Here is a list of ten things you should consider doing in 2010 to get on better footing financially this year:

1. Build an Emergency Fund
2. Pay off any debts that aren’t increasing your wealth
3. Make sure you have the right insurances in place
4. Re-balance all your assets – make sure your money is where you want it to be
5. Review your mortgage
6. Buy an Investment Property or Help Someone buy their first home
7. Increase your 401k or IRA savings
8. Save for your kids College Education
9. Buy the home you really want (Prior to April 30th)
10. Buy your retirement home now, and then rent it until you need it.

1. Build an Emergency Fund.  Read more here and here.  Be ready to handle life surprises – an emergency fund is what you will use in 2010 if you don’t have 365 consecutive great days this year.

2.  Pay off debts that aren’t increasing your wealth.  A mortgage allows you to 1. own a house and 2. have you money somewhere else besides inside your house.  Credit Card interest, car loans, and student loans prevent you from saving money for the future.  When the interest expense is gone, your net income (money left at the end of the month) goes up – so you have more money to spend or save.

3.  Make sure you have the right insurance.  As part of the previously mentioned 365 consecutive great days, make sure you are covered if you get sick, hurt, or someone sues you. (Or if something really bad happens).  Review your insurance needs with an insurance professional – shoot me an email if you need a few good names of people you can call.