As we already are four months into 2018, more and more opportunities await for a fresh start in every individual’s journey to achieve financial freedom. Now that people are showing more concern regarding each of their financial investments, it is high time that you start doing the same while preparing for the future.
Like it’s said, it is never too late to start planning for your future. Every year brings you an opportunity to plan ahead, so, why not use this chance to level up your financial game and make financial decisions that are beneficial in your long term goals.
This article provides you with top three investment moves that you can make for 2018. Consider these moves to increase the viability of gaining more wealth not just this year but for the long term.
The top three investment moves are as follows:
1: Imbibe a Global Perspective
Looking at the current economic condition of the UK, it is a wise investment decision to look out for new foreign markets to invest in. By allocating funds for global investment is most likely to reduce risks of loss and provide new opportunities for growth, especially when the UK economy suffers.
Similarly, by making global investments, you are also expanding your platform for potential ventures to strengthen your portfolio. But remember as you decide to go global with your investments, you are also required to continuously diversify your portfolio to increase the chances of generating higher returns as compared to investments concentrated on one asset within one market.
We understand that diversification involves a lot of crucial decision making process, especially when it comes to spreading your investments across several asset classes such as equities, bonds, hard assets, etc.
While doing all this, you are also responsible to consider your personal risk, needs and financial goals. By achieving balance in your investments, you gain an opportunity to adjust the proportion of your assets. This way you are well prepared in advance for any major risk (the risk is most likely to be dependent on your investment goals).
2: Solidify Retirement Plan
The way you plan your retirement has a huge impact on the standard of life that you wish to have in your future. Several events are needed to be taken into consideration when chalking out your retirement plan.
2018 is the year when you carefully analyse your progress towards retirement. For your own future benefits, make sure that you complete your retirement income projection with assistance from a trusted financial planner. By seeking assistance from your trusted financial planner, you gain a clear perspective on where you are headed to. Additionally, it also minimises financial blind spot, if any.
On the other hand, you can also automate your retirement plan contributions so you don’t have to worry about the money you would require to spend for this.
If you are among the people who start planning your retirement in 50s, then we believe that you may not be able to have the same standard of living like you did when you were working.
However, there is one way you can have some money to invest in your late 50s. For this, you have to go through all your insurance, loan, mortgage and credit card application you had over years. You might come across a terms that says ‘Payment Protection Insurance (PPI)’.
Everyone in the UK is well versed with the PPI scandal. If you discover that you indeed were sold a PPI policy without your concern, you can move ahead to make a successful claim. The amount of money you receive as compensation can then be used as a good investment for your retirement days.
On the other hand, there are people who start planning their retirement in their early 30s. There are several policies that help you secure your life after retirement. But remember to check the documents before you sign for any mention of PPI policy.
3: Sustain Focus on Long Term Goals
While you plan this ahead (financially), remember that your past investment performances does not determine your financial future. Moreover, varying market conditions should not disrupt your financial plan and should lead you towards emotionally-driven investment decisions.
No matter what your returns are on your investments, it is essential that you stay on track by prioritising your long term investment goals. Never let immediate failures make you lose focus on your long term financial goals.
