Financial Planning Useful Questions
For instance, it is important to assess your current financial position before looking at anything else.
Do you have any cash reserve built up for a rainy day or for unexpected employment? It is recommended everyone has a few months salary to hand in the bank so that if something should happen you know there is money there to cover mortgage payments and so on and so dorth.
You should also look at your loans and if you have several the possibility of consolidating them all into one to make the debt easier to pay off.
And then think about protection and insurance - do you have any cover if you should be ill or cover for your personal assets?
How about moving onto retirement... do you have a plan in place so that financially you will be secure in retirement and not living on effectively nothing at all?
Are you making the most of the money you currently have... for instance what is your investment profile at the moment as it is called?
Then there's tax planning, the massive question of your estate and property and inheritance tax and of course wills and all those areas... in other areas the more you think, the more there is to think about, all of which should convince you that financial planning is not just a nice to do thing, it really is an essential thing to do!
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