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[N232]New Year Make Up

by Jeffrey Voudrie, Jef

While you're making your New Years' resolutions, don't forget to give your financial house an annual tune-up. As the old saying goes, an ounce of prevention is worth a pound of cure, and few adjustments now could save you thousands of dollars, not to mention some major headaches, in the months and years to come.

The first step in any financial tune-up is to reassess your financial goals and make sure you're on track to reach them. For instance, has your target date for retirement changed? Has a spouse had a career move that affects how much you have going into savings? Are you planning any major purchases this year, such as a kitchen remodel or buying a car?

If you depend on your investments for income, perhaps your cost of living has increased and you need to find a way to increase your returns. Maybe you've downsized your home and your income needs have decreased. Whatever the case, now is the time to determine what your current needs are and how to adjust your investments to improve their ability to achieve your goals.

The second step of your financial tune-up is to make sure your estate planning and insurance policies are up-to-date and in order. I know it's not a lot of fun to do this, but believe me, if you could talk with folks like I have, who didn't have their houses in order and are paying the price, you'd gladly take the time to do it now. And it's not as bad as you think.

Read over the estate documents you have, such as a will, living trust, powers of attorney, etc., and make sure they reflect your current wishes and situation. Don't have the right documents in place? No time like the present to take care of it. Not sure what you need? Just ask me.

Review your insurance policies, making sure to verify your liability coverage. For instance, most drivers don't carry enough uninsured motorists coverage. And after all the hurricanes of 2005, make sure you know exactly what is covered in your homeowner's policy. If you have questions, make an appointment with your insurance agent and know for certain. Don't forget about reviewing your long-term care and disability policies as well. And if your needs for life insurance have changed, maybe it's time to cancel some policies or up your coverage.

If you're still employed, talk with your human resources department and make sure you're maximizing all available benefits. Max out your 401k and any matching contributions from your employer. See if there are ways to lower your health insurance costs. Some even offer tuition reimbursement.

The last major step of your financial tune-up is a close inspection of your investments. If you have mutual funds, check out your funds at www.Morningstar.com. By entering each fund's symbol, you can quickly measure your fund's performance, rating, how they compare to similar funds, and whether your fund has had a recent management change that could affect performance. You want to be in funds that have consistently performed well over the long haul, not just one-year-wonders. If you happen to own some funds that are laggards, then fire them and replace them with higher-ranked ones.

When determining what funds to have, don't just look at performance, but also look at diversification. If you own several funds, but they're all invested in large-cap companies, that's not proper diversification. You should spread your eggs among several different categories, types and strategies. And don't forget to make sure your company retirement account isn't 100% in company stock.

Make sure you're not too over-weighted in any one category. For example, energy and international stocks did very well in 2005. If you have hefty gains in those holdings, you might want to rebalance some of those profits into other categories.

An annual financial tune-up might only take a few hours, but its benefits could last a lifetime. If nothing else, you'll gain the peace of mind that you're on track to reach your financial goals and you have your estate in order. If you uncover some problem areas, you'll be able to make changes now before you have to pay for costly mistakes.

1. Under which calendar is New Year's Day Jan. 1?
A. Julian Calendar
B. Gregorian Calendar
C. Jewish Calendar
D. Chinese Calendar
E. All of the above

B. Gregorian Calendar
QQ: New Year's Day is the first day of the year, Jan. 1, in the Gregorian calendar. Traditionally the day has been observed as a religious feast, but in modern times the arrival of the New Year has also become an occasion for spirited celebration and the making of personal resolutions.

2. What calendar determines the date of the Chinese New Year?
A. Lunar
B. Solar
C. Chinese
D. Zen

A. Lunar
QQ: The Chinese New Year, traditionally based on the lunar calendar, is celebrated in many American cities with the roar of blazing firecrackers, dancing dragons made from papier mâché and cloth, and traditional music.

3. Rosh Hashanah is the beginning of the new year for what religion?
A. Muslim
B. Christian
C. Buddhist
D. Jewish

D. Jewish
QQ: Rosh Hashanah (Hebrew, "beginning of the year"), Jewish New Year, celebrated on the first and second days of the Jewish month of Tishri (falling in September or October) by Orthodox and Conservative Jews and on the first day alone by Reform Jews. It begins the observance of the Ten Penitential Days, a period ending with Yom Kippur that is the most solemn of the Jewish calendar. Rosh Hashanah and Yom Kippur are known as the High Holy Days.

