Some Money Goals From Finance Gurus For 2022 & Beyond
The new year, 2022, comes with unprecedented money challenges. Given the financial challenges posed by the COVID-19 pandemic, it is pertinent to have solid money goals to thrive in 2022 and beyond.
Likewise, if you have debt hanging over you, the COVID era is likely to be more challenging for you. To cope with this financial uncertainty, we have reached out to financial gurus to share their money goals for 2022. From Kathy Hinson to Sheri Gordon, here are some money goals that you can follow to avoid any economic uncertainty in 2022 and beyond.
Reassess and Manage Your Budget
“The first money goal that I have for 2022 is to reassess and manage my budget,” says financial guru Kathy Hinson. She argues that she had this mentality of what she calls “pay yourself first.” In this approach, Kathy spent her monthly income on personal expenses through direct deposit. Consequently, she had no option left for savings and retirement plans.
“I feel like I’m trapped in a rat race, and I need to change it this year,” she affirms. Furthermore, the financial guru suggests that she will shift this orthodox financial mentality to what she calls “every single cent has a job.” What that means is she is going to allocate every single dollar of her paycheck to expenses and savings. After her managed expenses, every single cent would go to her savings bucket.
So, reassess and manage your budget. It will help you in understanding where your cash goes. In turn, you will be in a position to gradually build up your savings.
Have a 529 Plan in Place for College Savings
Let’s be honest. College costs are brutally high. “Given the ridiculous costs of colleges, I want to contribute to my daughter’s 529 plan this year,” says another financial guru, Lauren Schwahn. What she means is a tax-free investment that she can use to pay for her daughter’s college expenses as her investment grows.
“A 529 plan allows you to pay your child’s college fees in chunks,” Lauren suggests. She goes on to say that she is going to directly link her bank account with the 529 plan and actively contribute to it. “It allows you to grow your money. Simultaneously, it is an easy and reliable way to pay the educational costs of your kids,” Lauren concludes.
Develop a Diversified Investment Portfolio
Slightly different from the previous money goals, diversification of investment is another foremost money goal for 2022. “Investment is the brainchild of my vast income,” asserts another financial guru, Hal Bundrick. However, what he has learned over the years is that his single-centered holdings are risky.
“In 2022, I want to diversify my investment portfolio to oust the risk factor,” he argues. Similarly, he goes on to say that he will expand his portfolio into bits of short and long-term holdings. Similarly, he urges everyone – who is concerned about their money – to diversify their investment portfolio to build up unwavering net worth.
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