4 Financial New Year Resolutions That You Need To Make Now!

4 Financial New Year Resolutions That You Need To Make Now!

New Year’s resolutions are a time for reflection and retrospection. We all want to change ourselves but often don’t know where to start. If you’re struggling with committing to a few goals to make your financial health better this New Year, this blog post is for you!

Below are five New Year’s resolutions that you need to set now to make 2022 a year of financial well-being!

1) Improve Credit Score

A low credit score is detrimental to financial success. Having a good credit score will help you get approved for big purchases like houses, cars, and large appliances without having to pay exorbitant interest rates that could add up over time (and send your finances into a tailspin).

By building at least three solid lines of credit in your name — such as through an installment loan or even just by using different types of cards — and always making payments on time, you can improve your overall credit health.

You can also improve your credit score by making pending credit payments on time.

2) Invest in Annuities

Annuities are a form of investment that can offer you tax breaks, lifetime income, and even estate planning benefits.

When you invest in an annuity, you’re essentially committing to a set stream of payments that will come your way each month, year, or decade for the rest of your life. This can be an excellent retirement savings strategy, especially if you want to make sure you have a regular income stream coming in after you stop working.

Annuities can also be customized according to your specific needs and goals, making them a very versatile option when it comes to long-term investing.

3) Add a Passive Stream of Income

If you’re looking for a way to grow your wealth in 2022, adding a passive income stream is a great way to do it. Passive investments can include things like rental properties, stocks, and bonds; they offer the potential to make money even when you’re not actively working.

When it comes to finding suitable passive income investments, doing research is vital. Talk to reputable financial advisors like Fundwise in Phoenix, AZ, to get their take on what might be a good fit for you.

4) Save More

There’s no alternate to budgeting your spending when building up savings. It can be easy to splurge and spend every dollar you earn, but setting some cash aside is vital if you want your money to work for you instead of against you. No matter how small your savings may seem at first glance, saving as much as possible should always be a top priority. Playing by these rules will ensure there’s something you can fall back to when push comes to shove.

Fundwise is a reliable financial advisor in Phoenix, AZ; we can considerably simplify financial planning. Schedule a meeting with financial experts to discuss possible financing and investment options. We provide a range of insurance and investment services to help you secure your future.