Financially Fit & FabuIous – F.O.C.U.S Your Way to Wealth
IT’S officially March! The third month of 2021, and of course it’s also the month we celebrate International Women’s Day. From the looks of it, 2021 is shaping up to be just as challenging financially for us as women, just as 2020 was for many. We are still in the middle of a pandemic and many households are still operating with reduced incomes, but if you want to be successful in accomplishing your financial goals for 2021, it’s important to find some steady footing and be proactive. If you are not proactive, several months will have elapsed without you taking decisive action on your goals.
One of the key attitudes required for building wealth, especially during this challenging period, is the willingness to defer immediate gratification to put aside some of your funds for the long-term. It will be difficult to attain a large net worth if you don’t begin with a strong foundation of saving and investing for the future.
Achieving your objectives will take thoughtful planning, precise execution and single-minded persistence. You will have to concentrate on carrying out the steps that will lead you to your wealth destination. Here are some strategies that can help you to focus your way to wealth:
F-FIXATE
To accomplish any endeavour in life, you have to put a lot of attention into it. To win with your wealth objectives, you need to be clear about what you want to achieve, write down your goals, focus on them constantly, and become resolute in doing what’s required for success.
O-ORGANISE
With so many demands on your money, you need to manage your finances by making and following a firm budget. You can’t afford to waste money on unnecessary spending, as you need to channel as much of your disposable income as possible into your savings and investments.
C-CONSULT
It’s easier to maintain your wealth focus with the help of financial professionals who can steer you in the right direction and motivate you along the way. Consult with your Scotia Investment advisors to select the right savings and investment plans for your needs.
U-UNDERSTAND
As the saying goes, “Knowledge is power”, and the more you learn about the process of building wealth, the better you will become at the task. Think of wealth creation as your side business, and make it your job to study the principles and techniques that will help you to succeed.
S-SACRIFICE
Author James Allen noted, “There can be no progress or achievement without sacrifice”. It will take supreme effort on your part to resist the temptation to spend on consumer items, devote your leisure time to financial education and stick to your wealth accumulation plan.
Remember, the money choices you make today will determine how long it will take for you to accomplish your wealth goals. With time and an unwavering focus, your sacrifices will eventually reap rich rewards; then you will be able to enjoy all the benefits of your wealth.
Shynelle Anderson is a licensed Investment Advisor from Scotia Investments Jamaica Limited.
