Unexpected gifts
CHRISTMAS Day has come and gone, and I hope you had a great and safe time; by now you would have opened all of your presents. But have you ever had a friend stop by the week after Christmas, or soon after when all the decorations have been placed back into storage? Isn’t it a wonderful feeling when you receive an unexpected gift? In fact, I find that they are the best kinds.
We are accustomed to getting gifts from people but what about the gifts that we give ourselves? Maybe those gifts are not wrapped and maybe they are not a traditional physical gift, but they are just as meaningful and impactful on our lives. This is especially true as we prepare for a new year.
THE GIFT OF RECORD KEEPING
As we close the year, take the time to get status updates on all of your accounts. Check that everything that should be there is still there. This should not be limited to your investment accounts but should include your insurance policies and bank accounts. This might be a good time to get electronic as well. While we are accustomed to paper, if you receive your statements electronically, keep them in specific folders and scan the physical copies of the ones that still come by mail. Backing up your information is important – use a trustworthy cloud company to store your information with a strong password.
GIFT OF ADVANCE PLANNING
We know that there will be many highs and lows in the coming year – as soon as we hear good news, it is followed by something worrisome. That is not a bad thing as this feature of life helps with financial preparedness. It is an excellent time, therefore to plan how much cash you are going to keep for investment purposes. As usual, buy on the lows. Expect that more opportunities will arise in 2021 as we continue to strive for some type of normalcy in the capital markets. There were so many things planned for 2020 that had to be abandoned or postponed. Many of these opportunities will return. Be prepared.
GIFT OF TECHNOLOGY
We are now far savvier than we have ever been, thanks to COVID-19. It is a good time to sit and plan all the ways that you are going to take advantage of the tools at your disposal. For example, are you going to spend more time with your family overseas through regular virtual meetings? Are you going to widen your client base by utilising the different avenues available? Are you going to increase your productivity now that we have effectively reduced travel time between meetings by hosting them virtually? Are you still challenging yourself by learning new things? There are so many events that I could never have attended in the past which I now can watch at my leisure on Youtube; it has been an unexpected gift indeed. Take advantage of these unwrapped presents and use them to improve your life!
Yanique Leiba-ebanks, CFA, FRM is the AVP, pensions & portfolio investments at Sterling Asset Management. Sterling provides financial advice and instruments in US dollars and other hard currencies to the corporate, individual, and institutional investor. Visit our website at www.sterling.com. jm Feedback: If you wish to have Sterling address your investment questions in upcoming articles, e-mail us at: info@sterlingasset.net.jm.