If you’re like many Canadians, you must be having a New year’s Resolution plan for 2021, But have one Resolution plan for improving your personal finances. Now, If you have one, you are lucky and on a better side of the future. You don’t need me to tell you that 2020, was one of the strangest and most challenging years of our lives.
2021 is the beginning of the year as well as the New Decade. It’s the perfect time to start thinking about your finances for 10 years down the line and at the start of the new decade, there are ample opportunities to get yourself set-up for long-term financial success. Here are some tips for you to achieve financial success.
A Better year and Decade ahead i.e. 2021 onwards - You should review past.
I believe, the development of effective vaccines now offers a strong light for the upcoming year, It’s good for everyone - Job prospects, economic boost, Investment opportunities as well.
List down specific financial goals of yours for the year and decade (if any) with a motivation to achieve those, but before you list them down let’s have a look at the previous year.
Understand you’re current financial position, by inspecting the following
Currently, How much money do you have in savings?
Are you in any type of debt/loan? If, yes how much
Do you owe someone any money?
What is your net income?
What is your monthly expense?
What accounts for your major spendings?
Jotting this information down will help you analyze your current financial position
Important: Use SMART (Specific, Measurable, Achievable, Realistic, and Time-Framed) technique for planning your goals.
Control your spendings by creating a Budget!
I know that creating a budget seems boring and it’s not much fun but remember that budget plays a vital role in managing your finances and ignoring budget-making can be bliss.
Indeed, planning where your money goes is one thing and actually spending it is a little bit different but you need to go according to your budget plan in order to succeed on your wealth-making journey.
The best thing about budget planning is that it is a plan where your money goes and it can be as simple and as complicated you want, by the way, we have a blog about the easiest way of budget planning.
Tip: Use budget planning apps like Mint, Pocket Guard, You need a budget, Wally, Good Budget
Are you Protected?
Considering the pandemic scenario, hearing about the deaths has changed our perspectives about our finances now everyone should also focus on their mortality. Look who are the dependents ones on you and, How you can make their financial future secure if something happens to you?
Income Protection
Income Protection should cover that payout should you be unable to work due to sickness or injury. These latter vary from provider to provider, and insurance can be either short-term or long-term.
Life Insurance
A payout that goes to your beneficiaries in the event of your death and that’s often used to pay off an outstanding mortgage, thus eliminating a possible major worry once and for all.
Passive Income flow
Create a Passive income, that comprises earnings that are derived via a rental property, limited partnership, or any other enterprise in which any individual is not involved in active participation.
Start Early: Success is a series of small wins
At Tacenda Capital (VCC) Inc. we believe that every little thing adds up to a big goal/success.Just find one small thing that you can do to accumulate finance and add compound effect to it to make you wealthy.
It can be as small as saving on a weekly/monthly unnecessary subscription and investing it via expert wealth management firms.
Tip: Check out the best money-saving portals that will help you save money in your day-to-day life. These are Butter Rewards, Checkout 51, Dollarbird.
Automate Wealth Generation
Nowadays, you create automated payments for everything like - Credit cards, Bills, Rent, Groceries, and many more.
Have you thought about investing? Yes, right?
But what if, you can Automate your investments and wealth management using innovative technology? Yes, This is possible, Now you can get your money compounded into wealth and start your journey to becoming wealthy. By getting in touch with Canada’s fastest-growing wealth-tech firm
You Just need to drop a message to us:
E-mail: info@tacenda.ca
Call us: +1 352 822 3632
Office: Waterfront Business Centre, 145 Chadwick Ct #220, North Vancouver, BC V7M 3K2
For more information Visit: Tacenda Capital
