Your life savings are infl uenced by your ability to strike a balance between spending and investing. If you learn that skill at an early age, you may end up creating wealth for yourself and your family.
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You need advice for your finances too
Published On , 4 Jun 2019 By TT Connect
YOU NEED ADVICE FOR YOUR FINANCES TOO
FINANCIAL ADVISOR = FINANCIAL DOCTOR
You may eat an apple daily to keep the doctor away, yet you do feel under the weather sometimes. And, when that happens, taking a doctor’s advice is the best option perhaps. Likewise, you may practice healthy financial habits, yet there can be times when you will have to take the advice of a Financial Doctor – an Independent Financial Advisor (IFA). Let’s look at when and why you should approach these financial experts.
When you need a financial plan to accommodate the changes in your life
When you want to go for an adventurous trip or when you want to start a family, you get health and fitness check-ups done. Likewise, milestones like getting engaged or married or welcoming a baby call for checking and planning your finances. This is because your financial state, risk appetite, responsibilities and liabilities change with time. Role: An IFA reassesses your fi nancial state, Goals and helps you craft a suitable fi nancial and investment plan.
When you want a second opinion
Don’t you go for a second opinion when you are not sure of or satisfied with your current doctor’s diagnosis? The same goes for your finances. When you are not sure about your assessment or decisions, you would want an expert’s opinion. Role: IFAs have years of experience in managing money and investing. Their expertise can help you make better choices.
When you want to make the most of your investments
The Mutual Fund world comprises a plethora of Schemes with different risk-return profi les. To benefit from them, you need to choose the right one. Role: An IFA apprises you of the different schemes available and takes you through the advantages and disadvantages of the shortlisted schemes. Moreover, he/she helps you invest in the schemes that best match your needs. Thus, your wealth creation journey should begin with fi nding a good Financial Advisor.
When you don’t have the time to manage your finances
Sometimes when you don’t have the time to monitor your eating habits but want to stay healthy, you hire a Dietician or a Nutritionist. Likewise, when you don’t have the time to manage your finances but want to stay financially healthy, you need a Financial Advisor. Role: While you are busy working, your Advisor can make your money work for you by suggesting best investment strategies.
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