Investment planning should feature prominently in New Year resolutions

New Year resolutions call for change, and improved investment planning should certainly feature prominently to ensure this is a better year.

The most common resolutions include improving personal appearance by diet or exercise, or perhaps giving up harmful habits such as drinking and smoking, but financial matters should not lag far behind.

Some say that 97% of all resolutions are never fulfilled. Other more detailed analysis has come up with failure rates of 25% in the first week; 36% in the first month and 54% after six months. However, the 67% who do actually make a resolution are far more likely to succeed with their general quests in life as they have more determination.

For many, financial resolutions seem to be somewhat down the list. An inevitable part of life includes our personal finances, no matter what other issues we may have. . Resolutions are essential if we are to improve our situation.
A major part of personal finance is planning and then successfully executing an investment strategy. Financial goals are generally not achieved rapidly and usually have to be accomplished over a long time. When it comes to New Year resolutions we often set higher goals than are achievable. When these fail to come to fruition many become disheartened and the resolutions consequently fail.
Thus in making resolutions it is best to be realistic and focus on lifestyle changes. If you intend to clear your debts and save more than you did last year, the chances are you are being too ambitious.
However, if you determine that you will improve your personal finances with the two major steps of planning and budgeting, then you are more likely to succeed. These are two very positive moves toward a total lifestyle change that will enable you to achieve your long-term financial goals.

So, what are those long-term financial goals? What do you want to achieve and set as a plan?

For most, it will mean financial independence, or amassing sufficient resources so that you do not have to rely on any further income or asset generation beyond your control. As an expat you have approximately 70% more opportunity to achieve financial independence over those back at home.
If, for example, an expat has amassed a large portion of the wealth required and wishes to focus on property as an investment, a sound planning strategy is required to source finance and budgeting to ensure objectives are feasible and cash flow positive.

Whether you are just starting out on your expat career or are well into amassing the funds you feel you require for life, it is best for you to consult a professional adviser. They will be able to assist you with the detailed planning required. This will reveal the achievement needed to attain all your financial dreams. You can then start to look at your resources and get some idea of how the objectives can be achieved. Your adviser will assist by discussing the investment options that can work in your favour to achieve financial independence.