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As lives develop, so do finances. The older we get, the more capital we tend to accumulate and for many people, and this capital is spread out over many different areas including housing, education, investments, and retirement savings. But wouldn’t it be more effective if people consolidated their finances into one place instead of spreading them out over multiple areas?
In this article, financial services expert Angelina Hung outlines the benefits of consolidation for helping you meet your financial goals.
Sound financial planning doesn’t just mean keeping track of how much you spend and how much you save. It also includes financial consolidation and professional advising. By consolidating your finances, you enable yourself to make strategic decisions and have less confusion. Think of it like putting all your eggs in one basket. Also, when tax season rolls around, you’ll find it much easier to file your return, because your financial reporting will be grouped together in one place. Having an adviser work with you also helps, and their experience will pay dividends down the road.
Financial consolidation gives you a clear picture of what you need to do and where you need to go to meet your financial goals. It also helps you to identify gaps in your long term financial plan or areas that could use improvement.
For instance, consolidating your finances will help you to identify your levels of wealth protection and accumulation. By working with an advisor, you’re able to see how different areas of your life are affected by your financial situation. Being smart with your finances is the name of the game. Why not start now?
This short video from Financial Tech Tools details the importance of having one point person for financial planning.
Featured as “50 Women of Influence” in The Insurance and Investment Journal who contribute their energy, talents and determination toward the financial security of Canadians, Angelina is an innovative and top performing Insurance Tech Nerd of Financial Tech Tools with over 10 years experience in the financial services industry. Having worked with advisors and clients, her passion lies in helping people understand their finances using technology, essentially the 21st century napkin drawing.
Her Website: http://financialtechtools.ca/