0
0
Those who think that financial advice is required only by high net worth people or rich men and it is not meant not for commoners should rethink and change their flawed ideas. Having effective financial planning is essential for every individual as it can be beneficial in for them different ways.
As stated by Scott Tominaga a distinguished professional with years of experience in financial management and advisory. He has catered his services in the areas of banking, stock trading, personal and business finances and as of now specializing as a financial adviser.
According to him, apart from shielding your loved ones and wealth building, a proper financial plan helps make correct investment decisions and enables you to reach your short and long-term financial goals. As he narrated, financial planning and advisory can be helpful for you in the following ways:
Safeguard your loved family
The future is unforeseen. Having the proper mix of life insurance plans like term insurance as well as endowment plan which are the most popular life insurance plans ensure the financial protection of your loved ones, in the event of any unfortunate thing happening to you. While term insurance offers your life coverage and financial security for your family in your absence, an endowment plan helps you get coverage alongside a hefty return on your investment on completion of the term. This investment also takes care of your retirement life and equally helps you meet different family commitments like a daughter’s marriage or building your dream home etc.
Save for your rainy days
Working with a financial advisor enables you to spend sensibly in a planned way which in turn helps you save money and build an emergency fund. This fund will come as an immense help to get through your rainy days. Maybe a job loss, loss in business, or medical emergency. You will need to spend money on luxuries and enjoy holidays only after having this emergency fund.
Help in planning for retirement fund
Once your short-term saving needs are taken care of, it is time to think about long-term saving. And when it comes to long-term savings, the first thing that comes to mind is planning for retirement funds. While there is a range of options to accumulate funds for retirement, the learned financial advisor Scott Tominaga determines the most suitable options based on a series of factors like your present age, the remaining years before retirement, and your current earnings and accordingly helps you construct a tax-exempted saving portfolio which will maximize your retirement fund.
Help in meeting your investment goals
Investing your money is the most effective way to let your money work on your behalf and help build wealth. While having saving accounts or FD in banks are common choices as they are considered safe sanctuary, investing your money in different other investment vehicles can multiply in value down the line with compounded benefits as well as long-term growth. Depending on your investment goals, your investment advisor will recommend the right mix of investment options like mutual funds, bonds, stocks, and real estate, that come with low risk but high returns.
