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Financial Planning Decisions that Seem Smart But Aren’t

Financial planning is not just about money. It is about identifying life goals and life events. Therefore, you should take a holistic approach to financial planning, allowing you to build a balanced portfolio. However, it is still possible to have a balanced portfolio but still make a smart decision that doesn’t work out for you. So, what financial moves should you avoid?

 

Opting for Low EMIs over Shorter Tenures

If you have the chance to choose between the two, then you should also go for the shorter tenures. EMIs will help to ease any financial strains but eventually, you could lose more than you gain. As the tenure increases, so does the amount of interest. Even paying for loans for one year longer can add a lot of interest to the cost. Therefore, if you can afford it, a small increase in the EMIs that you pay will be worth the amount of money that you save by choosing a shorter tenure.

 

Saving Too Much

One of the worst things you could do is save too much of your funds into savings instruments. You will receive low interest but also miss out on investment opportunities that will make your money work. It is great having savings but watching your money work hard for you is even better. If you have any concerns about investing then you can always speak to us for advice.

 

Avoiding Risk

We have already mentioned not putting all of your savings into savings instruments and so, you should also avoid avoiding risk. All investments carry risks and there are those that will tell you not to go for it but you should allocate some of your savings to investments. If you want your portfolio to grow then you can take the advice of a specialist and diversify so you have both equity and savings-investment channels.

Selling During Bad Times

There will always be bad times when it comes to the markets but that does not mean that you should sell them when things get good again. Even if you take a hit for a few months in the years, you will lose out on the money you would make once the market finds its feet again. If you are working with CI Associates, then your portfolio will be designed to deal with market volatility, ensuring your investments are safe.

So, if you have any doubts, concerns or queries, you should always seek the advice of CI associates. A well-worked investment plan is the only way to make your money work better for you.

Lewis Samuel / CI-ASSOCIATES

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