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Financial Wisdom for 2021

December 23, 2020

We desire to make wise choices and it is not just about being smart or intelligent. Lots of smart people fail or make poor choices for various reasons: emotional bias, believing in bad source, trusting a person or company over process and accountable actions and lack of sound advisors or counselors.

King Solomon wrote: “the fear of the Lord is the beginning of wisdom.” He also wrote “with many counselors plans will succeed.” In 2021 we are facing different environment than in the past and discerning the times will be critical as the downside can be more extreme in multiple ways.

Question for you? Does the government like to yield and reduce its power and control? Once any tax or regulation is born do you see efforts for those in power to reduce and give back control to the people? No…Me neither. Usually only when voted out and forced to do so. The check and balance has played important and sometimes critical role in our country. Wall Street loves checks and balances and in fact our economy thrives more when House and Senate disagree.

Build margin into your budgeting, re-evaluate your expenses and their priorities. Include healthy choices physically, mentally, socially and spiritually. Gain clarity on what you have and what challenges you face now or will face with negative impact on your industry, career or community. What is going well? What is not? Where are you stuck? What needs to change?

What do you currently have in your possession? Is there a way to invest it or re deploy resources to grow and become more significant? Trade, sell, barter, exchange, improve something and sell? Is there something new you feel called to consider or explore? Do you have a unique knowledge on a product or service that could be in demand in this COVID and POST COVID environment? Do you have a circle of trusted friends and business professionals to test idea or discuss ideas? Ben Franklin would test his ideas and inventions on a small group he meet with weekly at a local pub. Gaining proper feedback and advice on next steps served him well and can serve you. Be careful in the kinds of people you associate with and seek advice.

Financial experts point out that there are trillions of dollars in stimulus and governmental spending to impact corporate revenues and profits in the coming year both domestically and globally. Interest rates are so low the demand is expected for stocks for both growth and income oriented. Other financial experts point out uncertainty in banking and geo political environment will spur on much more investment into precious metals and blockchain cryto currencies.

Let’s circle back for some really important aspects of doing well in 2021. Manage your debt well, create margin in your budgeting, live with purpose and give generously to others in need. Another King Solomon quote, “To the one that waters, they will themselves be watered.”

Here is a link to interactive Budget In Excel Worksheets for you to get your free budget tool and additional resources for free.

Other resources found on my website include financial calculators, blogs, links to video’s and my You Tube Channel.

Also reach me or (407) 644-9411 Ext.2