My 2018 Financial Challenge!
Do you want to end 2018 more prosperous than you did last year? If you said ‘yes’, I am writing specially to you; whether you accomplished all of your goals last year, most of them, some of them or even none at all. The New Year is an opportunity to wipe the slate clean and develop a laser focus as you forge ahead in 2018.
How much money should you save/invest by the end of the year? Whether you can start with $10,000 monthly, less than $10,000 or more than $10,000 monthly, the table below will help you to determine where you will be if you stick with your 2018 financial challenge.
As most of us will agree, driving at one speed gets boring and, slows you down in getting to your destination, so be prepared to “change gears” in April, July, October and December, and of course, JMMB will be right here to help you along the journey with great financial advice.
|
STAGE |
MONTH |
MONTHLY AMOUNT |
MONTHLY AMOUNT |
MONTHLY AMOUNT |
|
1st GEAR Determine saving/investment amount |
January |
$ 10,000.00 |
$ 50,000.00 |
$ 100,000.00 |
|
February |
$ 10,000.00 |
$ 50,000.00 |
$ 100,000.00 |
|
|
March |
$ 10,000.00 |
$ 50,000.00 |
$ 100,000.00 |
|
|
2nd GEAR Increase your saving/ investment by 5% |
April |
$ 10,500.00 |
$ 52,500.00 |
$ 105,000.00 |
|
May |
$ 10,500.00 |
$ 52,500.00 |
$ 105,000.00 |
|
|
June |
$ 10,500.00 |
$ 52,500.00 |
$ 105,000.00 |
|
|
3rd GEAR Increase your saving/ investment 10% |
July |
$ 11,550.00 |
$ 57,750.00 |
$ 115,500.00 |
|
August |
$ 11,550.00 |
$ 57,750.00 |
$ 115,500.00 |
|
|
September |
$ 11,550.00 |
$ 57,750.00 |
$ 115,500.00 |
|
|
CRUISING Increase by another 10% |
October |
$ 12,600.00 |
$ 63,000.00 |
$ 126,000.00 |
|
November |
$ 12,600.00 |
$ 63,000.00 |
$ 126,000.00 |
|
|
BONUS TIME |
December |
$ 18,900.00 |
$ 94,500.00 |
$ 189,000.00 |
|
TOTAL |
$ 140,250.00 |
$ 701,250.00 |
$ 1,402,500.00 |
You will need to implement several things throughout the year, but for now all you need to focus on is “starting your engine” and later shifting to “first gear” when you get paid in January.
- START YOUR ENGINE (Kindly fill in the blanks spaces provided).
a. My financial/s goal is/are: 1) ___________________ 2) ____________ (e.g. home)
b. I will visit a JMMB branch location for my free JMMB Goal Planning Session on __________ so that I can calculate the cost of my goal/s and how long it will take me to achieve this.
c. This year I need to save/invest $___________ towards my goal.
d. My net salary is $ _______________ and I am aiming to save $___________ per month.
e. My total expenditure is $_________ and I can reduce my expenses by _______ per month.
- Start your 2018 financial challenge and shift to first gear.
By January __, 2018 I will create a salary deduction / standing order to save/ invest $_______ in my JMMB account. I can also invest $_____ from my NHT refund, and send it to my account by selecting “JMMB Money Transfer” from the NHT website.
- If you would like some support so that you can stick to your financial challenge, please give us a call on 998-5662. We will help you determine whether our JMMB Wealth Builder which earned between 7.21% and 14.83%* (December 1, 2017 and December 31, 2017) would be the perfect investment solution to help you accumulate even more returns. Continue reading this column for so you can continue ‘shifting gears’ towards your financial goal/s.
*This return is based on no withdrawals and varying risk appetite of the investor
Written by: Michelle Sinclair-Doyley, Manager, Client Financial Education, JMMB Group