New Year Plans
Tuesday, January 9th, 2007
New Year is traditionally the time to recharge and restart your life anew; with a holiday break to catch up on things left undone, enough opportunity to reflect on what’s happened and what hasn’t, and quality time with family, it’s probably the best time of the year around.
Now that the holiday is over, it’s time to look at what this year holds for your money; and to decide which way you’ll grow. Among the options :
- Stocks are expected to continue to do well this year, although the rate of growth may not be as high as before. With the early days of trading setting a positive trend, this is one area you should be focusing on.
- Real estate - especially housing. While not yet a buyer’s market, the rise of interest rates and the downturn in prices mean that bargains can be had; if you do your homework.
- Start, or build up, your retirement fund. With the kind of tax breaks you get with IRA’s, and the growing unease over Social Security, you need all that you can keep!
- Explore high yield CD’s - with interest rates currently quite high, you could lock into a long term fixed income quite easily. Watch the interest forecasts, though.
- Make savings a habit. Even better, make it automatic; have it paid directly from your paycheck or checking account, into whichever saving vehicle you choose.
- Watch your expenses. It’s easy to slip into the dollar-a-day habits; over time, they cost you a pretty penny. Now is always the best time to break a bad habit.
And may this year be the best one you’ll have.
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