A Doable New Year's Resolution

Maritess and I had a good talk with our eldest daughter over breakfast today. We had a very light discussion of what lies ahead of us this 2012.

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Topics covered many areas including finance. My eldest is a licensed Architect and works at Architecture Network, a well- known architectural firm in the country today. When asked what her goal for this year is, she readily included taking good care of her financial house, making sure it is in order this year.

I love to hear that kind of goal. I am proud of my daughter and I am sure she will succeed in that area of her life.

Like it or not, finances are one of the most talked about issues this 2012. Many are hoping to earn more, save more, invest more and become debt-free in order to gain financial stability.

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I suggested the following goals for my daughter this year:

1. Try to save more of her income, at least 20%.
2. Monitor her spending patterns for a month, to find out where her money goes.
3. Start creating an additional stream of income.

That was simple and short but doable. One of my goals this year include item # 3.

There will be many opportunities for earning more this year. Are you ready to grab them given the chance? I believe, we can do so if we have the financial resources as a result of controlling our spending habits and saving for the future.

Happy New Year and be happy saving, investing and getting out of debt.

To our debt-free life ahead of us,

Jimmy