4. Kwanzaa is a seven-day holiday that begins Dec. 26 and extends through Jan. 1. What does the word mean in Swahili?
A. First fruits
B. First people
C. First days
D. First dance

A. First fruits
QQ: Kwanzaa, or matunda ya kwanza, is Swahili for "first fruits". This is an African American holiday observed by African communities throughout the world that celebrates family, community, and culture. Kwanzaa has its roots in the ancient African first-fruit harvest celebrations from which it takes its name. However, its modern history begins in 1966 when it was developed by African American scholar and activist Maulana Karenga.

5. In the Middle Ages most European countries used the Julian calendar, so they observed New Year's Day when?
A. Feb. 14th
B. March 25th
C. April 1st
D. May 21st

B. March 25th
QQ: In the Middle Ages most European countries used the Julian calendar and observed New Year's Day on March 25, called Annunciation Day and celebrated as the occasion on which it was revealed to Mary that she would give birth to the Son of God.

6. The name January is derived from the Roman god Janus. What is he the god of?
A. Wine and grapes
B. Babies and childbirth
C. Clocks and calendars
D. Gates and doors

D. Gates and doors
QQ: The name of the month is derived from Janus, the Roman god of gates and doors, and hence of openings and beginnings. January was the 11th month of the year in the ancient Roman calendar; in the 2nd century BC, however, it came to be regarded as the first month. On January 1 the Romans offered sacrifices to Janus so that he would bless the new year.

7. When to the practioners of Tibetan Buddhism celebrate New Year's?
A. Never
B. January
C. February
D. March

C. February
QQ: Much of the ritual of Tibetan Buddhism is based on the esoteric mysticism of Tantra, devotions that involve both yoga and mantra, or a mystical formula, and ancient shamanistic practices. On special holidays the temples, shrines, and altars of the lamas are decorated with symbolic figures; milk, butter, tea, flour, and similar offerings are brought by the worshipers, animal sacrifices being strictly forbidden. Tibetan Buddhist religious festivals are numerous. The most notable are New Year's, celebrated in February and marking the commencement of spring

8. The Roman New Year festival was called the Calends, and people decorated their homes and gave each other gifts. In early times, the ancient Romans gave each other New Year's gifts of branches from sacred trees. Later they gave small items, such as nuts or coins, imprinted with pictures of what God?
A. Julius Caesar
B. Jesus Christ
C. Janus
D. Zeus

C. Janus
QQ: In later years, they gave gold-covered nuts or coins imprinted with pictures of Janus, the god of gates, doors, and beginnings. January was named after Janus, who had two faces--one looking forward and the other looking backward. The Romans also brought gifts to the emperor. The emperors eventually began to demand such gifts.

9. What New Year's gift did ancient Persians give?
A. Money
B. Eggs
C. Cakes
D. Rugs

B. Eggs
QQ: The ancient Persians gave New Year's gifts of eggs, which symbolized productiveness.

10. In ancient Egypt what event dictated the timing of New Year's celebrations?
A. Pharaoh's birthday
B. Flooding of Nile
C. Solar eclipse
D. Exact alignment of stars with Great Pyramid

B. Flooding of Nile
QQ: In ancient Egypt, New Year was celebrated at the time the River Nile flooded, which was near the end of September. The flooding of the Nile was very important because without it, the people would not have been able to grow crops in the dry desert. At New Year, statues of the god, Amon and his wife and son were taken up the Nile by boat. Singing, dancing, and feasting was done for a month, and then the statues were taken back to the temple.

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Both Jeffrey Voudrie & Deanna Mascle are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Jeffrey Voudrie has sinced written about articles on various topics from Financial Planning, Investments and Health Insurance. Nationally-syndicated financial columnist and Certified Financial Planner Jeffrey Voudrie provides personal, in-depth money management services and advice to select private clients throughout the USA. He will answer your financial question FREE at. Jeffrey Voudrie's top article generates over 165000 views. to your Favourites.

Deanna Mascle has sinced written about articles on various topics from Kids and Teens, Personal Development Plan and Abortion. . Deanna Mascle's top article generates over 165000 views. to your Favourites.