No better time than the New Year to make life-changing resolutions of the financial kind! An excellent place to start is by making financial resolutions that can help get you closer to your dream lifestyle and goals. Here are a few you might consider adding to your own personal agenda.
Make a plan. Not just any simply drawn-up plan – take the effort to map a financial LIFE PLAN. You need to clearly define where you are currently and where you want to be in five, ten or even fifty years onwards. Remember to factor in the different demands of your changing lifestyle (due to progression of age). First step, assess where you stand financially right now. Your daily/monthly/yearly expenses and savings? How much are your assets worth? Then review it; which parts need change or improvement? With this you are ready to move on to the next step, which is to:
Set goals. Look into the future and set clear goals and realistic targets. You can have both short-term and long-term goals to work towards; short-term ones such as clearing/reducing monthly debts or putting away an extra $500 every month. Make a conscious effort to review your bank statements so you can keep track of what and where you are spending your money.
Review your plan. Making a plan doesn’t mean it is set in stone. Every few months, check your progress against your goals; realign them and make new ones if necessary.
Get yourself protected. We live in a world of uncertainty; make sure you and your loved ones are protected against illness, accident, death or mishap. The easiest way to do this is through insurance.
Read up. If you want to pick up cooking, you look up recipes in cookbooks. If you want to learn to fix a tap, you might get someone to show you. Reading daily articles or a financial book can help to guide you on your planning journey. Check out our blog for weekly articles and tips!
Think about estate planning. At the risk of sounding morbid, it is better to be prepared than not. Especially when it comes to important matters like where or who your money goes to when you are no longer around. Surely you’ll want your nearest and dearest to be well taken care of – most people take for granted that their legacy will go to their family. Unfortunately that is not always the case that things work out “naturally”, as evidenced by many ugly familial disputes and lengthy court cases arising from lack of estate planning. It is best to be prepared and take comfort in knowing that you are passing on the legacy you desire.
Speak to a financial planner. A professional planner will look objectively at your portfolio and plan with you to enable you to meet your New Year’s resolutions! Our team of experienced and qualified planners are ready at hand to offer warm service and custom solutions for you.
Get a great start to 2017 and make the right step towards reaching the Summit of success!
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