MAKING CENTS: A time for taking stock.

Now that Thanksgiving is behind us, don’t leave behind the expression of gratitude for what is working out well in your life. Today, instead of reminding you of yet another financial issue that you should attend to, we are here to give celebration for those things that you have done to improve your financial situation in the past 12 months.

With record low interest rates, were you able to get a lower rate on any outstanding loans? Bankers tell us that the mortgage markets have become more available to many, but I still see many FICO credit scores that are crushing people’s ability to take advantage of the low rate situation from late payments dating back to the height of the financial crisis in 2008. If you were not able to take advantage of low rates, hire a specialist to help with your credit score.

Have you paid down debt? The trend in the U.S. is still one of de-levering, or paying down debt. If you made progress reducing your debt, celebrate. This step is vitally important to the U.S. economy as a whole and may mean the difference between a successful financial plan and one plagued by interest expenses.

How about helping out a family member? Were you able to lend money or other resources to help out a friend or family member in need? If you did, celebrate that act of kindness. If it is your intention to collect repayment for that loan, document the loan with an interest rate that perfects your right to receive repayment.

Did you finally get a current will and the other estate documents needed to protect your dependents should you not make it until next Thanksgiving? While obtaining or updating an estate plan is not most people’s idea of a fun date, you should feel good about not leaving your dependents and financial realities up to your state of residence to decide what happens to your assets upon your death. And for those with greater than $5 million in assets, this could be the last call for estate tax savings.

Have you had a sit down with the family about money? All levels of wealth may benefit from this. At the lower level, your kids need a basic understanding of budgeting, fiscal responsibility and coming to grips about your financial realities - and what you can do to make them more to your liking. This discussion is even more significant for those with a family business or an estate plan that involves your children’s services as a trustee or executor. This is especially significant where assets such as a family business or a family vacation home are involved.

And the last word of celebration is for you. Congratulations to those who took control over what you can control to make the most of your one and only life on this planet? Do you love your job?  Did you get professional advice? Are you taking the time to be with loved ones? Did you get involved in activities that make your life more meaningful or fun?

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

Securities offered through LPL Financial, Member FINRA/SIPC.

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