Wondering what financial goals to set this year?
A lot of you may be struggling to find the right strategies when planning for your finances. Don’t make it hard. Financial planning is supposed to be fun and interesting, especially now that we are talking about how to financially secure your future. Jumpstart the year with financial goal planning so you will end up financially stable at the end of 2021!
To start your financial goal planning this year, you need to think of something that can grow your money. Where do you want to put your cash? In stocks? Mutual funds? ETFs? Crypto? A lot of options for you are out there. As early as now, you need to decide where to invest and how much to invest. But, remember that you must invest only the amount you can afford to lose. Don’t put your emergency funds in the stock market. Don’t put your kids’ tuition fees in an investment with no guaranteed return. If you don’t have enough to invest today, try to save up for it. Set aside 10-15% of your monthly income so you can accumulate the funds that you will soon invest.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Learning how to invest in the local market should also be part of your financial goal planning this year. Many Filipinos have been investing in PSE now and it’s not too late for you. Start buying books that talk about the stock market and investments. Read them at your own phase. It doesn’t matter if you don’t have much time to allocate for reading books. You can read them during your free time. No rush. After reading books, try to look for video tutorials on Youtube and apply what you learn in virtual trading. Almost all brokers in the Philippines are offering a practice account that lasts for 7 days. You can use that in the meantime until you actually learn how to invest.
The sky is the limit. Don’t limit yourself to the local market. You can explore other opportunities outside the Philippines. You can learn how to invest in the US market. The good thing about investing in other stock markets is that you can actually apply what you learn when you invest in the local market. It means that you can use the same strategies you use in PSE. Although the Philippine Stock Market and that of the US are different, both use technical and fundamentals to analyze stocks. It depends on your strategy as an investor.
Don’t forget about your savings. Investing can bring you monetary benefits at the end of the year, yes, but it’s still different than having your own savings that you can withdraw at any time. Unlike savings, investments should not be taken out unless you are withdrawing your profits. Jumpstart the year with the goal of saving! Having both savings and investments at the same time is the key to financial security and stability.