Personal Finance/Wealth Creation

What Will 2022 Offer You?

New year, new opportunities are what most are looking forward to

The new year opportunities will depend on your personal philosophy. Photo by Jon Tyson on Unsplash

The last three years have seen the most devastating restrictions ever imposed on us, humans. We were like animals in a cage. We are unable to travel, visit our friends and relatives locally, and on top of that being forced to take mandatory precautions, ranging from the vaccine, wearing of masks to social distancing.

What do all these mean to us as individuals, and for our pockets?

Firstly inflation is rising, fuelled by the Central Banks printing currencies (although some countries denied this), people are losing income, due to stalled economy, costs are rising, creating massive debts for people.

Stock markets are giving low income, due to the non-trading of most organizations, and further blocking additional income for some.

The New Year Success Depends On You.

Any adviser will hammer on the old-age ways of creating success. These are:

Write down your goals
What are the ways to achieve them?
Break the goals and plans into long term goals and short-term ones

This is because when you are ready, an opportunity is easier to grab. I will advise that you prepare for the opportunity of the new year because it is during the period of great adversity that opportunities present themselves.

Manage Your Resources Towards Productivity

Time — the one resource that we all have is TIME. As much as it depends on you, manage your time well. This does not mean that you will have no time for recreation. Of course, you will need to relax, me time and time for just doing nothing. These are all essential. But you must ensure the greater time is on productivity.

Habits — Look at your habits. How healthy are they vis a vis your productivity? If you drive to work, for instance, use that time to listen to audio lessons on things that matter instead of silly and unproductive chatter. There are many podcasts now that do teach valuable topics.

Learn to say no — don’t be a yes person to everybody in order to please. You can only do this if you have a clear idea of what is really important. You must learn to say no to those things that do not serve you. You cannot be available for everyone.

Maintain consistency and the will to succeed — There is a great difference between the will to succeed and just trying to succeed. The great difference is consistency, as obstacles and setbacks will not put you off if you have the will to succeed.

Maintain a workable system — this makes things a lot easier than they would have been. If your system works, this ensures tasks are carried out as when due, bills are paid on time, and will not attract any additional charges, accounts and filling are done on time. Maintaining a workable system is applicable to both personal, and business life.

A workable system includes being in control of your finances and mitigating your loss by getting all the necessary insurance covers, having an adequate contingency fund without recourse to borrowing.

Additional Income — this might be necessary if economizing might not be enough. You might need to earn well and keep earning. Managing your finances is more than cutting down costs, you can also try to increase your income by upskilling to make yourself valuable. You can also start a part-time job or a home-based business.

The Takeaways

Look ahead and anticipate peaks and lows in your income portfolio and plan for them.
Never stop learning and upskill your knowledge.
Spend wisely and avoid debt.
Review your finances over time.

About The Author