Positioning for The New Year â€" Financial Resolutions
A year comes and goes by. Some realize their financial goals but many do not. What differentiates the successes from failures?
It is not enough to make resolutions. The main thing is to have a plan and sticking to that. As Law of Attraction has shown, nothing is impossible for a human being. If you make a resolution and you are positive, it has to happen. Let us make individual resolutions which best suit one's circumstances and draw up an action plan to achieve the same.
To take care of financial health should be the paramount concern of every one of us. Here are a few suggestions for making the New Year a financial success.
High Rate Investments
Most of the wealthy people have gained their wealth by high rates of growth. For this, one should take stock of one's savings, investments and future growth rates. Areas like stocks, real estate, mutual funds and emerging markets have stood well for many rich people. Simply put, you have to strive for high rates of growth if you really want to be wealthy.
Boosting Savings?
In order to make more investments, it is necessary that one should save consistently. One of the most successful strategies with many rich people has been the principle of paying yourself first. According to this, savings should be the first charge on your paycheck. Experts are of the opinion that one should put aside at least 10% to 15% of one's salary as savings. This should be then invested in areas with more than average rates of growth. So let us start implementing it right away.
For this, make a habit of recording all of your expenses, small or big. Take the help of paper and pencil. Never spend any money before having a look on you balance of payments. Record, analyze and evaluate everything. Never make any major purchase decision on the spur of the moment. Sleep over it at least for a couple of days.
Additional Ways of Making Money
Internet and globalization has created lot of opportunities of making money. Let us look for additional ways to make extra money in our spare time. Let us experiment with at lest one new way of making money every month. It is highly likely that you will find numerous ways to make more money from the comfort of your own home. The main thing is to look around and strive. This will boost your standard of living and savings.
Eliminate Debt
The best strategy for this is never to spend more than what you earn. If one is feeling short of cash, find additional ways of making money. Remember the saying €cut your shirt according to your cloth€. Spend less, buy used things, buy local and buy environmental friendly products. Never take car loans unless someone else pays for it.
The next important strategy will be to eliminate all debt, starting from high interest debt. Obviously credit card debt and lines of credit should be the starting point.
Aim at one each of a bank account, credit card and brokerage account. Too many are confusing, time consuming and expensive.
Take Care of Your Credit Score
Never be late in your payments. Any late or overdue payments will figure negatively on your credit report. Preserve your high credit rating so that you can borrow easily and at favorable rates of interest.
Borrow to Invest
Never feel shy of borrowing for investment purposes. Any borrowing is good so long as it is not for consumption purposes. If you find any investment opportunity, take a low cost loan.
Take Care of Your Retirement
One has to take care of one's retirement. In addition to the above, switch your savings to low cost and no load index funds. Overseas mutual funds are also emerging as additional avenues of investment.
Diversify and diversify. Remember never put all eggs in one basket. Not more than 10% of one's savings should be put in one investment place.
There are many more things that one can consider for making the New Year a resounding success. One has to be proactive in one's financial management. Start thinking and planning today. Success will eventually embrace you. Everyone has to make one's own plan according to one's conditions.
It is not enough to make resolutions. The main thing is to have a plan and sticking to that. As Law of Attraction has shown, nothing is impossible for a human being. If you make a resolution and you are positive, it has to happen. Let us make individual resolutions which best suit one's circumstances and draw up an action plan to achieve the same.
To take care of financial health should be the paramount concern of every one of us. Here are a few suggestions for making the New Year a financial success.
High Rate Investments
Most of the wealthy people have gained their wealth by high rates of growth. For this, one should take stock of one's savings, investments and future growth rates. Areas like stocks, real estate, mutual funds and emerging markets have stood well for many rich people. Simply put, you have to strive for high rates of growth if you really want to be wealthy.
Boosting Savings?
In order to make more investments, it is necessary that one should save consistently. One of the most successful strategies with many rich people has been the principle of paying yourself first. According to this, savings should be the first charge on your paycheck. Experts are of the opinion that one should put aside at least 10% to 15% of one's salary as savings. This should be then invested in areas with more than average rates of growth. So let us start implementing it right away.
For this, make a habit of recording all of your expenses, small or big. Take the help of paper and pencil. Never spend any money before having a look on you balance of payments. Record, analyze and evaluate everything. Never make any major purchase decision on the spur of the moment. Sleep over it at least for a couple of days.
Additional Ways of Making Money
Internet and globalization has created lot of opportunities of making money. Let us look for additional ways to make extra money in our spare time. Let us experiment with at lest one new way of making money every month. It is highly likely that you will find numerous ways to make more money from the comfort of your own home. The main thing is to look around and strive. This will boost your standard of living and savings.
Eliminate Debt
The best strategy for this is never to spend more than what you earn. If one is feeling short of cash, find additional ways of making money. Remember the saying €cut your shirt according to your cloth€. Spend less, buy used things, buy local and buy environmental friendly products. Never take car loans unless someone else pays for it.
The next important strategy will be to eliminate all debt, starting from high interest debt. Obviously credit card debt and lines of credit should be the starting point.
Aim at one each of a bank account, credit card and brokerage account. Too many are confusing, time consuming and expensive.
Take Care of Your Credit Score
Never be late in your payments. Any late or overdue payments will figure negatively on your credit report. Preserve your high credit rating so that you can borrow easily and at favorable rates of interest.
Borrow to Invest
Never feel shy of borrowing for investment purposes. Any borrowing is good so long as it is not for consumption purposes. If you find any investment opportunity, take a low cost loan.
Take Care of Your Retirement
One has to take care of one's retirement. In addition to the above, switch your savings to low cost and no load index funds. Overseas mutual funds are also emerging as additional avenues of investment.
Diversify and diversify. Remember never put all eggs in one basket. Not more than 10% of one's savings should be put in one investment place.
There are many more things that one can consider for making the New Year a resounding success. One has to be proactive in one's financial management. Start thinking and planning today. Success will eventually embrace you. Everyone has to make one's own plan according to one's conditions.
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