TORONTO – Okay, here’s my real confession: I’m the kind of person who makes New Year’s resolutions. I love new beginnings, new challenges and new beginnings, and given all that 2021 has given us the way, I say, bring it to 2021, I am ready for you.
I always have good financial intentions, but that doesn’t always mean that they translate into stocks and, as we’ve seen this past year, the unexpected can happen and leave you behind. But that doesn’t mean he gives up.
My monthly resolutions are the same every year and their beauty is that you can adapt them to your financial situation.
Here we come:
Gener – Commit to monitoring your financial condition. Set financial goals that matter to you. Get excited about saving money.
February – Pay the debt. Holiday bills are set and debt accumulates. Pay off the most expensive debt first, the one with the highest interest rate. Leave your credit cards and begin the process of financial detox.
March – Explore insurance options, real estate planning and some may want to start exploring the development of an investment strategy.
April – The tax deadline is just around the corner and, although it’s a bit late in the year, to make yourself strategic about it, take the time to make sure you get the most impact. Explore all the options and deductions you may have as a result of working from home. And get ready for success next year.
May – Spend less and save more. Enough said here.
June – Become an automatic millionaire. Okay, there’s nothing automatic about becoming a millionaire, but you can pay first if you get the money out of your account and apply it to debt or an investment strategy to increase your chances of becoming if in a.
July – Review your investment portfolio to make sure you haven’t taken too many risks and that your portfolio remains aligned with who you are investing in. For example, you may have too much exposure to stocks. You may want to trim it and buy it in areas that are not performing well. So it is bought low and sold high. Follow asset allocation, that is, the percentage of your cash portfolio, stocks and bonds should remain constant.
August – Make sure. Not everyone needs insurance, but everyone has to ask the question, “What would happen to my family if something happened to me?” How you answer this question will determine the type of insurance you should explore.
September – Create a will. No one likes to think about his disappearance, but sadly things happen when least expected. My father died at the age of 36 of a heart attack. He had an established plan, and while he clearly did not replace it, getting the financial items was easier than it would have been without the will.
October – Increase your earning potential if this is important to you. What will it take to advance your career? No one wants to be incredibly average at what they do.
of November – Consider holiday expenses.
December – Revise, reflect, revise. Repeat.
2021 was a challenging year on so many fronts and so many elements were out of our control. 2021 is the year we regain financial control, every month.
You may not believe in New Year’s resolutions, so you may prefer to refer to this as an action plan. All I know for sure is that if we don’t try to make some changes, there’s a 100% chance we’ll start again from the same place in 2022.