Hello Grasshoppa,
2020 went by quickly for all of us with the pandemic situation that has changed most of our lives. On the bright side, I was able to move my gym to a better location & the demand for my 9-5 job has increased with the growth of e-commerce.
My 2020 personal finance was quite unstable partly due to my finger tape business (Black Belt Tape), funded my gym to move to a better location, sold 23 grams of my gold portfolio to buy a new car & invested in stocks actively due to cheaper bargain of the stock prices. Despite all of that, I am able to see some of my investments being profitable such as StashAway & gold. Instability of 2020 not only helped me to reflect better on the priorities of my life, but it also helped me to understand better on my personal finance. Remember when we always talked about having 6 months worth of monthly spending & also an All-Weather Investment Portfolio to ensure we can survive any type of economic instability? 2020 was a good test for my personal finance portfolio.
What Are My 2021 Personal Finance Resolutions?
1. Rebuild My Cash Savings
2020 was a tough year for all of us. Despite being able to survive 2020 financially, I have spent most of my cash savings on my businesses & investments. It is time to rebuild my cash savings in 2021.
2. Increase My Investment Portfolio
I have been investing actively in 2020 due to the cheap bargain that I found in certain stocks. Despite the uncertainty in the global economic situation, I still plan to invest as much as possible to build my investment portfolio for the long run. As what Baron Rothchild used to say, “Invest When There’s Blood In The Streets”.
3. Resume My House Renovation
I used to allocate some money for my house renovation but most of the fund was used to invest in stocks or other businesses. Hopefully, I am able to complete my house renovation by end of 2021.
4. Increase My Current Income
You cant save more if you don’t have more money. That is the actual fact. We can optimise our money & expenses as much as we can but not having an extra income will not help us to increase our saving. My 2021 focus will still be focusing on my current 9-5 job, earning extra income from my gym, increase my income for Black Belt Millionaire blog & turn Black Belt Tape into a profitable business.
Conclusion :
With the discovery of the Covid-19 vaccine, hopefully, we are able to solve the current pandemic & economic situation. 2020 has been a tough year to many individuals & I am grateful that I was able to pull through. For those that are impacted, EPF withdrawal can be a good option for you to explore for an emergency fund to pay for your mortgage. This will also increase your cash flow just in case you are having job instability during this period. All we can do now is to stay positive for a better year ahead. Many of us have gone through different challenges in our lives & this is one of the challenges that we can overcome together. Stay positive & stay safe.
OSS!
