Start off this New Year with a better financial plan.
- Assess your liability position, your outstanding payments and credit card bills that are yet to be paid and then carefully analyze your assets or what you have in hand to set off your liabilities. Deducting them from your assets will determine your net worth position. This will help you in carefully understanding how to finance your goals.
- Hire a personal fund manager if you’re a newbie. He will help you in planning your investment portfolio better in accordance with your budget and risk appetite.
- Commit yourself to a daily reading of articles on healthy investments to a happier life. It will pave ways to greater knowledge of your own and not just limit them from your fund managers.
- Crystallize your goals for the year and divide them into a particular duration in which you have to achieve them. For example, you need to buy a new car as well as start up a retirement savings account. So you might plan to buy the car by the end of November or December after you have begun saving for your retirement in January. Planning will avoid any kind of hassles and provide you with a financially stable new year.
- Be flexible with your plans and avoid being too rigid. Do not try to over-stick to your plans. Always have some amount saved at your disposal to meet any alterations or differences that occur.
- Save first, spend next. Follow this policy throughout the year. We all have the habit of spending up money that we have and save of whatever is left. To have a better savings plan, we should always save first, say, 2% of your monthly income. By the end of the year, you would definitely have a lot of saved up money.
Save, Insure and Invest for a Happy Future ! Have a Happy New Year !