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Next year, you must have a financial measure that is the most important. It is possible that you can do it well, or that you have made great progress in this matter. The specific step depends on your own situation. The following factors can help you judge what is the most important thing in the next year.
1. Make a plan.
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If you feel that your financial situation is in a mess, and you don’t know how much you have saved, how much debt you have, or what you have bought, you’d better straighten it out next year. Find out your assets and debts. Set a goal and then make a plan to achieve it.
2. Credit card bills.
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If you have been tortured by credit card bills in the past few years, you’d better reduce your credit overdraft limit significantly from this year, so that you can get out of the debt crisis as soon as possible. If you don’t have a house yet, buy an apartment to settle down, and then start saving for the children’s education and your own retirement life.
3. Buy a house.
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If you have a job but don’t have a house, you should try to save money to pay the down payment this year. This will definitely sacrifice your quality of life, but if you try to save for one year, you can save enough money to pay the down payment for an ordinary house.
4. Save for college.
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If you have several children and you don’t have college fund, you should put college fund at the top of your financial matters this year. If your children are already in high school, it’s time to start saving college funds. You can’t earn enough money for four children to go to college for four years in one year (or even enough money for one child to go to college for one year in one year, so we need to save for college education). However, in one year’s time, you are sure to have a great harvest. With such a good start this year, you can start to earn interest with these deposits, and the future will be smooth.
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Everyone needs to accumulate for retirement. If your children have left home to study and you are still working, you can start to lay the foundation for your retirement this year. The key to retirement savings is to start as early as possible. It is much more cost-effective to deposit a large amount of money as retirement savings several years before retirement than to save the same amount of money when you are about to retire.
6. Real estate investment plan.
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If your net assets (total assets minus debts) have accumulated to $1.5 million (congratulations by the way), you need to find a good real estate agent to talk about how to manage your assets and pass them on to your next generation through reasonable tax avoidance.
7. Public charity.
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Of course, you can and should spend some of your money on charity. If you have enough food and clothing for retirement, your children have graduated from college, and your investments are in good order, you should start doing more charity work this year to leave some legacy for future generations and make the world a better place.
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Not only this year, many new challenges will emerge every year. Every year, we should make a good plan and do everything well according to the priority. The ultimate goal is to achieve your financial goals. When you want to retire, you can retire in the way you want.