10 Personal Finance Ideas for 2019
With the new year already here, it's not too late to revisit your overall saving, investing and personal finance picture. What will you change? What will you do the same? Do you have the right strategy or do you need to make adjustments? One thing is for sure, we will continue to see plenty of volatility in the financial markets this year. We can also be certain a recession is on the horizon - exactly when and how it will be triggered, however, is unclear. We just need to be prepared. Now more than ever, it's important to have a plan to protect and grow your wealth, with flexibility to take advantage of opportunities that may arise in the new year.
Here are 10 personal finance ideas for 2019:
Stay disciplined and focused in all that you do - whether it be your job or your side hustle, work hard and demand excellence from yourself and others
Fully fund your 401(k) and IRA; if you can't do that, at least increase the percentage that you contribute - this is the best way to save automatically; out of sight, out of mind
Keep plenty of cash as a buffer for uncertainty and to take advantage of buying opportunities - recommend 20% of portfolio and invest that cash in US Treasury Bills, the yields are great right now
Keep working toward passive income on multiple fronts; find out what strategy works best for you and keep working at it; What idea has generated the most cash flow for you? Please share in a comment!
Keep your investment allocation set where you are comfortable; now doesn't feel like the time to put more allocation to stocks unless you are simply re-balancing
Make sure you have 3-6 months of expenses in cash in an emergency fund
Review your activities / investments where you have had the most success, especially positive cash flow and continue to focus your efforts there; read books and articles to generate new ideas and try them out with small investments to see how they work!
Identify you speculative investment opportunities and make sure you have money allocated there at an appropriate level - consider Crypto, private equity investments and other "10x" opportunities
Update your household budget and make sure you pay yourself first through savings; don't leave "extra" money in your checking account, where it can be easily spent
Check your withholding taxes and don't forget everything resets January 1 - goal should be to come out as close as possible to even when you file your taxes (maybe a small refund); if you need help, get a tax accountant!
I hope you have a Happy, Healthy and Prosperous New Year!
For more investing ideas, click here.
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