While exercising more or eating well are important goals for the New Year, don't forget to focus on another important aspect of your life: your financial health. is upon us. Take some time to think about your future and what sparks feelings of happiness. Ask yourself,"How do I want to live and how do I achieve financial independence?"In fact, investing early and often is your best bet for a financially secure future and you don't need a lot of money to start.
If your goal in 2019 is to be more financially savvy, here are six habits smart investors engage in, time after time.Even if you have a steady flow of income and substantial savings, it's a good idea to speak with a financial advisor. These professionals have their finger on the pulse when it comes to investing and helping you make the most of your earnings.
Based on MSCI data, Canada represents just 3% of the world equity markets, which means the possibility of investment opportunities outside our borders is endless. Investing globally can introduce some additional risks but ultimately, it can do more good than harm by bringing balance and diversification to your portfolio.Smart investors set clearly defined goals so it's important to write down what you want to achieve in in 1, 3 or even 10 years.
Some people want to contribute to their TFSAs or RRSPs while others simply want to pay-off debt. Whatever your goal is, your financial advisor will be able to help you achieve it through investing wisely or budgeting.All investments aren't created equal. It's important to invest strategically so you get the best return possible.
For example, a TFSA and RRSP are both intended for saving but the right option for you depends on your financial and tax situation. Typically, RRSPs are used for long term savings like retirement while a TFSA has greater flexibility and is a good way to save for your more immediate future.Start the year fresh by rebalancing your portfolio.