How can you make it through an international financial crisis without a bail-out all your own?
I thought I’d share with you here some interesting tips I read recently…
1 Conduct a financial overhaul: clear those credit card bills, reduce debts or maybe put any spare savings into clear loans or mortgages.
2 Review your portfolio: take stock of how long you plan to invest. Ensure it is adequately diverse and that it boasts top-quality investments.
3 If you are retired, ideally keep up to two years’ pension payments in cash investments. You also need to keep a diversified portfolio, with an appropriate balance of growth investments to see you through.
4 For those about to retire, assess the adequacy of your super and other investments, and take the view that you may have to work for another year or two.
5 If you are heavily cashed up, now would be a good time to start buying growth assets over the next year, in small amounts, regularly, when the market is low.
6 People in their 20s and 30s should look at acquiring growth stocks, in a diversified portfolio.
7 Remember: despite the market turmoil, good quality investments at low prices should do well in the long term.
8 If you have super in more than one fund, it might be the time to consolidate, reduce fees and seek a good deal.
9 Check with your super fund to work out what sort of investment you have – high risk, balanced or conservative. It might be time to change.
10 Don’t panic. Seek professional advice.
Source: Chris Haines, director of Haines Muir Hill Financial Services, and Craig James,Chief Equities Economist of CommSec
Yes, the world is in economic turmoil and yes, some of our business coaching clients are too … Now is the time to gear up your business to take advantage in these times… Make this week a productive one
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