This month, Warren and Yolande discuss current trends, stock growth vs economic growth and whether this should impact your current planning
A Note from one of our financial planners:
New year’s financial resolutions…In November!
It’s two months until 2020. 2019 will end in a flurry of year end functions, parties, vacations and time spent with friends and family. On New Year’s Eve many of us will make resolutions to achieve something or be better at something in the new year. We return from holiday and our resolutions get washed away by the tidal wave of “busyness” that is January and February. For this year I’d like to propose something different. I’d like to suggest we make our resolutions now. In November.
Assuming we’d like to take a two week break at the end of December this gives us 6 weeks to get the ball rolling for 2020. This means we can enjoy our December break with the assurance that the things we care the most about and the things we want to change for the better are locked in as from January 1.
One of the most common resolutions is improving our financial situation. Here’s a quick list of 10 things you could consider:
1. Maximising your Annual Bonus
How best can you use it? How can you make it really count? What are your options?
2. Paying off debts
Where should you start? What strategy should you follow?
3. Drafting a budget
Do you have a budget? When was the last time you reviewed it? What does your actual spending look like relative to your budget? Does your budget speak to the kind of life you want to live now and in future? What if you could eliminate last week of the month struggles forever?
4. Topping up investments
Should you start something new? Should you increase your contributions to your existing investments?
5. Reviewing Long term insurance
Is it still suitable for your needs? What benefits do you have? What benefits should you add? Are you and your family fully protected?
6. Updating your will
When was the last time you read through it? Is your will still applicable/relevant? Does it speak to your exact wishes after death? What changes have happened since then that need to be included?
7. Big (exciting) things you’d like to do in 2020
What would you like to do? When would you like to do it? Where is it? How much is it going to cost? What is the best way to prepare for it/pay for it?
8. Addressing any financial issue/uncertainty that have been on your mind/worrying you
However big or small. There are no such things as silly/stupid questions when it comes to your concerns and your money.
9. Planning/Analysis for important decisions that need to be made soon
Making big decisions on your own is tough. Having a trusted person who can listen, research, analyse and advise you is worthwhile. We want to be that person. Please reach out if you are wrestling with something.
10. Tackling your irregular expenses
These are the big expenses you know are coming. They are too big to be paid for in a normal month and need to be provided/saved for. Examples include school fees, car services and flights et al. These need to be included in your monthly budget. You know these things are coming, when they will happen, and you have a good idea how much they will cost. These are controllable and you should be prepared for them as best as possible.
As a client of Verso Wealth, you have a Financial Planner who wants to help alleviate your financial stress. We’d like you and your family to have the most restful December break possible and to start the new year on the front foot. Let’s lock in your 2020 Financial resolutions in November. Please reach out to us with any of the items on this list or any others you can think of if you’d like some help. We are here to serve.
BrendanDunn CA(SA) , CFP®