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With a New Year comes planning, goal setting, and a general fresh start to improve on last year.
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With a New Year comes planning, goal setting, and a general fresh start to improve on last year. Have you been planning what to do with all of your income? Here are some investing ideas to help you take care of your well being.
Do you plan to invest in yourself this year? What skills and talents do you feel you, or your team, need to capitalize on? Have you checked out your local college, or even Sales Concepts, to improve, sharpen or just practice some of your skill sets? Did any of your customers catch you in a sales or negotiating situation that left you helpless? How are you going to fix it? What about people who report to you? Do you feel your leadership skills are up to par? There are many avenues to improve whatever skill you were lacking last year. Find a solution and fix it.
What about your personal financial situation? Did you maximize your contributions? This may depend on how much money you made last year. The government has increased key provisions of the 2001-Tax Relief Act taking effect now. The maximum annual contribution limits for traditional and Roth IRA's have increased to $3,000. All of you lucky folks over 50 can contribute $3,500. See, it does pay to be older! How about making contributions to 401(k), 403(b) or 457 plans? They have moved up to $11,000. $12,000 if you are over 50. The government has become nice for the 50 plus crowd with a catch-up clause. Another one to consider, depending on your company, is salary deferral limits for Simple Plans now $7,000—$7,500 if you are 50 plus. Start planning early in the year and you might not feel that last minute crunch in December to meet your financial goals. Plan head, the holidays are stressful enough.
Lastly, what about others. We have been talking about investing in you. How can you make a difference in another's personal growth or well being? Whatever you do this year, make one of your goals to make a difference instead of complaining about things; think how you can make a difference and do something about it. It's a rare person who complains and then in the same breath has a solution. Challenge those around you and they will challenge you.
Improve yourself, improve your well being and improve those around you. Best of luck.
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