What are your financial resolutions for 2018? Have you already made all the plans for 2018? Everything in place? Well in case you are like the rest of us, there is always room for new ideas and improvement. So we asked each of our experts on our income ideas panel what they think are great resolutions for the new year.
Up first is Dino Hinds, director of the Micro Financing Solutions Group? “ Well, the first resolution that I would recommend is to add at least two new income streams for the new year. Warren Buffet says that to achieve financial independence we need to have at least five streams of income. So whether it is some passive investments, turning a hobby into a business or getting a second job, we need to find ways to hear more in 2018.” The second resolution Hinds offers is to, “make budgets. It’s important that as business people we start making budgets and projections and try to operate and stick within these limits. It makes no sense we look to run our businesses blindly. We must be able to monthly check if we are operating within expectations.” Hinds’ final resolution can be applied to anyone. “Read more, learn more and always keep looking for new ideas. It is very important to keep abreast of new trends and technological advancements. This will help you to ensure that you company can adapt to its ever changing environment.” Attorney at law, Robert Taylor adds his legal resolutions. First, is that if you are planning to start a business in 2018, don’t wait to incorporate. “For businesses that want to grow in the new year, incorporating is an important step. This is “the first step” to limit liability that shields personal assets from business failure.Incorporating your business provides you with a sound corporate foundation to grow and mitigate risks of failure.” Second legal resolution that Taylor offers is to, “get it in writing.” He adds, “The biggest legal issues facing small businesses are contract negotiations and failing to collect payments. Getting everything in writing can help you avoid these legal hassles. Whether it’s a new employee or a repeat client, never assume anything is binding unless it’s in a contract.A legal contract works for both parties and establishes accountability. That’s good for you and your client or employee.” And another resolution that you may not have consider is to, “refresh or create your business will.” Taylor explains, “A Buy-Sell Agreement, also known as a Business Will, is a document that helps businesses prepare for future. If you are in a partnership, this document details what happens should one party leave the business.If you already have a Buy-Sell Agreement or an estate plan, make sure you review it annually. This is especially important if you have changes in life circumstances such as marriage, divorce, birth of a child, among other reasons.An updated Buy-Sell Agreement or estate plan will protect your interests and make it easier for your successor to assume responsibility.” And finally, Taylor encourages persons to keep good counsel. “Complying with government regulations should be on top of your priority list.”
Of course, not everyone is ready to start a business and so career planning is critical as another income idea. Known for creating career maps, Dr. Carolyn Hayle of UWI looks at each year as an opportunity to start fresh. “Well, before you trot off to find a new skill, I suggest you invest in yourself by talking to a career coach. You need to have a clear understanding of yourself, your skills, and your potential before you spend lots of money doing something for which you are a) ill-suited b) do not like c) will never like.”
So Hayle takes the view that for your new year resolution, you need to be aware of career skills that can help you. “ Seems data analytics and business are the hot topics for 2018.” In terms of where you career focus should be in terms of the resolution to earn more is:
SAS (Statistical Analysis System)
Data Mining/Data Warehousing
Search Engine Marketing
Customer Service Metrics
SAP Material Management
According to Hayle, take time to see where your current skills fall into the top skills needed globally. For more information, Hayle suggests persons visit http://time.com/money/4328180/most-valuable-career-skills/.