In this episode Mark shares his approach to starting the new year with a solid personal financial plan. He covers how to reflect on the past year's financial activities, organize income and expenses, and prepare a comprehensive one-page financial plan for the upcoming year. 



Topics include tracking income and expenses, calculating net worth, preparing for tax season, optimizing health insurance subsidies, and setting savings goals. Mark offers practical tips and tools for both retirees and those still earning income, emphasizing the importance of aligning spending with personal values and automating savings.



If you would like your question answered on the show, please send an email to [email protected] and put “podcast question” in the subject line.



Episode Links:



Mark’s Money Mind YouTube Channel



The Financial Speedometer: Tracking Your Income & Expenses | Episode 004



The Financial Starting Line – Net Worth, 529 to Roth IRA and Q&A | Episode 003



Dinkytown.net 1040 Tax Calculator



College for Financial Planning - 2025 Annual Limits Relating to Financial Planning



Social Security Administration



ACA Healthcare Marketplace



IRS Tax Withholding Estimator



Timestamps:




00:27 Reflecting on Last Year's Finances



01:37 Reviewing and Categorizing Financial Data



05:02 Creating a Net Worth Statement



08:14 Preparing for Tax Season



12:59 Planning for the New Year



21:22 Understanding ACA Subsidies and Tax Brackets



23:48 Strategies for Managing Income and Subsidies



28:20 Pay Yourself First: Savings Goals and Strategies



29:08 Maximizing Employer-Sponsored Retirement Plans



30:12 IRA Contributions: Traditional vs. Roth



31:35 Health Savings Accounts (HSAs) and Other Savings Goals



35:14 Reviewing Tax Withholding and Estimated Payments



37:10 Creating a One-Page Financial Plan

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