New Years' Checks!
This is my first article for 2018 and it behoves me (I always wanted to say that!) to share some of my personal checks with you, so that this year can run as smoothly for you in both your personal and professional life. So, here we go…
- Have you made proper plans for your retirement? Yes, you may be far away from the date – and even further if the age of retirement gets pushed forward – but it is very important to ensure that you will have a dependable, sufficient flow of income when that time arrives. Start with your level of living in the present day and then calculate – based upon inflation – what you would need in x number of years’ time. Also ensure that you check on your passive income flows – these would serve you in good stead during your golden years. If you haven’t done so yet, investigate the options for retirement plans and start right away. The earlier you begin, the better.
- Have you checked the fire “safety-ness” (my word of the day!) of your office and home? When last did you have your fire extinguisher checked for both places? I’m ashamed to admit, but until I wrote this article, I didn’t check my extinguisher since 2015! Ensure that your fire detector is in good working order and check your insurance policy to ensure that you are covered for fire protection. I’ve seen too many businesses and homes go up in flames with little or no recourse for full recovery. Preventative measures can save a lot of stress when it comes to fire safety.
- Have you experienced a change in revenue? For example, has your business lost or gained a huge client in the last six months? If the former is true, how do you intend to make up for that shortfall? What is your strategy for increasing your business inflow in 2018? What about the competitive landscape? Is a competitor trying to poach your clients or staff? How would you respond if those situations were to occur?
- What is your net worth or the net worth of your business? Interestingly, some of us have no idea! On a very simple level, at least, what are your current assets versus your liabilities? Is your business on a projected path of growth? Is it time for you to embark upon a side hustle? What is your good debt to bad debt ratio? If you own your own business, is it time to look at an investor or a partnership as the way forward? What can speed up your growth?
- Have you left a will in case of death? One of my colleagues suddenly passed away a few months ago. Sadly, there was no provision of a will, as he was fit and healthy as they come. His family is now in some dire straits. Even if you do not wish to leave a will, it is important that you include a trusted person in your estate and financial planning matters. Sometimes, persons with children decide to have a joint account with those children or some may decide to give a trusted friend or family member power of attorney privileges. Whatever you decide, think it through thoroughly as decisions regarding your financial matters are some of the most important you will ever have to make.
May your 2018 be even more successful than 2017!
Lots of love & good vibes, Veoma Ali
Veoma Ali is an Advertising Executive, with a Ph.D in Communications and a Masters in Business Administration.