A Step-by-Step Plan for Your Big Moves - Page 2
The 10-for-10 Plan Towards Wealth - Page 4
Get Ready for the Next Big Move! - Page 6
Whether it's finishing university, owning your own home, starting or expanding your business, or getting a new ride, big moves require a good plan. One way to turn your goals into your tomorrows is to make those goals SMART: Specific, Measurable, Achievable, Realistic and Time-bound.
Specific means articulating exactly what you want to achieve. Measurable means you are able to determine your progress along the way and know when your goals have been achieved. Achievable simply describes your ability to get the job done, based on factors like your abilities, resources and timelines. Setting realistic goals means determining what is possible within your available resources. And Time-bound is about setting dates for specific milestones, while accounting for the time needed to execute your plans.
It might sound like a lot to consider, but you’re far more likely to achieve your goals when you really think about what you want and why you want it, to guide the decisions you make about how and when you’ll get there. And while one size does not fit all, here are 10 steps to get you to your goals:
1. Define your goals: Be clear about what you want to achieve and why it's important to you.
2. Assess your resources: Review your finances, time, and other resources to determine what
you can realistically accomplish.
3. Create a plan: Write a detailed plan for achieving your goals, including the estimated cost for each goal, how much you can afford to put toward the goal monthly, and the specific steps you need to take to ensure that have the best chance at success..
4. Get organized: Get organized by breaking your plan down into smaller, manageable tasks and setting deadlines for each task.
5. Take action: Start taking action towards your goals, and continue to make progress on a consistent basis. Next steps might include saving, investing or getting a property valuation.
6. Stay flexible: Be prepared to adjust your plan as needed based on new information or changing circumstances.
7. Seek support: Get friends, family, or a mentor to help keep you accountable and motivated. Reach out to your advisor for guidance as needed along the way.
8. Overcome obstacles: Identify potential obstacles and develop strategies to overcome them.
9. Celebrate your progress: Keep yourself motivated by acknowledging and celebrate your progress along the way, no matter how small.
10. Evaluate and adjust: Check your progress towards your goals regularly, and adjust your plan as needed to ensure that you stay on track.
As you journey to your goals, one way to maintain perspective is to be guided by your vision. Imagine the life you want for yourself and your loved ones in the future and, as you plan, consider the tools that will get you there. Your VM advisor can help you make sure you have the short-, medium- and long-term covered with products like a unit trust fund or a pension plan. Ultimately, making big moves comes down to knowing the small steps it takes to get there, having good guidance and then just taking the next step.
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Our financial goals may feel a little different from our friends, families or colleagues, but there are of course some underlying parallels. For the most part, we all want to be debt free, live a financially comfortable life, and be able to cushion the impact of things that life may occasionally throw our way. But then, there are some of us aspire to live lavishly and enjoy the more flamboyant elements of wealth creation.
Our Wealth Management Unit is poised to help with whatever your version of wealth looks like, with advice and solutions that work for you. We’ve put
together a 10 for 10 Plan to Build Your Wealth.
First point to note – expand your income streams: There are several ways to generate income which means you don’t always have to rely on a nine to five, or what is termed as an ‘earned income’. Some options to consider could very well be ‘passive income’ from things like investments, which is really a nice segue to our next point…
Increasing your investment options: VM Wealth has no doubt been providing unparalleled support on financial education to guide
key decisions in our securities industry and investment markets. We’ve always been strong proponents of wealth without limit, and that’s why your investments options can include things like trading in Jamaican and US dollars stocks, whether through individual investments or our Equity based Unit Trust. We’ve also sweetened the deal with other varied offers such as the option to invest in Bonds from global companies.
The BIG ‘B’: You should be big on budgeting if you’re serious about your wealth goals. Creating a budget and sticking to it is a critical part of helping
you understand where every single dollar goes.
It’s time to learn debt management: Creating a solid and consistent plan to clear what you own is a good starting point. Besides, if the nine to five isn’t enough to clear all those debts, we remind you of our first point, to focus on diversifying your income stream.
Limit what you’re spending: Be focused and intentional when it comes to your spending habits. There are wants and then there are needs. Consider if what you’re about to spend your money on is a want or a need and whether the spend has implication for your bigger wealth building goal Our VM Wealth team curates a podcast which provides insightful tips
on how you can wisely spend your money.
Live below your means: This is a touchy point, but the hard truth also need to be vocalized. This principle is a key element on your journey towards wealth creation. It’s one way of gaining true financial freedom while eliminating some of those financial stresses.
Okay, we are beyond the midpoint on the journey to wealth, and our next stop – automate some savings: This is one way you can regularly add money to your savings account without touching a dollar while moving towards your wealth building goal. It may be time to consider automatically pulling some money from your account each pay day and adding it to your savings
account.
Get in contact with a wealth advisor: These industry experts are there to help guide your financial decisions. A wealth advisor or financial services specialist at VM can help you understand how you can best make your money work for you. Here’s our bonus, VM allows you to seek assistance from financial advisors wherever in the world you may be through our online appointment registration form
Almost at the finish line, now it’s time to protect what you own: Protecting your assets is an important part of the journey, after all you’ve been disciplined and consistent with your wealth creation goals. Reach out to our team today and learn about some asset protection measures and legal strategies.
It may be time to build a new network: The company you keep heavily reflects on your thought patterns, ideas and behaviors. It may very well be time to start networking with like-minded people who are financially responsible or on their way to building wealth.
There’s really no secret to wealth, but there are some strategic moves you can take and some principles you can adopt to maximize the chances of getting there. We’re prepared to give you the proper guidance and the key information about wealth building as we move towards transforming what your tomorrow could possibly look like … let’s start now!
Your investments options can include things like trading in Jamaican and US dollars stocks, whether through individual investments or our Equity based Unit Trust. We’ve also sweetened the deal with other varied offers such as the option to invest in Bonds from global companies.
Whether you are buying or selling residential or commercial property, doing estate planning, settling an inheritance or acquiring insurance, you will need a valuation report for your property. A valuation is important to assess the worth of the property in deciding on the transaction price and give guidance in respect of whether the purchaser or seller of the property is receiving adequate returns on their investment. A valuation can also be done to determine market rent for those who are in the property rental industry.
surveyors with a proven track record and a flexible appointment system for inspections to suit your schedule. Appraising your property is easy and convenient, as you can make your request in office, online or via email at valuations@ myvmgroup.com
Ask about our discount on valuations for VMBS Mortgages.
Visit vmpropertyservices.com and request a valuation today!.
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