Salve Duplito is a Registered Financial Planner and journalist, TV host, a disciplined investor and a sought-after public speaker. Learn more on how to spend your money wisely by catching her vlogs on Youtube.
Two years of predictable unpredictability have caused a lot of people to feel lost when it comes to finances. But there is a way to make even more money in 2022 with the right financial strategies, even as the rest of humanity struggles to make sense of the world we are entering as 2021 comes to a close. Here is a list of things you must not miss.
1. Define exactly what you want to happen in the coming year. Stop goal-setting; start growth-setting.
Your goals must stretch your abilities, not just give you something to achieve. To do this, you must be specific with numbers. For example: “I want to have P1 million in my bank account by December 31, 2022 as emergency fund.” Or “I must pay off all my consumer debts by December 31, 2022.”
2. Protect your finances with sufficient medical and life insurance from the strongest companies.
Illness or death can wipe out all your savings that are meant for your kids education or for your retirement.
3. Start investing so that you have another source of passive income.
This doesn’t have to be massive in the beginning. A P1,000 per month investment in a low-cost index fund is already a great start.
4. Do a side hustle that gives you another source of income.
Drop-shipping has allowed audacious individuals to make money without any capital.
5. If you have a skill you can sell, like managing books of account or tutoring a child in English or Math, sell your skill for a half day on weekends.
Sure, it takes away Netflix time, but think about earning an extra P500 every weekend. That gives you P26,000 in a year. That can be added to your investment account, which over time allows you to enjoy things beyond Netflix.
6. Finance a passion project that gives your life meaning.
People who are doing things they love make more money.
7. Plot relaxation times with your family and loved ones, and spend 20% of the money you have earned from your side hustles.
A life that balances growing your wealth and living a life of joy ensures maximum meaningfulness in our life on Earth.
During the pandemic, we have heard of many people who have lost their jobs, incomes, and loved ones. It is time to stretch our abilities further so that we create more wealth as well as spend more time with those we treasure. Money and happiness can go together in 2022.
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