Protect your financial future in 2017Submitted by Agrawal Associates on December 29th, 2016
January 3, 2017
January is often the time for change, to make a fresh start, or tackle a new goal. Whether it’s finally quitting a bad habit or engaging in a lifestyle change, a new year inspires us to make decisions for the future.
Along with your lifestyle resolutions, consider healthy changes to your financial perspective as well.
Though 2016 was a challenging year for many Albertans and there may be an instinct to chase performance in the new year, I urge you to look beyond short-term gains.
Focus on your long-term strategies. What do you want from your life? Why do you want to save money? How do you want to save money? What will a healthier financial future mean for you and your family?
Here are three reminders to focus on as you start the process of setting up your future.
- Find a reliable expert. Review your sources; 99 per cent of people think they’ve done enough analysis from reading articles online. Investing isn’t a one-shoe-fits all situation — I don’t recommend anyone make decisions based purely on what they read. Sit down with an expert you trust and find a solution that works for you and your family.
- Make prudent decisions. The Prudent Principles of Wealth Management focus on your future and the long-game; not about temporary fixes or making quick cash. Think of it like a casino. Casinos are always trying to promote fast cash, banking on luck of the draw. The market is similar and no one can predict when it will rise and fall. Reviewing the 10 areas of your financial life and planning a balanced and effective portfolio will serve you best.
- Proactive risk management. There is still a lot of turmoil in our province with many people uncertain about their employment future. Taking the time to proactively plan for tough scenarios to ease some of the stress if the worst happens. How will you access cash? With losing your job also comes the loss of group benefits — the entire family is exposed. Take the time to plan how to survive in these situations, without compromising your future savings.
If you only remember one thing for 2017, remember this: don’t keep a short-term view on your investment — it’s just another year.