A new year requires fresh thinking. It's time to conjure up new plans, start afresh, and grab those financial goals. So why not kick things off by looking at our top financial tips for 2017? Okay, let's go...
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Jot down your goals
It's not so much a resolution but a financial lifestyle adjustment: if you want to reach a certain milestone, write it down on a goal planner and set yourself a timeline. It doesn't matter whether saving for a new house or helping to fund a business venture - an encompassing list of assets, worries, and challenges will help make the goal easier to reach.
If you haven't placed your chips somewhere sound, 2017 is the time to do so. If you're not sure where to start, perhaps these quick financial investment tips will help. In terms of growth, these are the sectors in which to invest in 2017:
- Materials: projected 35.2% growth
- Information technology: projected 25.5% growth
- S&P Index: projected 24% growth
- Health care: projected 19.8% growth
Stats courtesy of a Fortune study.
Assess your risk tolerance
As people get older, their threshold for taking risks dwindles. To ensure financial success in 2017 it's critical to keep your assets and investments in-line with your risk profile and decide whether that may alter your goals. Be methodical, protect your core assets, but be prepare to take a risk or two to accelerate your success. Setting aside a small 'risk pot' is a good way of doing something daring, and potentially lucrative, but in a controlled, conservative way.