Do you make New Years Resolutions?
It's still January – 2025 stretches out before us, offering plenty of time to achieve our resolutions.
It’s too late for the Vikings, but not for you!
Have you made any resolutions for 2025? Maybe it’s time to rethink that. A 2023 Forbes study offers little encouragement: 8% of resolutions are forgotten by the end of January, and by March, 51% are , 51% are already behind us. Rather than focusing on resolutions, let’s consider them as decisions for 2025.
What financial decisions should you make this year? As always, I recommend sitting down with your tax professional, attorney, and financial advisor to tailor your plans. Here are a few key decisions to think about:
Create a budget that covers routine expenses, major purchases, and some fun—and don’t forget charitable giving.
Set aside an emergency fund to prepare for the unexpected.
Reduce debt and focus on your financial well-being.
Reset and document all financial passwords for security.
Review beneficiaries on all your accounts.
Update your long-term plans, which may include college savings, homeownership goals, retirement plans, or legacy giving.
When it comes to charitable giving and leaving a legacy, we’re here to help.
The Faribault Foundation was established on the principle that people with resources want to support efforts that continuously improve our community. We believe those who have been fortunate are eager to contribute to projects and causes that will benefit Faribault for generations to come.
As a true community foundation, the Faribault Foundation is ready to help you meet your philanthropic goals. Whether through donor-advised funds or field-of-interest funds, we offer meaningful ways for you to leave a lasting legacy. Organizations can also use the Foundation’s resources to build sustainable futures through dedicated endowments, ensuring long-term support for causes you care about.
The Foundation has a variety of established funds you can contribute to, and we’re committed to helping you create new funds that reflect your vision and legacy.
Make a decision (not a resolution—those are too easy to break) to meet with me in 2025 and discuss your philanthropic goals. Why not reach out this week? I’m eager to connect with you.
Laura Bock
Faribault Foundation – Executive Director
507-805-8800
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