Whether or not you're clueless about money, it pays to have a financial expert to help you manage and grow your wealth.
When you are young, you were given your first piggy bank and encouraged to save for a rainy day. Years later, you are still doing the same thing – saving for a rainy day, albeit with more sophisticated instruments. Your piggy bank may long have given way to internet banking. It’s not really enough to just have savings.
What is more important is making sure your money is growing, whether you have parked it. Unfortunately, keeping your cash in a traditional savings account, however stable, wouldn’t deliver the big bucks – not with today’s interest rates. What you need are people who can help you make your money grow, and make you richer in the long run.
A financial planner helps you to map your financial future. He will create investment plan to help you meet your targets: your children’s education or your retirement. Combination of investment products that will deliver the returns you expect within the risks you can tolerate will be implemented.
Financial planner will help carry out your retirement plan, maximise your investments, minimise your risks, having the right insurance product to cover these risks, manage your budget and reduce your debt, determine how you can save on taxes, and so on.
Don’t let financial experts fool you with sales talk, if he promises high returns for low risks, that’s a major red flag. Higher returns always mean more risks, there are no exceptions. To protect yourself from such hype, insist on written information and advice from your expert. If he is qualified, your expert will be happy to comply. If you have the advice or information in writing, it allows you to review your options before making a decision.
Monday, September 20, 2010
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