Do you have the habit of making a mid-year financial check-in? I would highly recommend it if you are serious about getting your financial situation back on track ASAP. With a less than optimistic economic outlook, this is a crucial moment to ascertain whether you make it or break it.
The latest figures show that
“Singapore’s economy shrank by 12.6 per cent year on year in the second quarter, according to advance estimates from the Ministry of Trade and Industry (MTI) on Tuesday (July 14), as circuit breaker measures to stem the coronavirus pandemic took their toll.
The decline in gross domestic product (GDP) is worse than the 10.5 per cent drop economists had anticipated in a Bloomberg survey. It is also much worse than in the first quarter when GDP turned negative for the first time in a decade, with the economy contracting by a revised 0.3 per cent.”
These figures likely indicate that we are in for a long and drawn-out fight.
And your best defence is a good and clear financial plan. Here are three key aspects that you need to put under close scrutiny, together with an experienced financial services consultant.
Insurance matters, especially if you are married, have children or financial responsibilities in a business. Not having adequate coverage could financially devastate your dependents or greatly affect your business partners if you were to pass away, become disabled or critically ill.
Investing might be far from your mind now but it is an important aspect to ensure your future success. In every crisis lies opportunity; the key is to seize yours and make it work for you. There is no “perfect” time but if you don’t try, then you will probably never know.
The present situation might be taking up your resources now, but bear in mind that the ongoing pandemic does not take away the importance of retirement planning. In fact, you should continue to ensure that your retirement fund is robust enough to withstand the unexpected.
If you would like to deep-dive into your tactical plan for the rest of 2020, allow me to lend you a helping hand to ace the game.