Sparks Corporation Singapore Management Services on Effective Financial Strategizing Tips For 2017
What does 2017 hold for us all ? With the new administration in place , many Americans are figuring out ways to improve their finances and setting goals for the current year . The fact is that many of these people will fall short of their financial objectives and some will not even get moving at all , neglecting their financial well-being altogether . Start enhancing your financial health in 2017 with these 12 effective tips . Take a good look at what these expert educators , who educate experts to teach other experts and who deal with numerous financial advisors , have to share in order to raise your 2017 financial planning to a higher level . Your journey to building financial security begins with the first important step which is to learn the essential principles .
Tip # 1- Increase Your Retirement Savings
― Here are three effective steps to increase your retirement savings . First , put savings on an automatic income-withdrawal scheme , such as salary deferrals to 401 ( k ) plans , automatic monthly payments from your checking account and amortizing a mortgage . Second , make full use of tax-friendly retirement schemes like IRAs and Roth IRAs . Third , forget this money !‖
Tip # 2 – Revise Your Investment Allocations
― Considering the fresh increase in equity values , long-term investing , especially for retirement portfolios , performs much better if the stock allocation is reverted to the target allocation regularly . In short , with higher equity values at hand , the wise move is to reduce the equity load and increase the bond share .‖
Tip # 3 – Do not Neglect Your Estate Plan
― A complete financial planning strategy must include estate planning as well as a family emergency program . Savings accounts , in particular , are often set primarily for emergencies . Most experts recommend a six-month compensation coverage in a liquid savings account . How do you deal with premature-death planning ? Do you have the assets to take cover funeral expenses and liquidity to sustain family expenses ? You must consider the targeted time frame of such expenses to determine the immediate amount needed as well as the amount that is liquid . Personal saving accounts ,