Why You Need an Emergency Fund and How to Build It

An emergency fund is a fund that you will use only during dire circumstances. If there is a situation in your life that is considered an emergency, you can use that fund. Some examples are when you need to get repairs for your home because of accidents, flooding, or fire. You can also dip into your emergency fund if you need emergency repairs for your vehicle.

Never use your emergency fund for shopping or unnecessary purchases. You can also use your emergency fund for your daily expenses and debts if you suddenly lost your job.

Aim to have an emergency fund that is equivalent to 6 months’ worth of your salary. For instance, if you earn $2000/month, you should have at least $12,000 in your emergency fund.

To build your emergency fund, start doing some financial planning in Vancouver. Find out how much money you are getting. This will give you a better perspective when it comes to how much money you can set aside for your emergency fund.
 

Get a separate account for your emergency fund. Make sure you automatically allot a portion of your income and that it goes straight to this account. That way, you pay your emergency fund first before spending.

You can also try earning more by taking up side jobs. If you want to build your emergency fund faster, you can try taking on extra work to earn more money.

Financial planning in Vancouver is key to making it work. If you need help in financial planning, you can always go to Chalten Fee-Only Advisors LTD.

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3 Things You Need to Know Before Investing

Investing is a way for you to grow your wealth. If you are looking for a way to build your wealth and have a nice nest egg later, you should look for investment opportunities with the help of investment companies in Vancouver.

Before starting your investments, here are the things that you need to know first:

1. Know your financial preferences and needs

Identify your goals first. What do you want to achieve at a certain period of time? How much time do you want to devote to managing your investments? Once you have identified your goals, you should be able to carve out a clearer path for your investments.

2. Understand your risk comfort zone

It’s important to know what your risk appetite is. That way, you can figure out which modes of investment are the best options for you. Investment companies in Vancouver can better advise you on what investments to take.

3. Consider having multiple investments

As they say, never put your eggs in one basket. If you’re going to invest, make sure your portfolio is diversified. Spread out your money but learn how to prioritize. Find out how much of your money you will allot for a specific investment to get maximum results. 

Investing can yield great rewards. But make sure you also reduce your risks to avoid losing a large amount of capital. Get the help of investment companies such as Chalten Fee-Only Advisors LTD if you don’t know where and how to start investing. Start reading investment books to get a better idea of how investing goes.

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Why You Need a Financial Manager to Grow Your Business

The financial aspect of your business is one of the most important and yet, this is also one of the most neglected. With so many things that you need to look at and monitor, it can be hard to keep track of your incoming and outgoing money.

This is why you need a financial manager in Vancouver. If you want your business to grow, it makes sense to work with experienced professionals such as a financial manager. Here are the things that a financial manager in Vancouver can help you with:

1. They can offer you valuable financial insight or knowledge

Are you skilled in running a business but not so much when it comes to the financial aspects? It’s easy to miss crucial financial information that could affect the growth of your business. With a financial manager helping you, you can make the best decisions to secure your business.

2. You can avoid litigation problems

A good financial manager also helps you lay down strategies that will protect your business from financial litigation problems. Additionally, you can also follow plans that will ensure that your business is protected even in case of litigation issues, so you don’t have to pay for everything out-of-pocket.

3. They can connect you to the right companies offering financial products

Their knowledge in the industry extends to knowing which financial institutions are more reliable and what kind of financial products will help you better.

Don’t miss out on these benefits of hiring a professional financial manager. Chalten Fee-Only Advisors LTD can be your ally in growing your business.

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How to Protect Yourself from a Financial Turmoil

Financial emergencies are not uncommon. It can happen to anyone. You might suddenly need to have your car fixed. You might need to hire a plumber or a technician to fix your heater or broken pipes. You never know what financial emergencies you will encounter in the future, so it’s important to be fully prepared from it.

Here are some tips on how you can protect yourself from a financial turmoil:

1. Build your emergency fund.

Use your emergency fund only when something unexpected springs up. Don’t use it when you want to buy something. Let it grow by automatically allotting a portion of your salary to it. Before you know it, it has already grown. It gives you so much peace of mind.

2. Get insurance.

Insurance policies will protect you from unexpected things like accidents or illnesses. If you have a house, make sure you get home insurance, especially if you live in a place where natural disasters like flooding often happen. It’s better to have insurance and not need it rather than need it and not have it.

3. Live within your means.

The more you spend, the more liabilities that you have. Don’t buy a car if you don’t need it. Having an extra car will just increase your maintenance expenditures.

Consult the Best Financial Advisors in Vancouver first. You can make a sound financial plan with the best financial advisors in Vancouver such as Chalten Fee-Only Advisors LTD. If you plan your finances, you will always be ready for anything that life throws your way.

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Managing Your Investment Portfolio – 3 Tips to Success

Portfolio management can help in growing your wealth. You need to keep an eye out on your investment strategies to make sure that you are maximizing your profits and you are avoiding losing your capital.

You can hire a portfolio manager in Vancouver from companies like Chalten Fee-Only Advisors LTD to make sure that this is done right. With the expert advice of your portfolio manager in Vancouver, you should be able to grow your wealth.

Here are some tips that can help you manage your investment portfolio successfully:

1. Have a good exit strategy

If you have an entry strategy, you should also have an exit strategy. Know when you should let go of your investments if they are no longer doing well. This will help you avoid losing a lot of money.

