10 Often Overlooked Ideas That Could Transform Your Finances

At this time of year, I’m sure you’re seeing a lot of articles about setting resolutions, making financial plans and starting the year off on the right foot. I’m not here to debunk any of that because those are great ideas. In fact, I’m right there with you, doing all of the same things for myself. Setting goals, taking a look at the big picture and making sure everything is in place for the year ahead—these are all incredibly important.

But while you're focused on those big, chunky resolutions and long-term financial goals, I want to offer you a different perspective—one that's focused on the "smaller" picture. These are the tips and tricks that I’ve picked up over my 25+ years as a financial advisor—things you might not have heard of or may not have thought about when it comes to your financial resolutions. These are real-world strategies that we actually talk about with clients, and they have a way of really moving the needle for a lot of people.

So, while you’re thinking about the big picture with your financial resolutions this year, remember to keep in mind a few of these lesser known and often overlooked ideas that could end up making a big difference in you financial future.

1. Maximize Your Credit Card Benefits

You likely already carry some top-tier credit cards, but are you really using them to their full potential? 

Sure, you’re earning points and rewards, but these cards offer more than just that. From exclusive event access to concierge services, luxury discounts and even private airport lounges, there are often hidden perks that go unused. We work with clients to help them both consolidate the number of credit cards they have and help them make sure they’re maximizing these benefits. It’s just one of those smaller steps that can really add up over time.

2. Leverage Tax-Efficient Investment Strategies

When it comes to taxes, most people think about IRAs and 401(k)s—but beyond the basics, there are more advanced strategies that often get overlooked. For example, you could consider a Roth Conversion Ladder, which allows you to move money into a Roth IRA over time, spreading out the tax impact. Or strategically using Health Savings Accounts (HSAs) to take advantage of triple-tax benefits. These are things I routinely work through with clients to help optimize their wealth and reduce taxes.

3. Optimize Your Asset Location

Everyone knows the importance of asset allocation—the mix of stocks, bonds, and other assets—but how many people talk about asset location? It’s about strategically placing different investments into tax-efficient accounts. For example, keeping income-generating bonds in tax-deferred accounts and capital-gains-generating stocks in taxable accounts. This kind of strategy, which can sometimes be overlooked, can potentially help boost your after-tax returns over the long haul.

4. Take Advantage of Advanced Tax-Loss Harvesting

Tax-loss harvesting is a common strategy, but when you take it to the next level, it can be far more impactful. It’s not just about selling off losing investments to offset gains in one account—it’s about looking at your entire portfolio, across all accounts, and finding the best opportunities to harvest losses. I’ve seen this approach really some folks reduce their tax bills in ways they hadn’t considered before.

5. Consider Family Trusts for Multigenerational Wealth

Many people use family trusts for estate planning, but not everyone realizes just how powerful they can be for growing wealth over multiple generations. Certain trusts can be powerful tax-saving tools that can preserve and build wealth for future generations, while also protecting assets from estate taxes. This is a strategy that goes well beyond the basics of just passing down assets—it’s about building a legacy that lasts.

6. Research Adding Umbrella Insurance To Your Portfolio

It’s easy to overlook the importance of umbrella insurance, especially when you have a high net worth. However, it can be one of the most cost-effective ways to increase your liability coverage. Whether it’s for personal injury claims or a potential lawsuit, umbrella insurance offers protection that can potentially save you from losing a significant portion of your wealth. 

7. Maximize Employer Benefits

Even if you’re financially independent, don’t overlook the perks your employer offers. Many high-net-worth individuals forget that employer-sponsored programs—like retirement matching contributions, health savings accounts and discounts on services—can be valuable financial tools. Similarly, business owners can structure tailored benefits that significantly reduce taxable income. These are often underused, but they can be an easy way to improve your financial situation.

8. Use Real Estate as a Tax Tool

Real estate is often viewed as an investment vehicle, but it can also be a powerful tax-saving tool. A strategy like a 1031 exchange allows you to defer capital gains taxes when you reinvest in real estate, and if you’re holding the property for the long term, the tax benefits only compound. This is one of the lesser-discussed strategies that can help build wealth while saving on taxes.

9. Optimize Your Portfolio for Dividends and Capital Gains

We all know that long-term capital gains and qualified dividends are some of the most tax-efficient forms of income, but are you structuring your portfolio to take advantage of this?

For example, placing income-generating investments in tax-deferred accounts while focusing on dividend-generating assets in taxable accounts can be an effective way to lower your tax liability. This small tweak to your portfolio could potentially help you keep more of your money.

10. Utilize Concierge Services for Savings

If you have access to concierge services through your financial institution or credit cards, you're sitting on a treasure trove of potential savings. From exclusive discounts to access to luxury services, these concierge offerings are often underutilized. By strategically tapping into these resources, you can save on everything from travel to high-end goods and services.

While you’re setting your financial goals for this year, don’t forget about these lesser-known strategies that can help make a substantial impact in your financial life. These ideas might seem small, but they have the potential to significantly boost your wealth and help you achieve your long-term goals.

If you’re interested in discussing any of these strategies or would like personalized guidance tailored to your unique situation, don’t hesitate to reach out. Let’s make this year the year you not only achieve your big-picture goals but also fine-tune the small steps that can lead to even greater success.

Please Note: This information was provided in part by AI. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.