Last Updated: January, 2021
The holidays and the New Year are over. It is now the time to start thinking about what you can do to get your financial affairs in order for this year. The turn of the year is typically a time of reflection and planning to right areas that you may have let go astray in the previous year.
Start the New Year By Implementing a Financial Plan
Implementing a financial plan is our top financial item you should resolve to address in the coming year. This vital item could have a tremendous impact on your financial future, not only for yourself in the coming year, but also for generations to come.
The coming year should be used to design, develop and implement a financial plan. Think about the amount of time that you spent last year in researching, booking and mapping out your vacation and recreational activities. Was more time spent on planning for your leisure or your financial future? I would argue that, in most cases, leisure won this battle.
Think Beyond a Budget
A financial plan is more than just a budget, reviewing your investment gains/losses, or even having a 180-page document that sits on a shelf or in a drawer. Your financial plan should be a living and breathing document. I had met with many clients over the years that have let me know they already have a financial plan and I asked to review it with them. It is rare that I encountered someone with a plan that was completed recently and/or that they have actually looked at in the last few years. This is not a plan, it is merely a snapshot of their situation at a particular time.
The plan should reflect your current circumstances and address your future needs, wants and wishes.
At a minimum, the plan should review your:
What Goes Into Creating a Financial Plan
In most cases, putting a plan together and reviewing your progress over time can consume a good deal of your time. Hiring a fiduciary advisor that can help you get started and monitor this process over time is one way to start.
According to the CFP Board's Financial Planning Practice Standards, financial planning is a six step process as outlined here:
This process is a comprehensive overview of what a financial plan entails and we cannot express enough the importance of step six. You cannot develop a plan without monitoring and adjusting it as needed over time. This is too important and you should not wait another year.
Start on the path to building your financial future today.
Daily expenditure without daily income is the worst thing anyone can experience when it comes to financial planning. Even salary earners should known how to ration their income for effective distribution and savings. Regardless of how tight your job schedules could be, everyone should have a side income generating business. It could be in the form of cloud investment, opening of mini business or even online/freelance business.
One area of interest when it comes to invest this New year is, investment in cryptocurrencies. Last year alone saw Bitcoin rose to $19,000, giving investors over 1000% profit on investment. Similarity profits were recorded with other cryptocurrencies such as Ripple, Iota, Bitcoin Cash, Electroneum, Ethereum, etc.
Experts have projected over 5000% profit from cryptocurrency investments this year.
As a recommendation, here are some cryptocurrency investment platform you can join:
Luno: This serves as bitcoin trading platform and also wallet.
Register here and receive free bitcoin: https://www.luno.com/invite/GTVZ6
Useful link: How to make money daily on Luno
Another area where you can invest in is Oil and gas. Many people don't know that, you can start oil and gas marketing business with little or no capital. Check the links below:
Start the New Year By Implementing a Financial Plan
Implementing a financial plan is our top financial item you should resolve to address in the coming year. This vital item could have a tremendous impact on your financial future, not only for yourself in the coming year, but also for generations to come.
The coming year should be used to design, develop and implement a financial plan. Think about the amount of time that you spent last year in researching, booking and mapping out your vacation and recreational activities. Was more time spent on planning for your leisure or your financial future? I would argue that, in most cases, leisure won this battle.
Think Beyond a Budget
A financial plan is more than just a budget, reviewing your investment gains/losses, or even having a 180-page document that sits on a shelf or in a drawer. Your financial plan should be a living and breathing document. I had met with many clients over the years that have let me know they already have a financial plan and I asked to review it with them. It is rare that I encountered someone with a plan that was completed recently and/or that they have actually looked at in the last few years. This is not a plan, it is merely a snapshot of their situation at a particular time.
The plan should reflect your current circumstances and address your future needs, wants and wishes.
At a minimum, the plan should review your:
- retirement,
- education/business funding,
- estate planning,
- risk management,
- asset management,
- income plan,
- family and personal expenditures,
- investments with daily returns
- and emergency fund strategies.
What Goes Into Creating a Financial Plan
In most cases, putting a plan together and reviewing your progress over time can consume a good deal of your time. Hiring a fiduciary advisor that can help you get started and monitor this process over time is one way to start.
According to the CFP Board's Financial Planning Practice Standards, financial planning is a six step process as outlined here:
- Establishing and defining the client-planner relationship.
- Gathering client data, including goals.
- Analyzing and evaluating the client’s current financial status.
- Developing and presenting recommendations and/or alternatives.
- Implementing the recommendations.
- Monitoring the recommendations.
This process is a comprehensive overview of what a financial plan entails and we cannot express enough the importance of step six. You cannot develop a plan without monitoring and adjusting it as needed over time. This is too important and you should not wait another year.
Start on the path to building your financial future today.
Daily expenditure without daily income is the worst thing anyone can experience when it comes to financial planning. Even salary earners should known how to ration their income for effective distribution and savings. Regardless of how tight your job schedules could be, everyone should have a side income generating business. It could be in the form of cloud investment, opening of mini business or even online/freelance business.
One area of interest when it comes to invest this New year is, investment in cryptocurrencies. Last year alone saw Bitcoin rose to $19,000, giving investors over 1000% profit on investment. Similarity profits were recorded with other cryptocurrencies such as Ripple, Iota, Bitcoin Cash, Electroneum, Ethereum, etc.
Experts have projected over 5000% profit from cryptocurrency investments this year.
As a recommendation, here are some cryptocurrency investment platform you can join:
Luno: This serves as bitcoin trading platform and also wallet.
Register here and receive free bitcoin: https://www.luno.com/invite/GTVZ6
Useful link: How to make money daily on Luno
Another area where you can invest in is Oil and gas. Many people don't know that, you can start oil and gas marketing business with little or no capital. Check the links below:
There are other investment platforms and other forms of investment that are worth it, such as real estate, catering, oil and gas marketing, etc.
Look around your area, discover the problems(opportunities) people are facing, and then provide solution. This is the way to make money in your local area.
For assistance contact:
tochukwudike@gmail.com
customercare.dillionworld@gmail.com
HAPPY NEW YEAR!!!
contributions: Tochukwu M. Dillion, Lawrence Sprung
No comments:
Post a Comment
Thank you for your comment