As the New Year 2018 approaches, aim of at least five financial resolutions that is financially beneficial for you.
Set a Financial Target this year
On Jan 01, 2018 you will have a whole new year in front of you. Set a financial target that you always wanted to achieve. Make a brief strategy about how you can get closer to your aim. A financial target can be anything like earning a particular amount this year, setting up some business, investing money in real estate and so on.
Invest in Real Estate
In India, there is nothing better than investing in real estate. This is the sector where you will see permanent growth. It is definite that there will be great ROI for whatever amount you invest in real estate. With the rising population and urbanization a resolution to invest in real estate will definitely prove to be successful. You can also plan for rent income options for more returns.
There is nothing better than investing in gold. Indians have always been investing in gold in the New Year. Hindus consider Diwali as the starting of new financial year. Similarly one can invest in gold, buy gold directly or can invest in gold bond. Investing in gold is a sure shot success as there is no doubt that its value will rise with each passing day. Gold is a natural substance that will keep its standard even if the rest things fall down.
Stay away from Cryptocurrency
Investing in cryptocurrency is a new cool in the financial world. Investing in the like of Bitcoin, Litecoin, Ripple or Ethereum can prove out to be costly. Recently the government of India has declared Bitcoin as Ponzi scheme. Tax authorities are also keeping an eye on investors. Why start a new year with a spoiled mood by investing in things that have no guarantee?
Government Cautions People Against Risks in Investing in Virtual ‘Currencies’; Says VCs are like Ponzi Schemes https://t.co/uNL3NqUG5c
— Ministry of Finance (@FinMinIndia) December 29, 2017
Take a Look at your Past Decisions
The only asset worth gold is taking a look at your previous decisions related to finance. Did your decisions gave you your desired result or they landed you into trouble? Ask questions to yourself and do course correction where required. The biggest thing that you can take into your next year is wisdom and lessons from your past mistakes.