Fallback or Plan B has not been welcomed positively when it comes to following a passion, as few believe it fails to bring out the full potential in any situation. However, businessmen, sportsmen, or any team player always believed in having a Plan B.
We at S9 Financial Planners, have a similar way to explain the concept of e https://urzadzajzpasja.pl/ https://dlabiznesmena.pl/ https://przewodnikmodowy.pl/ https://remontibudowa.com/ https://zaskakujacakuchnia.pl/ https://polskiewyprawy.pl/ financial backup or also known as contingency or emergency funds which according to us is a must-have portion in any individual’s personal finance portfolio for unprecedented times. We like to call it “Financial Stepney”
We have all gone through one such unexpected and uncertain period in 2020. Due to this unforeseen Pandemic, everything was shut, businesses were down and job losses were at their peak. Even the stock market was highly bearish at that point in time.
Obstacles in having Financial Stepney or emergency funds
We have noticed two kinds of habits that mostly cause obstacles, whenever we have asked clients to have their financial Stepney in place.
Lack of Planning: Just like when a journey is planned, one is too focused or excited on routes and stopovers that the alternatives of things going wrong are not taken into consideration all the time. Similarly, when we plan for our financial goals we are so much into achieving them that we lack in planning our contingencies. Whereas, as a financial planners& investment advisors, we strongly recommend having our risk-managed. Planning ahead of time and taking “things to go south” outcomes into consideration in such scenarios is very important.