Creating
a personal financial plan is indispensable especially with all the
unpredictable economic and political turmoil in the world today. However,
taking this first step isn’t enough to fully protect yourself from all these.
Why?
The
truth is, many people aren’t really getting the most of their financial plan
just because they fail to get the right answers until it’s already too late. The
good news is, you still have time to reflect on your own decisions and start
making changes today by asking yourself these questions:
1.
Am I choosing the right investment vehicle for my
long-term goals?
Many factors—like taxes and
inflation—have the ability to decrease the value or purchasing power of your
income and this is the primary reason why finding the most appropriate
investment option depending on your lifestyle and long-term goals should be on
top of your list.
2.
Do I have enough emergency fund for the rainy days?
According to financial
experts, setting aside a 3 to 6-month-income worth budget for the rainy days is
the most ideal amount for a reliable emergency fund. This will serve as an
accessible alternative source for medical, professional, and even economic
emergencies.
3.
Do I have a diverse investment portfolio?
Diversifying your portfolio
through spreading assets among different investment classes can help you lower
the risks and fight inflation in the long run. This step will make sure that
you won’t lose the entirety of your nest egg while having more opportunities to
grow your money in the future.
4.
Have I consulted an expert yet?
Both new and seasoned
investors can agree that consulting a veteran financial professional is one
sure way to seal a fail-proof financial plan. This is because even if you’ve
done your homework and learned the basics, experience and wisdom from
personally learned strategies will always beat the books.
For more details, personalized advice, and everything else
related to creating a solid financial plan, visit LOM Financial’s website and arrange a consultation
with one of its experienced advisors.
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