Looking for ways to kickstart your new year’s resolutions, and become a bit more ‘resolute’ with your finances? Start your year off the right way with this short 2020 investment guide, containing a few different steps that you might want to take to get going.
Step 1 – Aligning your financial plans with your resolutions
Planning and fleshing out the logistics behind your new year’s resolution might be a bit of a boring way to usher in and celebrate the turn of a new decade, but plenty of people make promises to themselves that they don’t keep at this time of year, and so tackling your finances head on will make it a lot easier for you down line. Sit down and collate your outgoings and the amount you have available to spend, and go from there.
Tip – Unsure about whether you can feasibly lock away money in an investment for a long period? Perhaps first think about establishing yourself a monetary buffer; a cushion you can use for important payments and unforeseen bills. Not only will this give you more confidence to go forward and invest, but you’ll feel less guilty about perhaps being left financially exposed.
Step 2 – Keeping a close eye on the market
Investment markets are always shifting and changing, and depending on what you’re interested in investing in, certain markets can be unpredictable and volatile. There isn’t any getting around the fact that you need to be on top of trends in the market, and what is set to prosper in the year come to ensure the best chances of growth in your finances.
Looking to opinion leaders and successful investment companies is a good strategy, but there is always the issue of being behind on the curve if you spend your time following in the footsteps of others. Those with the most successful investment portfolios are the ones that assess current successes in the market and identify ones that are going to continue to be fruitful for years to come. This isn’t to say that you should disregard sound advice, but take it into consideration with your own research and come to a conclusion that will be personally successful for your situation.
An example market – For those looking to invest a decent amount of capital, the property market is one to watch in 2020 and beyond. In the UK particularly, despite the recent political landscape being in disarray somewhat, the economy is stabilizing after a clear-cut election result, and house prices are expected to grow healthily throughout 2020. RWinvest, a property company with offices throughout the country, state in many of their online guides the prevalence of city-center apartment buildings, and their popularity among investors due to high demand from tenants.
Step 3 – Making a commitment for the future
Those who achieve long-term success are the ones who have the foresight to plan ahead for the long-term itself, and again, any successful businessperson will tell you that you need to be thinking of the future with money. The beginning of the next decade in 2030 might seem like a long time away, but if you plant some investment seeds to begin with, no matter how small initially, your future self with no doubt thank you for it.