For many, financial planning is just a jargon they could do without, but in reality, it is something that everyone will need to study sooner or later because it concerns managing one's wealth as well as resources. To plan one's finances means to carry out a comprehensive programme to protect, accumulate, maintain, enhance, and distribute wealth. These five aspects are collectively called the Pillars of Wealth, the groundwork for sound financial planning..
The first and most important pillar is wealth protection. This pertains to avoiding financial misfortune (such as investing in the wrong places and losing your capital along the way) so you can keep growing your finances in accordance with your objectives. Protecting your wealth successfully would let you support your family's needs and cover emergency expenses such as medical expenses.
The second pillar, wealth maintenance, refers to achieving balance between liabilities and cash flow, with the goal of having a net positive cash flow to deem yourself in good financial standing. There are more than a few ways to achieve this, such as managing your debts, setting aside cash for emergencies, and exploring cost-efficient ways. In terms of financial planning Singapore offers an extensive variety of firms who can provide good financial strategies and plans.
Wealth accumulation, the 3rd pillar, aims to help you achieve financial goals for the long term. This includes establishing a retirement plan for you as well as an education fund for your children. Firms could capably help create a positive Investment Plan In Singapore according to your goals and financial wealth.
Wealth enhancement, the fourth pillar, works to evaluate your assets and make them work to attain your goals. Your consultation institution can explore further possibilities for growth and devise an investment programme for you.
The last pillar, wealth distribution, will take care of managing your estate and help you distribute them. This involves developing a last will and testament according to your wishes, so all your properties go to the allotted recipients the most orderly manner possible.
The first and most important pillar is wealth protection. This pertains to avoiding financial misfortune (such as investing in the wrong places and losing your capital along the way) so you can keep growing your finances in accordance with your objectives. Protecting your wealth successfully would let you support your family's needs and cover emergency expenses such as medical expenses.
The second pillar, wealth maintenance, refers to achieving balance between liabilities and cash flow, with the goal of having a net positive cash flow to deem yourself in good financial standing. There are more than a few ways to achieve this, such as managing your debts, setting aside cash for emergencies, and exploring cost-efficient ways. In terms of financial planning Singapore offers an extensive variety of firms who can provide good financial strategies and plans.
Wealth accumulation, the 3rd pillar, aims to help you achieve financial goals for the long term. This includes establishing a retirement plan for you as well as an education fund for your children. Firms could capably help create a positive Investment Plan In Singapore according to your goals and financial wealth.
Wealth enhancement, the fourth pillar, works to evaluate your assets and make them work to attain your goals. Your consultation institution can explore further possibilities for growth and devise an investment programme for you.
The last pillar, wealth distribution, will take care of managing your estate and help you distribute them. This involves developing a last will and testament according to your wishes, so all your properties go to the allotted recipients the most orderly manner possible.
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