In just a few hours, we will be saying goodbye to Year 2011 and welcoming 2012… how are you, in the financial planning aspects?
Some Questions To Reflect Back In 2011
If you are not too sure of your current state, here’s some general questions that you can ask yourself and it’s also a good reflection of what you need to focus on in the coming 2012…
– Did your savings grow, remain the same or shrink?
– How’s your investment portfolio?
– Do you feel more ready for your Retirement?
– In terms of any unforeseen circumstances – are you prepared?
– With the weather so unpredictable, are your precious assets well protected (or well-insured)?
– In terms of educating yourself in the area of finances, have you done so?
– Your health – is it well maintained?
If you feel that there’s a big shortfall in terms of your planning for any of the above mentioned, I will always say that it’s still not too late – if you sit down, set your mind and draft out some plans to really tackle them in 2012. Likewise, with the financial planning industry gearing up (the recent regulations being that Planners would need to take up more investment credentials to better advise for their clients – it’s a good time to arrange for a discussion with your Financial Planner!
What You May Need To Pay Attention To In 2012
– Unforgiving Economy
2011 is the year where you see the ups and downs of the economy – one moment you have people who say that the economy is finally seeing the end of the worst moments; the next you have people who are warning to be prepared for the worst.
In 2012, the same may just continue. So rather than going along with that flow and be stuck, it’s good to educate yourself with books or seminars that will teach you which financial instruments that will survive in this time of uncertainties and still help you to grow your investments or savings.
For example, there are some companies that still pay dividends during these tough times and if you are good with understanding Forex, you will be able to tap on those uncertainties and cash in for a good time. Do note that every form of investments do have its level of risks, so be advised to educate yourself and know your own risk appetite.
– Unpredictable Weather
Do you notice that the weather is becoming more and more unpredictable – it can be that hot or that rainy. Because of such, it pays to be more attentive towards your assets, e.g. cars, motorbikes, residential properties and ask yourself if they need to be insured with some General Insurance. You can also check with yourself if there’s a need to protect yourself with an Accident Plan. It does pay to be careful.
– Never Too Late For Retirement Or Children University Education
If you have told yourself that you will not work that hard when you retire or that you want to see the world and be financially relaxed – it’s never too late to start planning for your retirement. Be disciplined in 2012 and start saving a comfortable amount every month and tell yourself that you will not touch these money till you are retired.
Likewise, if you are starting a family real soon, it’s also advisable to start saving for your child’s education fund in the future. Start early and the amount that you need to set aside is literally smaller.
If you are unsure on how to well tackle these issues, you can always consult your Financial Planner on getting the numbers and how much you really need to set aside and do your own planning from there.
– Look After Your Health & Health Insurance
If you have yet to look into your health status, it’s a good time to consider that option in 2012. Give yourself a proper health report from the Doctors on how healthy you are and what possible health problems you may face as you get older.
Similarly it does pay to look into your Health Insurance and see if you are covered adequately. I would suggest that you look into this area first before going for any possible health check, stressing again, any health issues will have effects on your future insurance application – it’s either a straight rejection, face an exclusion or having the need to pay extra premiums.
Have A Good 2012
Do hope the above pointers can help you do some proper planning in 2012. I wish you – good health and wealth in 2012 and the coming years. Lastly thanks for being my reader of this blog!