- February 29, 2016
- Posted by: Ethica Private Wealth
- Category: Info Articles
Is there any feeling more exciting than turning the calendar to a new year? No matter how many New Years’ you’ve lived through, it never ceases to be a thrill. The possibilities seem endless, as seemingly everybody begins to plan, plot, scheme, and daydream for the future. Beginning a new year is like the adult’s version of Christmas.
Not only are people generally feeling more optimistic and proactive, in the first month of a new calendar year, everyone’s assessing their life situation, as well. The first few months of a new year are pivotal for making new investments and connections, trimming off dead weight and underperforming portfolios, and generally setting the stage for a new, improved you.
Find out how a financial adviser in the Sunshine Coast can help you realize your dreams this year, with these two helpful financial planning tips.
Two Financial Planning Tips For 2016
● Calculate Losses And Gains
As we turn the page on a new year, we’ll all be looking back over last year’s finances, for a variety of reasons. We want to see how our portfolios and holdings are performing, as well as gathering together the necessary paperwork to file taxes.
Take this opportunity to really pay attention to what’s working, and what isn’t. According to financial advisers in the Sunshine Coast, these insights potentially save you thousands, in leaden stocks and bonds that could be better invested elsewhere. Calculating your losses and gains while you’re compiling last year’s financial news also helps to save a step in your financial planning, which is always great advice.
● Monitor Your Donations
Have you ever been approached on the street from an earnest, hopeful young representative for Greenpeace, who tugs your heartstrings talking about dolphins, whales, and otters? They manage to squeeze a pledge of $15/mo. out of you, before you even realize what’s happening.
It’s great to give. Donation is the greatest nation in the world, after all. We need to take care of ourselves and our loved ones, while planning for our futures, however. As a general rule of thumb, even the most philanthropic individuals give 5.2% of their annual income to charity.
A useful calculation for determining how much you can safely give is multiplying your take home pay x .032, or 3.2%. You’ll feel good about yourself, do your part for a healthy society, without putting your future at risk.
Don’t let the New Year’s momentum pass you by! Find out how a financial advisor in the Sunshine Coast can help you plan and prepare for your future.