Start Investing
If you haven’t started investing yet, this is the first resolution you should make this year. If you are waiting for the right time to start investing, now is the right time to do so. The best time to invest in equities was 10 years ago; the next best time is now! Even if it is a small proportion of your overall investment as per your circumstances, investing in equities is beneficial to achieve inflation-beating returns and accumulate wealth.
Create Multiple Income Sources
One thing that the last couple of years has taught each one of us is to not remain dependent on a single source of income. No one thought that a virus can turn our lives upside-down! One resolution you could make in the New Year is to create new sources of income and reduce the risk due to any single income source getting blocked.
Modify the Equation
If you’re wondering which equation we’re talking about, it is the spending and investments equation. Normally, individuals invest whatever is left after spending from their income. But the ideal way should be to invest from your income first and then spend whatever is left. This will help you remain on a disciplined track regarding your investments.
Top-Up Your Investments
If you understand the importance of equities in wealth creation and are already investing regularly, you are off to the mark! But besides making regular investments, considering making increments to your investments is also important. This will help you reach your goal faster due to increased investment amounts.
Brace Up for Stock Market Volatility
If you think you’ve had enough of volatility in stock markets for the last couple of years, buckle up for more! Volatility is the underlying nature of stocks and cannot be evaded. We are living in a world riskier than ever, and hence we could see even more volatile moves in the future as numerous factors will play their role in valuing stocks. One resolution that investors can make is to not get terrified by volatility and avoid making hasty decisions.
Seek Professional Help
Another important promise you can make into the New Year is to seek professional help if you are short of time and expertise to manage your investments. Trying to save in professional fees can do you more harm than good.
If you’re serious about your New Year resolutions, the above-discussed promises can help you become a better version of yourself and achieve an edge over others. And this requires no additional skill or talent. Only abiding by the promises you make can deliver wonderful results!
