FBNQuest Asset Management has said it is important for individuals to discuss financial positions and adjust investment portfolios, among other steps, to recover from financial challenges brought by the COVID-19 pandemic.It said, “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.
“You should also be pragmatic about the outlook for your income and investments. Recognise 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.”
“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 said. “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,” it said.
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