Dec 31, 2016 3 min read

5 Must-Have New Year Resolutions to Create Wealth in 2017

Before the year begins with new surprise, it’s time to set a resolution to achieve financial growth in the year 2017. Here are some of the recommendations. Have a look!

People often make new year resolutions to bring a new change in their lives and get rid of all negativity. The new year gives an opportunity to begin afresh in a way to accomplish the desires in the future. You too might have some resolutions for your new year regarding your several life goals. What have you planned for your finances? Have you set any resolution to generate wealth in the coming year 2017? If not, then you must start it now! Here are the five must-have resolutions for every investor to help them create a corpus in the upcoming year.

  1. Spend Less, Save More & Invest the Most:-
    New year beginning involves several expenditures from shopping to partying, gifting, and many more. But apart from enjoying the festive time, you need to manage your fund flows as well. After all, you have to spend your entire month and then a complete year with comfort. Furthermore, spending habits need to get managed as it leads to the creation of debts many a time. So, the first and foremost resolution that we recommend to every investor is that he/she must manage the expenses, and try to save as much as possible. These savings are further recommended to be invested in the profitable avenues so as to multiply it to create wealth for the future.
  2. Bring Discipline in Investments:- 
    Warren Buffet who is considered to be the most successful investors across the world has quoted that, “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” A strict environment is considered to be the most effective one for accomplishing a serious task. In the case of investments which involve money matters, it is quite essential for the investors to be regulated. SEBI and AMFI provide several norms and guidelines to be followed by the fund houses to ensure efficient management of the investors’ funds. Moreover, the investors are being provided with the Systematic Investment Plan as well which would help them in investing their money in the most regulated manner.
  3. Long-Term Investment Horizon:- 
    There is a saying that goes, “In the short run, a market is a voting machine, but in the long run, it is a weighing machine.” Hence, it is certainly recommended to every investor that investment should be held for a longer duration. The new year resolution would help you to plan a better future for sure and thus, it is essential to make the resolution that has high productivity. So, you must plan for a long-term investment. Moreover, the power of compounding shows its actual magic in the long run only and thus accumulates huge wealth for the investors. Hence, one of the important resolutions for the new year 2017 must be a long-term investment horizon.
  4. Rebalancing Portfolio:- 
    Little and efficient change is always beneficial. With the new year and new hopes in mind, we all have certain expectations from our investments. After suffering high market volatility in the last months of the year after demonetisation and Trump’s win in the US, the market is expected to get stable now. To achieve a better earning we recommend you to review your investment portfolio and rebalance the same with a proportionate allotment of funds in the equities and debts. It would help one in managing the risk and returns in the most productive manner.
  5. Fire Expensive Financial Advisor:- 
    The last but not the least resolution we recommend to the investors is regarding demolishing the expenses related to advisory and other services taken by brokerage or investment consultants’ firm. You must fire all your expensive financial advisors and avail the free of cost personal advisory services from experienced professionals. The online services available 24/7 on our website regarding mutual fund investment solutions are the best alternatives for every investor. We provide free of cost advice to the investors and help them in taking better and informed investment decision. You can easily manage your cash by availing our online services.

As the time has come to make a resolution for a financially happy new year, one must not lag behind in setting up the same. MySIPonline and the entire team are ready at your service for creating huge wealth for your future. Your association with us is valuable and we would assist you in making your investment journey sound and effluent. You must set a plan to make a resolution and get in touch with us to bring a financially viable change in the year 2017.