Dear readers, finally, we are now into the last day of year 2020, a year which many will want to forget because of Covid-19 and the bearish economy. Since SG Stocks Investing is a finance and investment blog, I would like to start off this 2020 last post with this question: “What does Year 2020 mean to you financially?” and after which, I will share with you my three financial takeaways for Year 2020.
First, to be very frank, for many people, the answer to what year 2020 means to them financially may not be good since we know, jobs are lost and some have their incomes and bonuses slashed this year. But I think for some people, the answer will be to make the best of what life presents to them. I would think regardless of any financial situation that we are faced with, one important financial practice is to really Save, Save and Save our monies, really one cent at a time.
I advocate Savings and I have been recording what I spend every day down to the very cent since NS days. And I really advocate spending on just the very basic needs. Simplify your life and live with few material possessions, you will be richer and happier.
And after saving your hard-earned monies, do not make unwise investment decision. One unwise investment decision can easily wipe away your many years of savings. Is it worth it? I know this as I have experienced significant investment losses before. Hence when it comes to investing your hard-earned monies, be always prudent!
This is the reason why I have stayed away from investing in any stocks in Year 2020 as I do not want to make unwise decisions. Unwise investment decisions have made me lose significant amounts of monies before until I found a sustainable and consistently profitable investing strategies, those which also will allow you to have peace of mind. It is always with hindsight that some investors rue the swift recovery of stocks from the March 20 lows to now. Hindsight to me is always cheap and not useful.
What is important is for everyone to better plan how to make the best use of Year 2021 after a generally not so-good Year 2020. How to make the best use of Year 2021 in the new Covid-19 normal? This new normal may be with us for a long time to come. This new normal should not be an excuse of us not to pursue our goals. To be frank, time seems to always fly so fast and we are aging every day, so let us be proactive and go for our goals in Year 2021!
There are three financial takeaways for me in 2020 that I will like to share with you below.
First, my job in year 2020 has been challenging on new fronts: new work, managing new bosses and their expectations, managing subordinates’ and their expectations. Despite this, I continue to work hard in my work and I am grateful my job is not affected this year. Job to me is always important as it gives one income for which we get savings that we can deploy to create wealth for ourselves and our family.
Second, Save, the topic which I have touched on earlier. I have been saving and for year 2020, I have saved even more as I have expected the financial markets meltdown to come this year and I want to make a bigger investment warchest. The financial markets meltdown did not come this year though think we are close to one in March 2020. This will give me more time to build up even a bigger investment warchest for year 2021. Look out for stock market corrections and investment opportunities in 2021, my readers!
Third and last but not least, Give more to good causes. I have donated more to overseas humanitarian causes this year and I encourage you to do the same: donate what you like to good causes and you will feel a sense of happiness that is very intrinsic and that only you can feel it. For you have helped to effect a positive change in the world and we really need to help all who need help in the community.
That’s it for my final 2020 post! I Thank You for your support of SG Stocks Investing and going forward to 2021, I am going to make this blog even more relevant and targeted to your needs as all of us create wealth in a sustainable way!
Wishing You and Family a Happy New Year!