Rani Jarkas – Mistakes to Avoid When Doing Financial Planning

Financial planning is a long-term process. Many factors play a key role in the financial plan and its execution, such as earning capacity, market conditions, mental framework and family situations. Therefore, it is possible that we make mistakes along the way. Let us look at some common mistakes and how to avoid them.

 

1.    Try to meet every financial demand of the family

You have to be practical and evaluate how the expenditure or loan affects your financial plan. Different needs of different family members on a regular basis amount to a sizable sum.

 

2.    Put offfinancial planning

The earlier you start to plan your finances, the better your financial life will be. You will prepare to decide on your financial goals and get an idea of how much money you need to achieve your financial goals.

 

3.Mix insurance and investment

Insurance is risk management, while investments are made to earn income and generate wealth. Don’t include premiums paid for health insurance and life insurance as part of your investments.

 

4.    Invest without planning

Many people make ad hoc investments. We have to invest as per returns expected, as per our asset allocation plan and our investment timeline.

 

5.    Ignore retirement needs

People ignore the importance of planning for retirement or underestimate the amount needed for retirement. You will have to build a balance between today’s needs and your future requirements.

 

Cedrus Investments is a global boutique investment firm founded by Mr. Rani Jarkas more than 18 years ago. The firm is headquartered in Hong Kong, with offices in Shanghai, Beijing, Shenzhen, Jakarta and New York. Its clients include tier-one institutions, family offices, governments and corporations in Asia, Africa, Australia, Europe, North America and the Middle East. Cedrus has developed a powerful presence in global investment management and financial advisory services, offering all its clients access to institutional-caliber products; best-of-breed investment products; securities, bonds and commodities on exchanges abroad in local currencies; and customized global asset allocations.

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