TONIKA BRUCE

3 Smart Financial Strategies for 2021

financial strategies by Tonika Bruce

The past year was volatile and challenging for everyone. The economic strain left many struggling to stay afloat, and then there was the reality of little to non-existent individual cash reserves.

The biggest takeaway is that the only sure thing in life is uncertainty. That serves as a cautionary tale.

With the effects persisting in 2021, it is a great time to reconsider adjusting financial strategies. It doesn’t necessarily mean making extreme investment changes but utilizing smarter approaches.

Here is a list of the top three to get you started;

Reevaluate the Insurance Plan

It may seem odd that assessing an insurance plan is on this list.  It’s possible to be overpaying for the insurance without realizing it. 2021 is the time to compare all those insurance plans. The services of an insurance comparison agency can help identify if there’s a need to switch plans.

The Gabi insurance comparison service offers more benefits.

  • They make comparisons for all insurance plans such as auto, home, rental, landlord, and umbrella.
  • They can cast a wider net since they have an insurance license in 50 states.
  • Not to mention their auto calculator brings results from 40 plus insurers to compare in just a few minutes.
  • They get the leads for the best rates and also contract the insurance company for the client.

Launch a Retirement Plan

Retirement is saving for later and not an investment but, it can be a good platform for investing in a tax-free account. The secret is to grow the savings in a deferred tax account like IRA. Over time the tax deferral in a retirement plan will compound to create a higher return.

One of the best financial strategies in 2021 is to start a retirement plan or increase the contributions to an existing one. Acorns financial partner offers easy and automated accounts for retirement plans. These are IRA accounts SEP, traditional, and Roth. They also help you pick the best one for the goals and lifestyle you have in mind.

Invest Smarter

The pandemic became a game-changer for the stock market leading to a free fall in prices.

So, what is the smart investment move to make in 2021? Even though commercial real estate took a hit in 2020 with the move to remote working, the residential sector seems promising as the prices maintain a steady increase.

Real estate serves as the best option for volatile stocks.

REITs are a sound option. It is prudent to choose well where to invest that hard-earned cash. DiversyFund’s growth REIT has a brilliant spin to it. By taking a flipping approach, they buy apartment units, renovate, and sell at a higher value.

Bottom Line

Last year sent its shock waves over the financial well-being of people. There were jobs, businesses, and investment losses. 2021 is a time to regroup and embrace better financial strategies to absorb that shock. These can be by making a wise investment, creating security for later years, and rethinking insurance plans.

8 replies on “3 Smart Financial Strategies for 2021”

An unprecedented turn of events that happened last year makes us think more of this kind of action plan! Thank you for sharing another great tip that will surely help me and my family!

Amazing write-up. I love to share this to my family as well as to my friends. Two thumbs up for this! Thank you for sharing this helpful tips.

Having a retirement plan is one of the most important things in life. Plan ahead and great things will follow.
Learn from the best

It’s great to hear another tip like this that will surely help me and others! Thanks for sharing this article.

Thanks, very helpful especially for me who doesn’t know, but has the curiosity to know about business, strategies, and want to make money.
I thinks I get the best help and the best tips from you thanks

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My name is Tonika Bruce. I am a registered nurse, a renowned author, and a serial entrepreneur passionate about leading and inspiring people.
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