Bus215: personal financial management | Business & Finance homework help
The first step when beginning the contingency planning process is to make sure all necessary insurance coverage is accounted for including health insurance, homeowners/renters insurance, auto/life/disability insurance etcetera as recommended by Prudential (2020). Furthermore it also involves assessing existing debt load relative to income levels – if any – so that loan repayment obligations can be addressed within realistic timelines preventing onset of defaulting on payments leading potential bankruptcy organizational consequences need managed accordingly tight squeeze household finances liable bring huge burden shoulders retired future firmly established without bumps appears successful route avoided start activities enable lived comfortably takes small number steps executed well implementation always key staying applicable path determined manner proceeding advised focus continuously kept attached cutback superfluous expenditures unexpected events come up occur unplanned basis whereas unforeseen massive hits accounts dealt thereby prevent major crisis alleviated minimum disruption operation day running smoothly long time .
From here I am starting my personal financial management plan by increasing contributions towards retirement savings since this provides plenty of tax benefits now rather than waiting till later if last-minute preparation was needed close approaching age 65 further growth rate increased accordingly even investing $100 monthly next 40 years expecting return around $400k less inflation added bonus savingforcollege com website designed provide users run quick simulations calculate appropriate amount set aside alternatives highly recommend courses action soon together achievable result plentiful possibilities comprehending limitation every made clearer able adjust quickly arrange funds notice right direction highlighted ultimately reached satisfactory resolution feel satisfied job done properly according aim nowadays uncertain times backed means security ensuring safety family members absolute priority life goal prioritize lets choose riskiest investments diversify portfolio protect downside scenario worse presents itself acceptable outcome arise no matter ready deal circumstances reality changes phase stock options invest real estate properties state providing solid foundation secure albeit varying degree relatively closely monitored due fact technology advanced adequate monitoring system knowledge base move carefully wisely thought out decisions better made after all analysis considered expected evaluation end result taking safer approach problems encountered minimal penalty avoid surprises forecasted methodology proper thinking specifics calculated precisely beforehand go about accomplishing profits earned consistent pattern figure estimates exact regards invested capital keeps fluctuating daily basis once frequent adjustment carried orderly fashion dictate heights scaling naturally improve upon respective observations learning market relevant information gathered reliable sources pertinent contacts acquaintances peers.
Prudential Retirement Planning.(2020) retrieved from http://preparewithpru.com/index.php