The new year always brings around for each of us a sense of renewal and reflection, successes and failures, would haves and should haves, second chances and new beginnings. For many of us, this becomes an all too familiar annual practice after we set our goals for the new year, we delay in taking that first step. However, the start of a new year is the best time to reassess our strategy on how we can get our money to start working harder right away. So, in the spirit of fresh starts, here are a few resolutions collected from Seneca wealth management that you can adopt immediately to ensure you have a prosperous 2016.

Infuse Your Investments By Saving Regularly – Set up regular savings now and you could reap the benefits all year. Investing a lump sum commits all your money to the market at the same time and the same price, whereas slowing feeding your money over a longer period can help to smooth out market highs and lows.

Diversify – Over-exposure to certain markets, sectors or asset classes like property, becomes all too easy which leaves portfolios vulnerable to significant losses. Diversification helps you even your returns and manage uncertainty in the markets over the long-term.

Review All Insurance Coverage – A review of insurance coverage should be an annual routine at the turn of the year. As well as considering any new assets, this review should also take into account the changing value of existing assets.

Intergenerational Wealth Planning – ISAs are a flexible investment option made even more attractive by the recent rise in the annual limit and the lowering of the pension contribution limit.

Consolidate Investments – It is not uncommon to have several investment and savings accounts. However, there are significant benefits to consolidating those investments. Consolidation can lead to a reduction in what you pay in management fees that tend to eat into our long-term returns.

There is so much more Black Harbor Wealth Management can do for you! Call us today for your free consult.