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Prepare For Uncertainties Which Can Affect Your Financial Life

By - Research Team    |    Posted On 07 December 2016 |    Financial Planning

Prepare For Uncertainties Which Can Affect Your Financial Life

Life is unpredictable. Some financial emergency can strike you, which can land you in a lot of trouble. You work hard for a better life and better future but, some things are beyond your control. You should be always prepared to face these uncertainties.

Insure yourself against an accident

You might meet with an accident, or a family member might fall ill all of the sudden. Now medical treatment can be very costly, which can blow away all your savings. You should always have a personal accident plan and family floater health insurance plan, to secure yourself and your family members from the uncertainties of life.

Your personal accidental plan, compensates you for permanent total disability, permanent partial disability and even temporary total disability. If you die in an accident, your family is compensated. If you have a family floater health insurance plan, the health insurer settles your and family’s hospitalization bills.

Save money in case you lose your job

Today, job security is a blessing. With layoffs common these days, prepare yourself for a financial emergency, in case you lose your job. If you lose your job, you should have money to sustain yourself in these critical times. Save a small portion of your salary each month, for this kind of an emergency. You should have at least three months of living expenses, in an emergency fund, if you are single. If you are married, it should be for 6 months.

Diversify your investments

Don’t put all your eggs in a single basket. Always diversify your investment. Every portfolio should contain both physical assets like gold/ real estate and financial assets like fixed deposits or even stocks. Investing heavily only in land/real estate, is a bad investment decision. If you invest heavily in real estate, which is illiquid, it becomes very difficult to sell land/ property, in an emergency.

You are responsible for your family

The bread winner of your family, might fall ill or meet with an accident. Now, you might be asked to take financial responsibility of your family. You need to be prepared to take up this responsibility.  In such a situation, lack of financial knowledge could be a disaster. You need to know your parent’s commitments and investments, so that you can seamlessly take over this role.

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