New Year Resolution 2021 – Things you must do this year
A new year usually spells new beginnings, new opportunities, and new goals to work towards. Every year at the beginning, we try to make action plans which are goals we want to achieve. This year, however is a little different because the world has just experienced the greatest pandemic in Year 2020. We are facing uncertainties in the years ahead. Therefore for this year, planning is important as we have to deal with the changes.
For the Year 2021, may I suggest 3 simple yet practical goals that you can make to improve your health and wealth.
Goal 1 – Go for that Health Screening
Can you recall when is the last time you did a comprehensive health screening? You most likely didn’t do it in Year 2020 due to the COVID-19 virus. If the situation is out of control again in Year 2021, you might not be able to do any health screening again this year.
Remember that Heath screening enables you to find out if you have a particular ailment or condition, even if you do not have any symptom. Early detection of any medical condition, could save lives and treatment costs. Health is Wealth.
Goal 2 – Get Out of Bad Debts
One of the most important things you can do for your financial health is to become (and stay) debt free, particularly on bad debts. This will ensure that you can fulfil your other financial goals without any further hindrance.
For a starter, you should consolidate your debt statement. Look at the repayment and interest rates. If you have been lazy in the past managing it, you might be piling up debts without your knowledge. Work out how much you can pay off each month by spending less in other expenses. Make this a commitment for the Year 2021.
Goal 3 – Review Your Retirement Plans
If you are an employee working for an organisation, it is time to take a step back at the beginning of this year to review your retirement or exit plan. The year 2020 was a wake-up call for all of us. COVID-19 came unprecedented. Unlike the last recession which affects only certain sectors, COVID-19 impacts the world in almost all sectors including the evergreen retail industries. All of a sudden, corporate revenues fell sharply and companies might look into downsizing their workforce to cut expenses. We know very well that more jobs could be lost if the pandemic drags on. In this aspect, there is no guarantee that you can remain employed with the same type of income till age 65 or 70. What if you need to retire early one day? Have your worked out your exit plan? This year, review your retirement planning and work out the figures.
And of course, there could be many other goals which you have set for yourself in Year 2021. But if you can look at these 3 goals which I mentioned and worked on them, you should be much better off once the pandemic is over. Stay healthy, be safe and continue to build up your net worth.
