As 2024 winds down, financial planning becomes a critical focus for individuals and families preparing for the new year. In a recent segment on Radio Y’s South Asian Pulse, we had the privilege of hearing from Jeet Dhillon, Senior Portfolio Manager at TD Wealth, who shared valuable advice to help listeners make sound financial decisions.
A Positive Year for Financial Markets
“Our financial market has been very positive this year,” Dhillon noted. “We’ve seen a lot of recovery in the last two years, following a downturn in the stock market and other investment areas, including real estate.”
She highlighted that interest rate cuts by central banks have brought relief to many individuals with loans. “Overall, it’s been a good year so far, but it’s important to remember that markets fluctuate,” she cautioned.
The Importance of Financial Planning
When asked about preparing for 2025, Dhillon compared financial planning to a health check-up: “Just like we go to the doctor to maintain our health, we should review our financial plan every year. Ask yourself: What did I plan to save? What did I plan to spend? Did I follow that plan?”
Dhillon emphasized the need for discipline in executing a financial plan. “If we don’t take action, the plan won’t work. It’s critical to identify why a plan wasn’t followed and make adjustments to align with reality.”
Budgeting and Wealth Management
Dhillon underscored the importance of budgeting and distinguishing between needs and wants. “Prepare a budget so that you can allocate your resources effectively. Look at both short-term and long-term goals, whether it’s retirement or other life objectives.”
She also urged listeners to analyze their savings and investments. “Understand the risks and benefits. If you’re unsure, consult a professional. A financial advisor can guide you through everything—from investments to mortgages to tax optimization.”
Challenges and Opportunities for 2025
Looking ahead to 2025, Dhillon highlighted potential challenges such as lifestyle changes and income fluctuations. “You should ask: Where will your income come from? How do you allocate it? What are your savings goals?”
She advised preparing for market volatility. “While the market has been strong, history shows that downturns can happen. It’s essential to have a plan in place to protect your finances during such times.”
The Value of Professional Advice
“There are many online tools available, but if you don’t have enough knowledge about financial planning, they may not be very helpful,” Dhillon explained. “It’s better to consult a financial advisor who can provide a comprehensive strategy tailored to your situation.”
Final Words of Wisdom
As the year wraps up, Dhillon offered this parting advice:
“The financial market has been strong, but don’t get complacent. Stick to your plan with discipline, review it regularly, and make adjustments as needed. If you need help, reach out to a financial advisor. They can help you achieve your financial goals.”
Plan Your Financial Future with TD Wealth
As Dhillon said, “Planning is key.” Take charge of your financial health in 2025 by consulting the experts at TD Wealth. From investments to tax planning, they have the tools and expertise to help you succeed.
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Connect with a TD Wealth Advisor today at td.com/wealth.
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