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7 Important Tips to Manage Financial Wealth during COVID Pandemic

Author – Sparrows Sprout

Description – It is very important to manage financial wealth during COVID Pandemic. The situations are very uncertain and so we have to manage our financial resources well and revise our investments and strategies so we can have go ahead with solid planning.

Alert for Financial Health

Despite the slow reopening of the economy now underway after Prime Minister’s assurance to support Indian economy with 20 lakh Cr support, several surveys show that most people are still more concerned about their health than they are about their financial well-being. It is important to remember that now is not the time to become complacent about your financial health.

Time to Take Proactive Steps

 We will get through this pandemic, but it will take time. Meanwhile, as the world adjusts, investors can take several proactive steps to strengthen their financial plan.

 Here are some important tips that are particularly helpful in the current situation.

Tips to manage your Financial Wealth

  1. Revisit your financial plan – To ease your financial anxiety, revisit your wealth plan with a professional. Even if you have a solid plan, depending on your asset allocation, you should be prepared for your net worth to take a hit. But as long as you stay invested, the loss is merely a paper loss. It doesn’t become a realized loss until you sell. So if you can, hold firm.
  2. Go Digital – See that you are always well-connected to your assets and can access the digital tools available from your financial institution to help you navigate your portfolio from home. NJ Wealth Management Online provides increased support, accessibility and ease of doing business with access to your account information via computer or mobile device. Our financial advisors are also available to answer any questions clients might have during these turbulent times.
  3. Revisit Spending Priority and Income Needs – Conduct a retirement income check-up and revisit spending priorities. This is especially important for retirees and near-retirees. Having a liquidity plan that includes access to a line of credit could be a vital safety net.
  4. Rebalance Your Portfolio – Seek opportunities within your portfolio tactically harvest losses. This can be especially effective if you have realized gains and see an opportunity to rebalance, trade up in quality, growth potential or even an opportunity to better align your portfolio with your personal values.
  5. Redefine your Strategy – Reduce your liabilities through spending restrictions and prioritize your need and requirement. Your financial adviser can help you determine if this strategy suits your plans.
  6. Organise paper work – With so many of us stuck at home with time on your hands, current market conditions also present a perfect opportunity to revisit your estate plans. Pull out your will, trust, power of attorney, health care detectives and review your beneficiary designations to see if there are any needed changes. Keep in mind that health care directives are needed for young adults as well.
  7. Do respond and don’t react – While these are unsettling and challenging times, it’s important that we don’t react out of fear. The decisions that you will make today will impact your life long term financial planning goals. And remember, you’re not alone. Even in the world of increased social distancing, financial advisers can help you navigate these turbulent waters and can ease your financial anxiety by helping assess if any of these strategies are right for you.

Crisis like COVID pandemic come and go but we need to ensure that there is no financial burden. We can mitigate risks drastically and ensure that money is wisely invested. These tips will work hugely in favour of financial health management.

About Sparrows Sprout

Sparrows Sprout is a training institute for business development. We work extensively in financial services sector for building financial advisors and wealth management firms.

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