense of comfort.

2. Set Financial Goals

Get specific. Clearly define your short-term and long-term financial goals. Your objectives could be paying off debt, saving for a down payment on a house, planning for your child’s education, or traveling the world. 

Tip: Setting 2024 calendar milestones is a smart way to keep your financial goals on track.  

3. Design a Savings Road Map

A savings road map helps bridge the gap between your current financial state and your future goals. It’s like charting a course to your financial goals so you can visualize your progress. Start by figuring out how much you need to save monthly, then consider ways to reduce spending or increase income, and, finally, create a budget that aligns with your savings goals. 

4. Put Together Your Portfolio

Building a financial portfolio is like designing a house; it requires thorough planning and ongoing maintenance to realize your goals. While you’re in the design phase, strategically diversify your portfolio to meet your personal financial needs. 

Your portfolio isn’t exclusive to investment and asset classes; it could be creating buckets for short-, mid-, and long-term goals. Short-term goals could be building your emergency fund or saving for an upcoming vacation. Your mid-term and long-term goals could include paying off credit card debt, saving for a down payment on a home, or extensive traveling in retirement. 

5. Schedule Check-ins

Change is part of life, and adjusting your finances to fit life changes is a big component of financial success. If you take our tip mentioned above about setting 2024 calendar milestones, that can be a practical way to remember to check in with us. If we regularly review your financial plan, we can adjust to accommodate changes in your income, expenses, and goals. 

Need Answers?

Do you or someone you know need help preparing their 2024 finances? Consider Cedar Brook Group. We take pride in focusing on the humanity factor by helping people prepare a financial plan that’s a clear and familiar version of their best selves. 

Reach out to us at 440-683-9213,, or schedule a complimentary introductory call online!


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About Frank Legan


Frank Legan is a Cleveland-based author, a partner and financial advisor at The Cedar Brook Group, one of the largest independent wealth management firms in Northeast Ohio. Frank spends his days designing and implementing personalized financial planning strategies for corporate executives, business owners, artists, families and retirees. He focuses on lifetime income planning strategies, investment advice, and estate planning services. He also works with businesses to develop strategic and succession planning strategies.

Frank holds a B.A. from the University of Dayton and a master’s degree from Cleveland State University.

Frank has been active in his community as he served as a Council Representative at Large for the City of Highland Heights, as well as Vice President and Secretary for the Hillcrest Council of Councils. He currently serves as a Board Member and Emeritus Chairman for Catholic Charities Diocese of Cleveland.

Frank lives in Gates Mills with his wife Laura, daughter Reese and their collie Charlie.

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