2021: Time to Refocus and Reenergise

By Morningstar |  31-12-20 | 

The year 2020 has been tumultuous: Volatile trading sessions, the shortest bear market, a ferocious bull run, an unprecedented global lockdown, civil unrest, the dramatization of Brexit and a vituperative U.S. presidential election.

Contributing to the apocalyptic atmosphere were wildfires, floods, a pandemic of a scale we could never have envisaged, a horrific Atlantic hurricane season, and fresh warnings on the impact of global warming on the Arctic.

If anything, there is a lot to learn that we can carry forward to 2021.

My biggest lesson of 2020 

We reached out to 15 financial professionals from across the world – Toronto, London, Melbourne, The Cayman Islands, India, U.S. They shared their lessons in a nutshell. The year delivered many blows, but it is through such bruises that we learn.

What stood out was that quite a few agreed on the power of resilience. And many realised that we “don’t know nothing”. Uncertainty must be embraced.

3 steps to avoid being financially fragile in 2021 

The year 2020 was insane.

Social unrest in various parts of the world, natural calamities, a pandemic and its devasting repercussions, a global economic downturn and a volatile stock market, left us feeling flat.

The past year has delivered multiple gut punches, a lot of them financial too. People lost their jobs and got salary cuts. If anything, this year has taught us to be prepared. Terrible things can happen and do happen.

Here are simple ways to fortify your portfolio.

How to kickstart your retirement savings in 2021 

If you have not begun to save for retirement, you are either too young or not motivated. Fortunately or unfortunately, it is an eventuality that cannot be ignored or wished away.

The standard retirement advice is to save as much as you can and automate your savings. But what if the problem runs deeper? What if you just cannot wrap your mind around the concept of retirement?

Answering these 3 questions will help you turbocharge your retirement kitty and give you a roadmap of sorts to embark upon.

6 Qs to excite you about saving in 2021 

Too often we have a negative perception around money. We are always told it is not enough, and we have to save and have to scrimp.

It is time to change that. So don’t start with an excel sheet. Start with what you love doing with your money. The saving discipline with automatically follow.

Here’s to pumping up your savings with enthusiasm in 2021.

Happy New Year!

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