Photo by Andre Taissin on Unsplash
“Hope for the best but prepare for the worst” is an age-old English proverb that rings true, especially in these present times we’re living in. It is crucial to prepare for tough times, especially when you are flourishing financially. Although it may be hard to foresee any hiccups that may present turmoil in the future, it is wise to put sufficient plans in place so that you are adequately prepared.
Have a backup plan
You may have been given advice in the past to always make investments with a long-term goal in mind, and although this may be true, it is also wise to set up short-term financial goals. These investments should be adequately liquid in order to address contingency plans and short-term needs. It is advised to have some investments plans that are slightly flexible, in case you need to reinvest or simply adjust your goals for whatever reason.
Plan for the worst-case scenario
It is crucial to think of every possible scenario and to check your financial plan, ensuring that all your bases are covered. Do you have income protection, in case of another pandemic where you may not be able to work? Covid-19 has shocked many people into this kind of insurance, or to increasing their cover. Do you have adequate dreaded disease and disability cover? The older you get, the more important it is to insure against this, and the younger you start, the more affordable your premiums will be. Remember – the seeds you plant now will help you flourish financially in the future.
Photo by Edward Howell on Unsplash
Let the professionals handle it
Proper financial planning is crucial, but it can be incredibly overwhelming, especially if you lead a busy life, or just aren’t that great with crunching numbers. Sure, there is plenty of advice on the internet, but how do you know who to trust when it comes to following advice about your finances? Many of the articles you may come across offer contradicting points with regards to how and where you should invest your money, and what works for some may not work for you. Alex Wardle and Associates have been working with clients for over three decades, guiding them towards financial freedom with carefully thought-out financial planning practices.
“Whatever requirements our clients may have, we understand that entrusting someone with their financial future can be scary for them. They want someone they can rely on, and whose honesty, morals and integrity are beyond reproach. They need someone who understands that life is not static and that one’s circumstances and needs are constantly evolving. This is why we strongly believe that effective financial planning should always be a work in progress.” – Alex Wardle, Financial Planner.
For professional, honest financial advice that you can understand and trust, talk to a financial planner today.