Financial Resolutions – 2021 Your Comeback Year

 I think the following raises some excellent points about 2021 Financial Resolutions. I’ve included a few of the highlights for you to get the gist of the article..

As 2021 nears, it is the time for new financial resolutions. 2020 was the year that no-one was expecting. Any resolutions you may have had at the beginning of last year may as well have been written in sand. Not many of us could have been sure what surprises the year had in store, to shake up our goals and plans.

Setting Financial Resolutions – Everyone’s Story Is Different

Everyone has a 2020 story. While some may hold lighthearted laughs about a lack of toilet paper in the house, for many others the situation was and may still be tough and in need of repair or a new perspective. Financial resolutions for the new year are important and are going to vary dramatically. Some people may be focusing on new opportunities that have arisen, while others may need to change their lifestyle or adjust some goals that had set in place earlier. Some may be planning for retirement, while others are planning to start a family.

Although there isn’t a financial resolution that fits everyone’s objectives, there are a few basic elements that need to be acknowledged when considering writing up your goals:

Financial Resolutions – Be Adaptable With Your Strategies But Stubborn With Your Goals

Everyone can assume that after a year like we’ve had, learning to be flexible with our future plans is vital. This doesn’t mean that our objectives that are important to us need to change. You may just have to adapt the journey along the way. It is crucial to meet with a trusted financial advisor when discussing objectives and life goals in an ever-changing financial climate. This ensures you have current information and are on track with your financial resolutions, whilst keeping realistic with time frame and other developments.

You Might Not Be Able To Hit Reset At The Beginning of 2021

Life has changed over the course of the year and we are not quite through the storm yet. This coming year may not feel like a clean slate or a blank canvas, so it’s important to let go of the ideal that we can start over and instead implement some changes that are realistic and effective, to begin to take some control in tumultuous times.

When setting goals, or financial resolutions, a helpful method is called SMART and can apply to everyone:

To make sure your goals are clear and achievable, each one should be:

? Specific (simple, sensible, significant).

? Measurable (meaningful, motivating).

? Achievable (agreed, attainable).

? Relevant (reasonable, realistic and resourced, results-based).

? Time bound (time-based, time limited, time/cost limited, timely, time-sensitive).

Make One Of Your Financial Resolutions To Protect What You Have

This year was one big wake up call. Many people realised that having an income is not only crucial, but it can also be taken from you without warning. While Australians have a good track record with making sure their house and car are insured, a lot of individuals still haven’t stopped to consider their biggest financial asset, which is their own ability to earn an income.

Personal insurance can protect your income earning ability and provide security for the future. You might think that personal insurance premiums aren’t welcome in your budget, however many premiums can actually be paid through your superannuation. It’s vital to obtain the right advice to know that you are properly insured in the event of a life changing incident or illness. Protecting what you have and your ability to earn an income is a smart financial resolution for 2021.

Do Not Go It Alone

If there’s anything to learn from 2020, it’s that people don’t do well going it alone. The same can be said for goal setting and keeping yourself accountable for your financial resolutions. An experienced financial planner can advise you on the choices you need to make to achieve your objectives. A good adviser will tailor a plan that will comprise advice on superannuation, wealth creation, personal insurance, debt management, budgeting, property strategies and estate planning.

What do you think? Maybe you’d like to read on? Check out the full version here then give me a call to discuss how this might impact your own business: call me at 0413313100 or email me at [email protected]