Have you met your Financial Goals for 2016?
As 2016 rolls into the final quarter, most find themselves reviewing their financial goals. Most will find that they failed to meet their goals – usually due to procrastination. If for some reason you find yourself in the same boat, don’t despair. 2016 may be far gone but year 2017 is fast approaching. As the wise saying goes: “He who fails to plan, plans to fail”.
Whatever your 2017 goals are, now is a great time to start planning. One of the ways that you can meet your financial obligations is through investments. The art of successfully investing is about choosing the most appropriate investment products. This expertise is usually offered by asset managers.
To invest you need to determine your total income and your expenses.
Assess your income:
Is your income received at scheduled intervals (e.g. a monthly salary), is it received in lump sums (e.g. upfront housing allowance), or are you a business owner that receives income from customers in irregular intervals? You need to identify your income pattern.
Assess your expenses:
Looking ahead, do you have any plans that are likely to increase your expenses more than usual? These plans could include buying a house, having children, or taking an overseas trip. Estimate how much your plans may cost and roughly when they may occur. In addition, think about other expenses such as repairing your home, car, or other expensive household goods that may not have occurred this year but could occur in the future. Your goal is to have surplus funds to invest and that can only start when you spend less than you earn and can look forward to a reliable, steady flow of extra cash.
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