Tips for Perfect Personal Financial Planning

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Tips for Perfect Personal Financial Planning
Richard Cayne in Thailand emphasizes that
personal wealth is not achieved in few days. It
is the result of your continued efforts which you
have been making over an extensive period of
time. A comprehensive, stable and efficient
personal financial planning can help you out in
building wealth for your future, it can also
reduce your fears and can insulate you from risky
times. Here are the 10 steps which can help you
have a better personal financial planning.
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Do Your Own Research Enhance Your Knowledge
It is very essential to conduct your own research
and enhance knowledge on personal financial
affairs before assigning your investment
decisions to any financial advisor. Without
having any prior and adequate knowledge, it can
be very risky for anyone to take any investment
decision. So read good finance articles (online
and offline), consult your friends who are into
this field, gain information, think wisely and
then take help of financial experts like Meyer
International in Bangkok.
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3
Analyze Your Savings Income And Set An
Objective
The income which we earn is variable, indefinite
and subject to changes all the time. The only
thing which we can take command of is to control
our expenses. The formula here is to have as much
income as you can by monitoring expenditures.
Always remember that we can invest only what we
save. So spend cautiously to maximize savings.
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4
Determine Your Personal Risk Tolerance
Assessing your personal investment returns and
tolerances is an essential component of proper
personal financial planning. It has to be
remembered that investment can never be free of
risk and everyone expects good returns out of the
investment which he/she has made. But on the
other hand there are few people who are ready to
face big risks that can be expected while looking
to high returns. So learn to understand how to
identify risks and look to minimize them.
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5
Have Proper Diversification
In reference to diversification, it has always
been said that one should never place all ones
eggs in one basket as it can be extremely risky.
Diversification is the key to a perfect portfolio
and to proper financial planning.
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6
Set Your Personal Asset Allocation Aptly
For every individual, it is a tough and
complicated decision to set personal asset
allocation along with the analysis of risk
tolerance. Taking help of financial experts like
Richard Cayne Meyer International in Bangkok can
be helpful in this regard. In fact, the asset
allocation should be considered as an
amplification of diversification rule only.
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7
Intelligently Choose Your Financial Investments
One must choose and decide on financial
investments taking the above risk considerations
in mind because numerous options are available
but which ones are correct for you. The factors
which can increase more or less effect on risk
adjusted returns should be studied and analyzed
carefully.
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8
Decrease Your Investment Expenses
Experienced investors know that there can be some
known and unknown costs or taxation involved in
an investment. Therefore every investor should
cautiously control such investment costs looking
to minimize fees and taxes when possible so that
net returns can be maximized.
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9
Guard Against Financial Risks
Various insurance policies are purchased by
individuals but it is important to set a priority
while doing so. It is undeniably true that sudden
disastrous incidents can change and disturb ones
life. Therefore the most rational insurance
purchases like that relating to life, disability,
property should be considered on a priority basis.
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10
Manage Your Investment Management Time
Time flies and even before we blink our eye the
scene in front of us can change quickly. What is
meant here is that financial planning and
relevant decisions are lifelong procedures as the
global economy keeps on changing, markets keep on
changing and thats why you need to manage your
investment management time too so that you can
devote other time on other things of interest.
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Take Help of Experienced Financial Advisors
When you are done with your own personal
financial analysis and needs, its now time to
seek help from financial experts like Meyer Asset
Management Ltd in Bangkok who can provide
competent and professional consulting to help you
tailor your personal financial plan so that it
fits with your goals and aspirations.
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