2016 turned out to be quite surprising, albeit unpleasantly. Due to the nation’s economic challenge, the year is closing with many people’s finances in worse state than anticipated. As 2017 approaches, the realisation dawns that one cannot sigh in relief yet, the new year may be no different. Hence, the need to draw up a financial plan to thrive in the coming year. For me, below are seven cardinal financial resolutions I hope to live by.
- Pursue a debt-free life
As much as possible, work towards eliminating pending debt repayments as they can keep you from achieving financial goals. Personal debts have a way of eating into your income and denying you the opportunity of investing and watching your wealth grow.
- Build an emergency fund
Job security is hardly guaranteed in this economy. As long as you have steady income, it is wise to keep pumping money into your emergency fund. Succeeding at building an emergency fund will equip you to create and reach other financial goals.
- Spend deliberately
The key is to live on less than you earn such that you have a substantial sum for savings and investments. Instead of saving what is left after spending, you should spend what is left after saving.
- Invest
Investing is the key to financial freedom. Make sure at least 10% of your income is put to work for you. Consider investing in stocks, bonds, mutual funds, or real estate.
- Get a financial advisor
The best way to properly map out and prepare your financial milestones for 2017 is with the help of a professional financial advisor.
- Get a cover
Invest in a comfortable insurance cover that aligns with your current cost of living, lifestyle choices and healthcare options.
- Set minor financial milestones
Set a financial goal for every month in 2017 and work towards attaining it. Could be a savings target or asset purchase. If you miss your target one month, regroup and try again, 2017 will be a year of profitable financial decisions.
For enquiries and clarifications as to how we can help you grow your wealth in 2017, please contact us at enquiries@arminvestmentcenter.com or call ARM Engage: 0700 CALL ARM (0700 225 5276).
