November 1, 2020
Your mindset can alter how you plan to invest in the future. Planning avoids the fear of making a wrong money decision and mitigates depletion of your cash flow. Here are some basic financial planning principles to consider:
- Discipline Unnecessary Spending. When you spend above what you earn, there will be financial consequences. Obsessive spenders often randomly use credit cards buying unnecessary things. Human nature can lull one into thinking: “Better to begin investing once all my debts are paid off”. An advisor can help you divert your spending activities by setting up an automatic investment purchase from your bank account every month.
- Avoid Debt Overload. Ask yourself if you are more eager to buy expensive cars, clothing and watches, and posh vacations rather than spending time planning your finances. Are you using credit when you can’t really keep your bills paid? Debt ruins your cash flow.
- Establish a Financial Plan. If you delay making money decisions, you may procrastinate saving for an emergency fund, a much-needed vacation, or just paying bills on time. Establish times to calmly plan how to achieve your financial goals, balance your cheque book, and pay bills. Meet with your financial advisor who can coach you on how to get started investing. A financial planner can help you allocate money for some short- and long-term investments while helping you to balance your portfolio for growth or retirement security. In an advisory role, we can help you to minimize the risk of financial disorder; and guide you to build assets in your portfolio. The important thing is to remain frugal and invest more in your future, thus building up your asset base.
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