As
the New Year approaches, you may be evaluated your life and decide on changes
that you want to make. Some of these changes need to be financial changes. The
following are some simple but effective financial changes that I plan to make
in the upcoming year in order to transform my finances. These changes may also
work for you.
Set Financial Goals
The
first financial step you will need to make involves financial planning. You
should set financial goals for the upcoming year. These goals will not only be
for the New Year, but for years to come. You should decide what you want to
accomplish financially. I know that I want to start saving more money. I know
that I want to build a financial foundation for my son. I also know I want to
increase my income. So, even if all I want to do is build up my financial
portfolio, I know I will need to sit down and think about what my financial
goals are. Then, I will have to decide how much money I will need to make or
save in order to reach those financial goals. And, you should do the same.
Decide what you want to accomplish financial in the upcoming year.
Do an Inventory
Next,
I will do a financial inventory. This will allow me to see how much money I
actually have. This financial inventory will include the money I have in my
checking account and any other assets that I might have. If I had stocks, bonds, or CDs, I would
include them. If you have any of these things, you will also need to include
them in your financial inventory.
Prioritize
Next,
I will need to decide which of my financial goals is the most important. I will
need to see where I need to concentrate my efforts the most. You should also do
the same.
Research
There
is the hard part. In order to make financial changes, I will have to do some research.
Because I was not a business major and I don’t know anything about the stock
market, I will have to do some research. I need to know how to buy stocks,
which programs to invest money in, and how to increase my income. Some of the
ways I can do that is by attending financial workshops, taking classes, taking with
other entrepreneurs, purchasing books on the topic, and even researching the
information in the internet.
Pay Yourself
I
must learn how to pay myself first. I have heard it said all the time, but I
will admit that I rarely do it. I will need to change this habit. I will have
to start with adjusting my budget to make this accommodation. If you haven’t already, you should consider
making this financial change too.
Invest
Although
I don’t know a whole lot about invest, I do know it is something I want to do
in the upcoming year. I also know that it will take at least $500.00 to $1,
000.00 to purchase stock. So, I will be spending some time researching how to
invest and what steps I need to take to begin making money.
These
are five financial changes I plan to make in the upcoming year. They may also
work for you.
http://finance-yahoo.com/news/first-person-dangerous-financial-errors-youth-214200932.htmlhttp://voices.yahoo.com/financial-steps-teens-take-now-12191111.html
http://voices.yahoo.com/five-financial-planning-tips-newbies-4224853.html
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