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,