I know many of you have wondered what sets financially successful individuals apart when it comes to their money routines, particularly at year end–because you ask me!

Every year, I get emails and DMs asking if I have any tips for ending the year knowing you’ve made the most of it financially, and setting yourself up for future success. So today, we’re talking about end-of-year routines that wealthy people embrace to grow their wealth and protect their financial legacy in the years to come.

I’m going to share some strategies you can adopt to make sure you finish 2024 on solid financial ground, and start 2025 with clarity, renewed energy, and the confidence that comes from knowing you’ve taken care of business.

Of course, doing a year-end wrap up for your finances isn’t just for businesses–it’s also a great habit to get into with your personal finances!

That’s why we'll be exploring a range of financial routines and end-of-year best practices, taking into account both the perspectives of individuals and business owners. From tax-efficient strategies to charitable giving, health insurance, Roth conversions, and more–we’re going to run the gamut, and in the end, it’s going to feel so good.

Whether you’re early on in your wealth-building journey or you’ve been at it for a while, this is your chance to do something that I know your future self will thank you for.

So get your favorite note taking tool ready, and let’s dive in!

Here’s what you’ll learn in this week’s episode of Love, your Money:

03:45 Why insurance is a must for protecting your wealth (and health!), important deadlines to watch for, and ensuring you have adequate coverage
08:15 Breaking down retirement savings accounts, the tax implications of each, and maximizing–and increasing–your contributions
15:10 Required Minimum Distributions, important deadlines, and what to do if you inherit an IRA
17:57 Charitable giving, annual gift exclusions, donations, tax deductions, and organizing the paperwork for your tax preparer
20:54 Harvesting capital gains, Roth conversions, and setting yourself up for tax-free withdrawals in retirement
26:07 How wealthy people relate to their net worth, how to determine yours, and why it’s the most important data to track for your financial freedom
29:00 For the business owners: Best practices for bookkeeping and year-end routines for your business
34:21 Payroll, inventory, and administrative details you don’t want to miss–like the Corporate Transparency Act and BOI reporting requirements
41:35 Looking forward to 2025: Creating meaningful goals, and laying the foundation for a successful + profitable new year!

Show Notes
To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/end-of-year-routines

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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.