YOUR QUESTIONS ANSWERED: Resolutions that will endure

By Supplied Time of article published Dec 2, 2021

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Readers’ queries answered by financial experts, sponsored by PSG Wealth. Email your queries to [email protected]

Resolutions that will endure

I had the best intentions at the start of 2021 to make things end up differently, and yet I find myself in a similar financial position at the end of the year. How do I make a real change to the financial outcomes I achieve?

Name withheld

Jac de Wet, wealth manager at PSG Wealth Somerset West, replies: The past year has been a difficult year for most of us. Not only emotionally, but also financially. Most people have New Year’s resolutions that they want to achieve. It varies from “This year I will change the way I spend money” to “I want to save more to be in a better financial situation at the end of the year”. The old adage rings true: If you fail to plan, you plan to fail. Key to achieving any investment or financial goals, are to set specific, yet realistic and achievable goals. One needs to adequately plan on how to achieve these goals, and then need to religiously stick to the plan by executing on it step by step, and by constantly evaluating and monitoring the plan. Ambitious goals are often reached by making small incremental changes and gains. This can only result from proper planning and execution of the plan.

An investment – or financial plan itself is valuable, but partnering with qualified advisers that can guide you through the planning process with good advice, expertise, and experience to construct a robust, achievable goal-based plan, is priceless. An experienced and qualified adviser also helps to manage investor behaviour, emotions, and expectations in order to achieve the goals that were set out in the plan.

Goal based financial planning is key to achieving financial goals. When partnering with a quality adviser, constructing a proper financial plan, and meticulously chipping away to achieve the set goals, makes all the difference. By doing so your New Years’ resolution may just become an achieved goal when the clock strikes 12 a year later.

PERSONAL FINANCE

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