2021 is over, so how do you see your financial achievements over the past 12 months? How do you measure your financial progress during this? As we wish you more and more abundance and financial growth in the years to come, today we are going to give you easy ideas to review and evaluate your financial career over the past year.
A clear set of ideas on the basis of which you measure your financial successes and failures, this will give you a more mature view towards your financial goals, and thus help you adjust your financial path on the best options for the new year 2022.
Did you achieve your financial goals last year?
The financial goals that you choose for yourself very carefully, and keep them in mind, will be your accurate compass that points you in the right direction to go. On your way to financial independence.
It is really unfortunate that many people do not have real financial goals, and they do not have a clear vision about their financial future, and therefore they will not get more than what life gives them in a semi-random manner!!
Financial goals should be included in the 2022 plan
Now with the beginning of a new year, you must review your financial goals, reconsider their strength and feasibility, and measure your progress towards reaching them, ask yourself: What are the acceptable steps I have taken in order to achieve my financial goals? By this, you put yourself back on the right track, and refresh your financial plan with a new spirit of enthusiasm:
1. Raising the level of income
One of the general and basic financial objectives in any financial plan is to raise the level of income, and this may be through additional work, of any kind, or by contributing to the financing of a project, or through investment, that is, by purchasing an income-generating financial asset, and this last option is the most intelligent.
what about you?! Have you made any acceptable additional income over the past few months?
The thing that we hope everyone knows early on is that raising the level of income is now considered one of the available things, as there are endless options to achieve this.
2. Increase savings
No matter how excellent your income is, without saving, you will not be able to control your financial situation, and you will not be able to develop your money, as saving 10% to 20% is not considered unusual, but it is an excellent plan for natural progress in the line of financial development, which is what We talked about it in the last issue.
If your savings are equal to 10 times your monthly income, you are in an acceptable position, but if they are equal to more than 20 times your monthly income, we congratulate you on your financial success in advance, because by investing this amount you can get a new income that exceeds your current income.
It is a real indicator, if your savings have recorded a consistent periodic growth during the past months, then you are in the right direction, otherwise you should reconsider your financial plan, and approve a reasonable percentage of your periodic income for saving.
3. Asset purchase
Financial assets are the hens that lay the golden eggs!! It is the secret that explains the huge balances filled with the accounts of the rich! Have you bought one in the past few months?
A financial asset is everything that can be bought in order to generate additional income, or anything that can be bought in order to sell it at a higher price, it is simply an investment.
Real estate financial assets may be one of the best options, such as buying a house with the intention of renting it, or buying land with the intention of selling it at a higher price, but the available options are much broader, there are expensive options with high financial returns, and there are options that are close to the reach of the average person because of their modest price, There are assets that bear little risk, and the financial intermediary can guide you to the best suitable solutions for you, especially as the Sultanate is witnessing structural development and huge projects, which will provide more and more excellent investment opportunities.
Buying assets is the reliable source for developing your money, and it is the proven way to reach any financial level you aspire to, and you can look at the financial asset as a money factory, because it will produce a lot of it for you.
The end is another side of the beginning.
Endings are always new beginnings, so do not regret what has passed. Entering a new year comes with the end of a previous year. Start today to take care of your financial future, draw a clear picture of what you would like to achieve during the new year 2022.
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