New Year resolutions are now so last decade! Everyone knows by now that making NY resolutions is a redundant exercise as most of us are unable to keep them even halfway into the year. But don't let your disappointment over NY resolutions stop you from achieving all your goals. Kickstart your 2020 not with a NY resolution but with your financial goals. Think about all that you want to achieve over the next decade. Jot it down. Meet your financial planner and create an investment plan that can convert your dreams to reality. While every individual will have his/her own unique set of goals, here are five overarching goals that can help you build a robust and secure future.

Make investing a habit: investing is not something that you should do only when you have a goal in mind. Instead, you must make a long-term financial plan and then regularly and consistently make investment decisions that adhere to your financial plan. Investing in silos can increase the risk of you not achieving your financial goals. Adopt a holistic perspective to investing, chalk out your financial goals and then ensure that you save some of your income on a monthly basis to channelise it into potentially return generating instruments.

Focus on not just growing your wealth but also on preserving it: when we start our investment journey, the main focus is on growing the capital invested. However, the investment landscape is continuously changing and with that, so is the risk/return profile of your various investments. Capital preservation is as important as capital growth. Ensure that you build a well-diversified portfolio that can minimise portfolio volatility, preserve your capital and generate sufficient returns for you to fulfil your goals.

Do meticulous and timely tax planning: most earnings are taxed. It is a fact of life. However, there are various instruments that you can invest in that can minimise your overall tax liability. Tax planning is important because it not only reduces your tax outgo but also helps you generate income from a cash flow that otherwise would have become an outflow. The important thing about tax planning is that it is better to do it in advance rather than at the end of the financial year. Evaluate the different investment options that can mitigate your tax outflow and then invest in those that can best fit into your overall financial plan.

Seek financial advice: there are currently a host of investment options that are available to an average investor. These options vary in their risk/return profile and thus, in their ability to generate returns within your unique risk circumstances. For this reason, it is important to consult a financial advisor who can help you create a long-term financial plan that can cover all your goals, identify your risk profile and then suggest the “best fit” investment options.

Invest in knowledge: Warren Buffet famously said that the best investment that you can make is an investment in yourself. This is indeed true. In addition to the above, make a commitment to increasing your knowledge. Read more, talk to experts and invest in your personal growth.

These are evergreen goals that would help you maintain financial stability and achieve the goals that you have set your sights on!