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Are you financially on Track?

 Of late, we've been inundated with news that may significantly affect our financial well being. The headlines tell of uncertainties in the global economic recovery, volatility in the global equities market, rising interest rates, and rising inflation rates once the government removes its many subsidies. (On July 15, the governemtn raised the prices of  petrol, diesel, sugar and liquefied petroleum gas.) You can't help but wonder: are you saving enough for your future? are you leaving enough money for your loved ones should something happen to you?

WHERE DO YOU WANT TO BE?

  To see if you are on the right track, you first need to know where you are going, says Tang Wee Hen, financial consultant coach with Harvest Global Resources Sdn Bhd. Ask yourself, "what are your financial life goals, when do you want to achieve them, how much will your goals cost, how will you achieve them as well as what are the indicators that determine if you are on track to achieve your goals", she suggests. "Come up with a written financial plan, then review and revise it on a regular basis."

  While we are individuals who have unique aspirations, the core aspects of what we want for our lives are essentially the same. The only difference is how they rank in importance as we age, says N Gunananthn, Group CEO and senior consultant of Navigos Sdn Bhd, a technology, finance and corporate specialist. By order of importance, the core components of wealth deemed most importance, the core components of wealth deemed most important to most people are divided into five broad categories. These are family, self-actualisation, health, happiness and money, he explains. While financial planning is about managing money, wealth management requires that you manage the five components of wealth, he adds.

  Zooming in on the financial realm specifically, our goals would include buying a home, getting married, paying off the home mortgage, protecting our family and our income in the event of a premature death or disability, educating our children, saving for a reasonable retirement, retiring early, starting a business as well as leaving a financial legacy, notes Tang.      more

Source : The Edge, Personal Money; Issue #108 Aug 2010