Looking for value in the Lunar New Year
A new year is perfect time to revisit your plans and goals - whether it's making health and fitness resolutions, re-setting your financial goals - or taking the next step in your career.
The Lunar New Year, originally celebrated in Asian cultures but now around the world, is a time when people wish for good fortune in the year ahead with specific customs - such as giving red envelopes of 'lucky money' to young people, or tossing ribbons on traditional wishing trees.
In 2017, we usher in the Year of the Fire Rooster. The Rooster represents punctuality - because it wakes people up on time - as well as fidelity and hard work. Roosters are excellent money managers and, under the influence of the Fire element, they are highly motivated, independent and diligent. It is said in a Rooster Year you can make the most of opportunities that come your way by focusing on Rooster characteristics - no matter what your Chinese zodiac sign is.
So as we prepare for a successful 2017, what wealth management lessons can all investors learn from the Rooster?
As the year closes and another one begins, macro political events - like the transition to a Trump presidency - make for volatility in capital markets. And while what's to come in 2017 under the president-elect is somewhat unknown, we're not strangers to turbulent times. As always, patience is the best strategy to embrace when it comes to investing. Take your time to make well thought-out decisions.
On that note, prioritise research over reaction. Fire Roosters are motivated and self-respecting - you owe it to yourself to properly research your options, thoroughly assess the long-term value of any new investments, and seek independent advice before you act.
Despite the market volatility, which may continue into the new year following other macro political events around the globe, you should refrain from hasty reactions.
"Roosters are motivated and self-respecting - you owe it to yourself to properly research your options."
Make sure you're considering investment trends that are proven to show long-term value.
After putting in the hard work and research to make a sound decision, Roosters commit themselves to that path. Commitment is crucial to the long-term performance of investments, so take a leaf from the Rooster's book - once you have chosen a practical and well-proven path, stick to it.
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With all this in mind, it's important to stay on guard - watch out for ventures that promise quick wins and easy returns. Roosters have a lower appetite for risk, and in uncertain markets it might be worth speaking to a financial adviser about the level of risk you're currently exposed to.
Whatever your Chinese zodiac sign, the Rooster can remind you of some important lessons. As you're preparing for the year ahead, make sure you make time to assess your wealth management approach - alongside all the celebrations.
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