If this year will be anything like the last, prepare for the worst. We don’t want to sound negative, but we should know by now that things can take a turn when we least expect it. This year for 2021, make some big changes if you want to see some major results. Keep your financial resolutions by setting a game plan for yourself, and choosing to make some changes, to better prepare yourself for the future. If you want to live as the wealthy do, then you have to be willing to put in the work.
Here are 3 changes to make this 2020 to keep your financial resolutions this year:
- Work on your taxes all year long:
This may be the piece of advice we repeat the most. I know at this point, many of you may be rolling your eyes or moving on, but we can’t stress this enough. If you want to live like the wealthy do, and make game-changing moves, you have to be willing to put in the money and time. Yes, getting a CPA or tax accountant may be more work than you want, but the same thing can be said for going to the dentist or doctor. These are essential to your health, and so the same can be said for your financial health. The best thing you can do this 2021 is to work with a tax professional that can help you formulate a plan for 2021, while also doing your taxes from 2020. By working on your taxes all year long, your CPA can analyze your financial health from the past, present, and future. Tell them your goals for savings, business, or even real estate. Use their expertise to guide you and also get you the write-offs you deserve.
- Work on your financial literacy: One of the main questions we get is usually on many different financial terms. One of the best things to change your game is to actually learn about these terms and what folks use to build their wealth. It’s not enough to just watch videos or follow these folks on social media- you need to be able to speak the language if you want to play the game. Although 2021 may be similar to last year, some financial events may be canceled or moved online. It’s important to stay in the game and learn everything it is you need to learn about finances, money, and business. Go to webinars, study, and go to events where you can network and speak to others. The most important thing you can do is build your financial literacy and take that information and pass it on to your family for generations to come. This is the key to generational wealth, creating the foundation, and ensuring that it is continued and improved. If anything will help you keep your financial resolutions this year, it’ll be working on your financial literacy all year long.
- Work on your taxes all year long:
- 3. Do something new with your money: This may be the best advice we can give. Often times when we get a tax return or a bonus, we spend that money on other things because we don’t know what to do with it. We buy a trip, or car or new television. That’s okay, that is what most people usually do, but we challenge you this year to do something new with your money. Part of step 2 is to learn what to do with that money and how to boost your income. Whether it be through real estate, investments, or business, learn what your goals are and work towards them. Save money as always, and do something with that money that will help you in the future. For your financial resolutions this year, do something new with that money and as always, consult a professional.
We hope that these 3 tips are something that you will take away with you, and we hope that you apply them this 2021. Make this next year yours by setting financial resolutions, working towards them, and hopefully completing them. Remember, there is no shame in asking questions and getting professional help. If you would like to talk to our own firm, click here.