We are all investors and as investors, we must think of investment decisions, investment mistakes, investment performances, investment returns and investment risks. Risk, unlike what most people assume, is not just making losses but actually a dual concept. Best Financial Adviser Kuber Mindz Moneymindz says that risk can either be upward or downward. Let us find out more about this.
Any financial product will have both kinds of risk, upward and downward. While an upward risk means lesser risk than expected, a downward risk means worse risk than expected. So, what has to be done to brace you for such risks? Tune in to find out.
- Keep an Emergency cash reserve
A cash reserve or an Emergency Fund comes in handy during such situations. When faced with unforeseen changes and expenses, a cash reserve or an Emergency Fund comes to your rescue. Smart Financial Adviser Kuber Mindz Moneymindz would like to remind you that experts recommend 6 to 12 months of your income in an Emergency Fund mandatory so that expenses that haven’t been anticipated can be dealt with easily.
- Term Insurance
A well designed financial plan consists of Insurance. If you don’t live long enough to see your dependents become independent/children grow up, then a Term Insurance will be of great help as the Insurance company will pay for the expenses incurred by your family later on.
- Health Insurance
A financial plan is considered well designed only if it has Insurance. If you were to fall ill or get injured, the rising medical costs would burn holes in your family members’ pockets. Today’s sedentary lifestyle and lack of physical activity worsens the risk of future hospitalization. India’s First Free On call Financial Advisory Moneymindz advice you to buy Health Insurance soon as the Insurance company would pay for expenses if you were to require medical attention and care.
- Retirement planning
One significant long term financial plan is retirement and it is essential to plan for retirement. This is because you can’t take loans during retirement and the adding inflation can only eat away a major or your entire savings. The life expectancy of mankind is increasing. Look for supplementary income, save aggressively for the future and plan adequately.
Investment risk is not the only risk for an investor. Losing their money, getting cheated, not having adequate funds, etc. play potential risk roles for investors. This is why it is prudent to find and interact with a good financial advisor.
Visit www.moneymindz.com or give a missed call to 022-62116588 for further information.