(The author is a financial planning coach. Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)
Peril # 1: Possibility of being under insured on your life:
The most serious risk one would face is the possibility of being under insured on life. Due to various reasons, people tend to remain under insured which can be a serious impediment to the person's family's future in case of a mishap. A financial planner can guide you to get a comprehensive life cover to secure you and your family at various stages. Remember your insurance needs go up as you climb up the income levels.
Peril # 2: No structured planning for achieving goals and objectives:
Plans and objectives are just words if they are not put on actionable agenda. The dynamics of life provides little time to put these things together. A financial planner can do it for you by identifying your goals and objectives; with the wider vision on various products based on various goals and objectives.
Peril # 3: Leave most of your money in the bank account which earns nothing:
When you work very hard for the money, why would you want your money to stay idle and not work hard for you?A financial planner can guide you to maximize the returns of the money you earn the hard way.
Peril # 4: Loose attractive opportunities for your money to earn more:
Being pre-occupied with your other priorities on work and home can deny you good opportunities to maximize your returns. A financial planning advisor can effectively do that for you as he/she has a wider vision on products based on goals and objectives.
Peril # 5: Listening to informal sources & unsolicited advices on investing:
Hearsay investment planning can cause bigger perils, the reason being information is freely and widely available all over the place. More such advices can only lead to more confusion and chaos. Which will directly lead to inaction and indecision on the planning process.
"My club friend suggested me this option"
"My colleague suggested that option"
"My friend suggested the other option"
"I checked in that website for this option"
It's better to consult a financial planning advisor to get more clear ideas.
Peril # 6: Loosing track of your core investment agenda:
You may have goals and objectives for your life. But impulsive and hearsay investment decisions may hijack the agenda. Planning your goals and objectives is one part. But the implementation and review are the most important aspects of the plan. Stick to your core plan and the financial planning advisor will do the re-adjusting job based on the changing needs.
Peril # 7: Time constraints will be major issue when you manage on your own:
We just don't have time for things which are not our regular priorities, other than our work, though financial planning is a key foundation for our financial future and security. It may best be left to an advisor to plan and run it for you effectively...
Do speak to the experts @ Money Avenues to secure your financial future...
(The author is a financial planning coach. Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)
Peril # 1: Possibility of being under insured on your life:
The most serious risk one would face is the possibility of being under insured on life. Due to various reasons, people tend to remain under insured which can be a serious impediment to the person's family's future in case of a mishap. A financial planner can guide you to get a comprehensive life cover to secure you and your family at various stages. Remember your insurance needs go up as you climb up the income levels.
Peril # 2: No structured planning for achieving goals and objectives:
Plans and objectives are just words if they are not put on actionable agenda. The dynamics of life provides little time to put these things together. A financial planner can do it for you by identifying your goals and objectives; with the wider vision on various products based on various goals and objectives.
When you work very hard for the money, why would you want your money to stay idle and not work hard for you?
Peril # 4: Loose attractive opportunities for your money to earn more:
Being pre-occupied with your other priorities on work and home can deny you good opportunities to maximize your returns. A financial planning advisor can effectively do that for you as he/she has a wider vision on products based on goals and objectives.
Peril # 5: Listening to informal sources & unsolicited advices on investing:
Hearsay investment planning can cause bigger perils, the reason being information is freely and widely available all over the place. More such advices can only lead to more confusion and chaos. Which will directly lead to inaction and indecision on the planning process.
"My club friend suggested me this option"
"My colleague suggested that option"
"My friend suggested the other option"
"I checked in that website for this option"
It's better to consult a financial planning advisor to get more clear ideas.
Peril # 6: Loosing track of your core investment agenda:
You may have goals and objectives for your life. But impulsive and hearsay investment decisions may hijack the agenda. Planning your goals and objectives is one part. But the implementation and review are the most important aspects of the plan. Stick to your core plan and the financial planning advisor will do the re-adjusting job based on the changing needs.
Peril # 7: Time constraints will be major issue when you manage on your own:
We just don't have time for things which are not our regular priorities, other than our work, though financial planning is a key foundation for our financial future and security. It may best be left to an advisor to plan and run it for you effectively...
Do speak to the experts @ Money Avenues to secure your financial future...
(The author is a financial planning coach. Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)
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