Juliet Risdon is a Director of JML Property and a property investor.
Having established the company in 1994, JML Property offers Investment Property & Homes. It specializes in managing properties for owners and investors, and providing attractive and comfortable homes for tenants.
With 2015 behind and 2016 looming, many of us are reflecting on what has happened over the past year and how we can make 2016 a better year in every respect.
Yes… Its that time again. We are contemplating our New Year Resolutions !
What are your resolutions for this upcoming year ?
We may take a look at relationships, travel ambitions, work, health and fitness, and of course we must pay attention to our financial health.
Have you thought of giving your finances a review against the goals you set last year? Is your portfolio as balanced and strong as you would like it to be?
Now may be a good time to make some promises to yourself for 2016, and although you may not need any prompting, here are a few points that might help provoke some thoughts;
Where do you start?
1. Identify your Goal – It’s widely accepted that a good place to start is with the end in mind!
So what is it that you want to achieve? What will you use the funds for? Possible goals may include;
A house of your own. Money for a deposit or furnishings would be handy or maybe even redecorating or renovating.
Education for the kids. Do you need to provide school fees or University funds?
A Pension / Early retirement
Travel / Sabbatical
Once you have identified your end goals you can ask yourself some more questions.
2. Identify WHY your Goal is important – what is the primary reason you want to make your money grow ?
The thought of financial independence ?
To provide security in your retirement ?
To leave a legacy ?
3. Make your Target Specific and Measureable – How much exactly do you have to invest and by how much are you aiming to increase your investment by?
Remember to keep it realistic, fantasy amounts will only frustrate you.
You can then look at what you have available and the return you could get, and then ask “Is this going to help me meet my goals”?
NEXT WEEK: Please do get your copy of MDT next week to see the unique reader offer in Part 2 of Your Financial Health in the New Year.
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