How Did I do with the “5 Year-End Financial Things To Do Before 2016”


photo credit: ge_keoni

Original post is at 5 Year-End Financial Things To Do Before 2016 at

Almost 3 short weeks before the end of 2015, and we are all frantically looking for last-minute gifts and getting ready to fill our schedules with holiday parties.

Things we need to look at for the end of the year should be filled with joy and get us ready for 2016. based on the article at, see how I have done and currently doing.

1. Review Your Yearly Budget

Looking back through the year I made some terrible choices when it came to debt reduction. I didn’t do very well with investing my money as well.

I feel that being honest with myself in this next year is going to shed light on how I will truly be able to get out of debt. I have already set up automatic payments to get out of debt, and I will not change those automatic payment for any reason.

2. Max Out Your Retirement Contributions.

In October I was able to max out retirement contributions in my step IRA. that is currently where the bulk of my retirement money is sitting.

I’ve been thinking about adding to a Roth IRA this year, but I haven’t been able to find the funds to be able to do it. Currently, I don’t feel a rush to contribute to a Roth IRA . With the current tax rules, I have until April 15 to make that decision.

3. Donate to a Charity

I make monthly donations to the organization EQUIP  at Which is an organization that has been Co-Founded by John C. Maxwell and Larry Maxwell.

Their vision is to “see effective Christian leaders fulfill the Great Commission in every nation.”

This doesn’t have to be your cup of tea, but this is an organization that I believe in.

4. Spend what’s left in your FSA

I don’t have money in a Flexible Spending Account (FSA), so this isn’t a problem for me. An FSA might be an option in the future, but I haven’t found out how it could fit into my financial plan yet.

5. Prepare for 2016

Currently I only have a W-2 Income and I don’t need to have a lot of paperwork.

To alleviate any problem of searching frantically for anything during tax time is to continually update and maintain account information as the months close.

Overall, emotionally and spiritually I feel more prepared for 2016 because I’m putting plans into place to pay off my debt, and take more steps to building wealth.

Two things I plan to take action on in 2016 are to

1. Reading more about Warren Buffet and Benjamin Graham so that I can take steps to invest wisely in companies that have depressed stock values that have a high probability to rise in the future.

2. Continue with my debt snowball

3. Raise my net worth over from negative to positive this up coming year. I only have $14,866 to go until my net worth is positive.

Author: Michael Subido @ Personal Finance in Paradise

my name is Mike and I live in Honolulu Hawaii. Living in paradise has his trials money happens to be one of them. I've had my financial problems, I've probably gone through all the major ones including student debt, credit card debt, dealing with creditors, and cosigning loans. I found myself in about $66,500 in debt in 2010 and over 28 months I had paid off close to $40,000 of debt making about $25,000 a year gross income. That's pretty hard to do considering the cost of living in paradise. After that I was able to purchase a car in cash, put away some savings, and also get married. What I want for you is to learn from my experiences so that you do not make the same mistakes. I heard it said that smart people learn from experiences and wise people learn from others experiences, and my goal for you is to become wise and teach others to be wise.

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