2. Keep your portfolio diversified

A healthy diversified portfolio can help you avoid major losses. If you put all your money into one investment mode, all of that money will be lost if the investment sinks.

3. Understand your risk appetite

Are you a risk-taker? Do you want to have bigger gains? Can you take bigger losses? Before doing any kind of investing, know your risk appetite first. That will help you come up with an effective investment strategy.

Keep on learning. Investing is a continuous learning process. You can gain more leverage if you have more knowledge. Know your weaknesses in investing and work on them. It’s not just about technical knowledge. You should also control the psychological aspect of investing.

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3 Simple Ways to Manage Your Risks as a Novice Investor

It’s not true that you need to lose a lot of money before you can see good investing results. With the wealth of information you have right now and the many people who readily talk about their successful strategies and tips, you should be able to manage your risks and hold on to your capital as a novice investor.

You can also use the following tips to manage your risks:

1. Keep on reading and learning more

You shouldn’t invest in things that you don’t know of in the first place. When you are in doubt, go do some reading. Try making it a habit to read one investment book each month to broaden your knowledge and allow you to avoid crucial novice mistakes.

2. Hire an investment advisor in Vancouver

A good investment advisor in Vancouver will let you know what your various options are when it comes to investing and which of those options would best fit your risk appetite. Chalten Fee-Only Advisors LTD will then help you find ways to manage your risks. Look for investment advisors that have a good reputation in this industry. Go for those recommended by friends or by people that you know.

3. Diversify, diversify, diversify

This might sound like such a cliched tip but it’s actually very helpful. When you put all of your money in just one investment, there is a higher risk. If it doesn’t go well, all your money will be gone. If you distribute it to different investment platforms, however, you reduce those risks.

You can try starting with a low-risk investment first and once you know more about investing, you can progress to those that have a potential for higher yields.

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3 Reasons to Hire a Financial Manager Right After Getting Your First Job

Getting a first job is a big milestone. That means you are now earning your own money and you are starting a life full of financial responsibilities. But now is also a good time to consult a financial manager in Vancouver. Here are the reasons why:

1. They can help direct you to the right financial path

A lot of people graduate from school financially illiterate. Many don’t even know how to spend, let alone invest their money. Many just stumble upon investing later on in life when looking for alternative ways to grow their wealth. A financial manager in Vancouver can help you out. They can help veer you in the right direction so you can get a head start in improving your finances.

2. They can help you avoid money traps

Many 20-something people fall into money traps. Things like buying an expensive car, branded shoes and bags, and many other bad spending choices will put all of those days you spend working to waste. Your financial manager can prevent you from making these mistakes.

3. They can help you in setting your goals

What exactly do you need to do during this time? Should you be investing your money? Should you start saving money for your retirement? How can you save money for a business? When you have clear-cut goals, you will be able to know what your next steps are and avoid temptations that can cost you your hard-earned money.

If you need the help of a financial manager, you can go to Chalten Fee-Only Advisors LTD.

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How to Prevent Your Finances from Sinking During This Pandemic?

We’re all in the same boat. Most of us worry about our finances during this pandemic since many people can’t work and many businesses can’t operate. There is also the looming possibility of a recession if this pandemic gets longer. 

As soon as you can, start doing extra steps in preventing your finances from sinking. With proper financial planning in Vancouver, you should be able to prevent your finances from getting significantly affected by the pandemic. Here are some things you can add when doing financial planning in Vancouver: 

• Spend only on necessities

 

Curtail your spending and only buy things that are necessary right now. You probably don’t need those things anyway.  Keep track of your expenses and make sure you create a budget that you can follow. 

• Focus on building your emergency fund 

Even when money is short, make sure you still have some of it allotted for your emergency fund. These are the situations where your emergency fund can be used but if you still have some money now, don’t touch your emergency fund yet. 

• Start looking for other ways to earn money 

There are other ways to earn money. You can take up online jobs. You can sell your services online as well. You can sew and sell what you made. Be creative and find one thing that you do so well and try leveraging on that. 

• Avoid incurring debts

 

Even if you are desperate, try to make ends meet without incurring debts. It will just make your situation a lot more difficult. 

If you need help sorting out your finances, you can turn to financial experts from Chalten Fee-Only Advisors.

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How to Financially Prepare for a Crisis

They say hindsight is 20/20 and during this pandemic, many people are realizing how true that is. We’ve always known how important it is to have an emergency fund but many people either don’t take it too seriously or just don’t have enough money to put to their emergency fund. 

It’s not yet too late though. With careful financial planning in Vancouver, you can still prepare for another crisis. Here are some tips on financial planning in Vancouver that can help: 

1.      Automatically put money into your emergency fund

If you manually deposit money to your emergency fund, that extra money being taken away from your hands will hurt. There are days when you might be tempted to use that money. But if you automatically set your account so that it puts a portion of your salary in your emergency fund, you won’t even notice. Before you know it, you have already built a substantial emergency fund. 

2.      Be liquid

It’s still important that you have cash to turn to. It’s hard to liquidate assets in the middle of a crisis so be sure to put money in your savings account. 

3.      Have an exit plan in your investments

If you have investments, you should develop an exit plan. What are you going to do with your investments when there is a crisis? Talk to your financial planner to know what exactly you need to do. 

With the help of financial planners from Chalten Fee-Only Advisors LTD, you should be able to come up with a plan that will help you prepare for a crisis.

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