Anyone concerned about their personal or family’s financial future is a candidate for Personal Financial Planning. It is a mistake to think that you may not be ‘rich’ enough to need planning. Truth is, the less you have, the more the need for sound financial planning because the ‘cost’ of a mistake is proportionately greater in your life.
The following questionnaire will help you evaluate your need for Personal Financial Planning. Hopefully, by taking an objective look at both the dollars and sense of Personal Financial Planning in terms of your current and future financial needs, you will be able to reach the appropriate conclusion.
1. Do you have well defined financial goals?
2. Do you have a personal budget for your monthly income and expenditure?
3. Do you feel confident that you will have enough funds for a comfortable retirement?
4. If you are no longer able to provide for the family due to an accident or illness, would your family’s standard of living or future goals remain unchanged?
5. Do you know the effective interest cost of your loans and borrowings?
6. Do you have a specific plan or strategy to invest your financial resources?
7. Do you have a valid Will that was prepared less than five years ago?
8. Have you made a Lasting Power of Attorney?
9. Have you nominated beneficiaries for your insurance policies and CPF monies?
10. Have you made provisions for the management of your financial affairs in the event of your premature death or incapacity due to an accident or illness?