When did you last review your finances?
As the economic crisis across the world continues unabated more and more people seem oblivious to the effect this is having on their income, their assets and their futures. When was the last time you reviewed your financial affairs? Do you know your total assets and total income?
Many people have fallen into the trap of assuming that the ongoing recession in the UK will be over as quickly as those of recent times. However, a number of experts are suggesting that the UK is actually on the verge of depression whereby inflation will be replaced by deflation which will exert serious pressure on the UK economy and UK businesses. As a rule of thumb it is suggested that you review your finances with a financial adviser at least once a year to ensure your insurances, your investments and other elements of your financial make-up are adequate for your situation.
Many people forget that elements of their lives will change as they get older, that investment values move up and down and financial demands differ substantially from those in your early 20s to retirement. It may sound simple to sit down and review your finances and your assets but unless you keep track it can be very easy to make incorrect assumptions and miscalculate your overall wealth.
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