Take Control of Your Financial Future

December 23, 2021
Invest money
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By FBNQuest

Tough times never last and the same is true about a tough economy. An economic downturn like the one that was characterized by the COVID-19 pandemic is invariably followed by a recovery or boom period.

While the economy has rebounded quickly, albeit modestly, the impact of the slowdown on your finances and investment goals could linger. If you feel blindsided by a decline in your real income, rising inflation or a fall in the value of assets you own, here are a few practical steps to get back on track:

First, schedule time to discuss your financial position with financial advisors and family. Discussions with family will help members adjust spending habits, deflate potential conflicts related to spending, and inspire collaboration. Professional advisors provide vital information on available resources and can help chart a path through challenging times.

You should also be pragmatic about the outlook for your income and investments. Recognize a decline in income and adjust your spending accordingly. Actively monitor and control your budget. The current environment has been characterised by rising inflation, which is an increase in the cost of goods and services. Be more intentional about planning your expenses as prices change.

In some cases, it may be prudent to sell unproductive assets. This can unlock cash that can be diverted to assets that are likely to rise as the economy recovers. The stock market for example often presents a mix of businesses that are resilient in a recession and others that struggle for a long time. You are better off knowing the difference and reallocating your investment portfolio accordingly.

It is important to rise above the challenges that 2020 presented. Instead, be intentional about exposing your mind to information that can be used to boost your income and advance your career. Networking and skill acquisition are often neglected when financial pressures surface but these are some of the things that can help you get ahead. Increase your value by acquiring new skills and pay attention to your physical and mental wellbeing.

FBNQuest Asset Management is available to help you navigate the current economic recovery. We are happy to have that important conversation with you about how to invest in these evolving times. As you take practical steps to adjust to the impact of the slowdown on your income, we offer a range of products that can match your short and long-term investment objectives and put you back on track to meet your goals.

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