Who wants to let money go up in smoke with fireworks and rockets when you can make it happen in the new year with a few good financial resolutions? I’m not talking about spending on excessive consumption or embarking on an expedition on daring financial adventures, but rather about setting your sights on your financial goals while having fun with it. Of course, you have known for a long time that investments can play a key role, but perhaps you will find one or two new impulses in the list of ideas that will take you a little further in 2024.
The various annual forecasts of the banks have exciting titles for 2024, e.g. B. “A New World” (UBS), Blackrock speaks of a “New Regime”. Overall, the picture is mixed: In terms of economic growth, a slowdown in the US, moderate growth in Europe and better quality but weaker growth in China are expected in 2024. Major factors include: B. the upcoming elections in the US, India, Indonesia, Taiwan, Britain, Belgium and geopolitical tensions.
For the Switzerland the SECO expert group predicts for 2024 Growth of 1.1 % (1.3% in the current year). This would mean that the Swiss economy would grow significantly below average for two years in a row. Concerning the There is optimism about inflation. SECO’s forecast for Switzerland remains unchanged at an inflation rate of 1.9% (after 2.1% in 2023 as a whole). Now that inflation continues to stabilize or even decline, there is also hope Interest rate cuts by central banks. The prospects therefore remain dynamic.
This could be one of the really important resolutions for 2024 Diversify your portfolio are. Some Chief Investment reports recommend becoming more active in 2024, as the previous classic strategies no longer promise success. So go out and explore new and different asset classes. Take a look at topics and options that you may not have thought of or considered yourself: Stocks, bonds, real estate, commodities and cryptocurrencies can form a balanced mix that makes your investment more resistant to uncertainties and fluctuations.
With 366 new days comes at least as many opportunities. My tip: develop a long-term perspective for your investments. In the fast-changing data world, news can cause short-term fluctuations very quickly. With a long-term focus, this will have fewer consequences for you. Make plans based on your goals, whether it’s buying a home, financing your children’s education, or preparing for retirement. As a far-sighted investor, you can easily think beyond the next news and stock market cycle.
If you haven’t already, make 2024 the year you align your investments with your values. Forward-looking topics that also address global challenges are exciting in the long term. These include, for example: B. Productivity innovations, such as cloud computing, robotics and automation; Environmental issues such as clean energy, cleantech, water and waste recycling, the future of mobility; Social issues such as B. Healthtech and innovation, especially in the technological field with AI. While ‘sustainable investing’ is far from perfect and transparent, digging deeper into companies that focus on environmental, social and governance (ESG) can yield exciting ideas.
Do you park large amounts in your checking account? For 2024 – just like this year – it is worthwhile to look for alternatives that also provide greater returns in the short term. b. Term deposits or Savings accounts with better interest rates. Fixed-rate bonds can also become more attractive and valuable again if interest rates fall.
Even though inflation is normalizing, 2024 will also see one Increase in electricity prices and rental prices expected. Combined with the already sharp increase in health insurance premiums and general inflation, this will erode the purchasing power of households. It’s worth keeping your budget under control, and it’s also worth eliminating unnecessary cost wasters on a regular basis and taking advantage of discounts where possible (this also includes checking your bank charges or planning your next holiday). The days between years are a good time to clean out your money, sort your standing orders and set them up correctly.
Investing in your skills will pay off in the long run. Whether it’s an online course or further training, invest in yourself, and since we all have to be more active with our investments in the near future, why not do a little financial education too. Or add a pinch of business news to sports.
Your time is valuable, but so are your finances. Therefore, plan the ongoing monitoring of your finances now. For example, monthly or however you feel comfortable with it. In any case, your regular evaluations will help you respond to changes, review your objectives and make adjustments if necessary. A regular financial audit is like an inspection of your financial vehicle: it ensures that everything is running smoothly.
Do you want more finances? These will continue to be available regularly at ‘MoneyTalks’ in 2024 – and this is now the fifth year. In this sense Thank you very much for your continued interest and of course a good start to a Happy New Year! How are you preparing for 2024 and what are you doing for your finances? I look forward to your suggestions and tips 😉
Source: Watson
I am Dawid Malan, a news reporter for 24 Instant News. I specialize in celebrity and entertainment news, writing stories that capture the attention of readers from all walks of life. My work has been featured in some of the world’s leading publications and I am passionate about delivering quality content to my readers.
