It’s a new year, and I want you to help you make it your best financial year yet.
If you’re like me, you want to challenge yourself by setting your financial goals realistically high. Here are a few tips that I have found helpful when setting my own financial goals.
Save more money. If you look around at your friends and family, you’re sure to find a few spendthrifts and a few big spenders. If you want to do better financially in 2008, I suggest you emulate the frugal types rather than those fiscal freewheelers.
Max out your 401(k). A great way to start the new year off right is to save more money in your 401(k) or other company-sponsored pension plan. If you are currently saving 6%, why not move that number up to 8%? If you are behind on your retirement savings, you really should make 2008 the year you choose to take control.
Target a rate of return. Why not set a goal for the new year as to how much return you’d like to get from your assets? Whether your goal is 10%, 15% or even 20%, the mere fact of putting a number on your rate of return will help you concretize your goal and help you make tangible that which is just a mere floating abstraction.
We’ll have more on how to make 2008 your best year ever over the next several weeks, so make sure you read each and every issue of the Alert.