Year End – New Year – New Financial Opportunities

By: Floyd Wilson, Senior Portfolio Advisor Posted:

As we enter the Festive Season and beckon a new year many persons are looking forward to a fresh start. 2021 has been with its own measure of challenges; from doing business amidst a pandemic, rising inflation, numerous pivots to survive, and supply chain disruptions.

A new year brings new opportunities as we consider how we can improve our financial lives. It is time to take steps to improve your financial position with solid financial planning.

Complete a Financial Health Check-Up

Do an assessment of your present financial position by calculating your net worth, that is total assets minus total liabilities. Set a goal to improve your net worth for 2022.

Foundations of a Solid Financial Plan

A solid financial plan starts with setting realistic goals for the year. Goals give us a sense of direction and purpose in life. Your goals should be SMART, specific, measurable, attainable, realistic, and timely.

Taking action on a specific financial plan can be hard for some people. There is a lot of stress and disappointment around the issue of money for many people and as such, they avoid thinking or talking about it. Some persons are uncomfortable with the topic of money and are not familiar with the terms associated with the topic.

If you are not clear about how to create a financial plan, have a discussion with a qualified financial advisor. A financial plan will help you identify clear steps to put yourself in the best financial position. People with a clear financial plan feel better about their finances and where they are heading.

So as we enter into a new year, put a financial plan in place this will improve the prospects of a positive financial outcome at the end of the year. Make a commitment to take control of your financial future, no matter where you are today there are opportunities you can take advantage of.