Financial planning is a must for everyone, especially if you already have a family. What is financial planning? Financial planning is the first step that anyone needs to achieve financial freedom in the future. Financial planning covers several financial aspects that must be managed by everyone, namely, asset and cash flow management, debt management, risk management, investment, and tax and inheritance planning.
One important component in financial planning is investment. Investment is a way to develop assets or multiply wealth. Because if money is generated from income, for example from businesses or salaries only stored in savings, the value of money will be eroded by inflation. Inflation is an increase in the price of goods and services every year.
Before investing, investors must divide the investment period in advance, namely the short term (less than a year), the medium term (1-5 years) and the long term (over 5 years). The period of investment will determine what investment products an investor can choose.
After dividing investment needs into three time periods, find out each risk profile. There are three risk profiles of investors, namely conservative, moderate and aggressive. A conservative investor will not be prepared to accept a high investment risk, even though the potential profit or return is large. Conversely, the aggressive will be ready to accept a large risk, even to the point of losing investment capital, as long as it has a high return opportunity. While a moderate investor, there is between the two.
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