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When presented with so many choices in life, how can you be sure that you are making the right decision?
Have you ever been presented with multiple options to grow your wealth and felt frazzled because you couldn’t decide what path to take? There’s a reason for that. Researchers from the Kellogg School of Management at Northwestern University have found that when we are offered too many choices, we may feel dissatisfied with our decision or even paralysed with indecision.
When there are so many choices available, how can you be sure that you are making a smart investment decision?
Be Honest with Yourself
First, set aside time to take an honest look at your current financial situation and consider your personal risk appetite, as well as make a list of your top priorities and goals. Are you imagining what your golden years after work will look like, or have you made a resolution to travel more often each year? These may not seem like financial goals at the moment, but it will help if you can anticipate future needs like these and add them to your list.
Once you have identified your short-term and long-term needs (such as enrolling your child into a world-class university), as well as larger life goals (like buying a new home), you will be able to come up with a financial plan that helps you to manage your resources.
Plan Beyond Your Future
As you age, your priorities will naturally change. As Steve Brice, Standard Chartered’s Chief Investment Strategist explains, the closer you get to retirement, the more you will typically begin to prioritise wealth preservation. However, it’s worth always looking at the big picture, not just in terms of your life but also the lives of your loved ones. Brice explains that “as life expectancy increases, you may need to increase the allocation to stocks, especially if you’re looking at handing down your wealth to younger generations.”
Don’t Put All Your Eggs in One Basket
A common alternative to bank deposits is insurance solutions, typically long-term products such as annuities and endowments. But what if you need your money in the case of an emergency? This is why it is crucial to diversify your investment across several solutions, explains Brice. Furthermore, “one of the most common ways to protect and increase wealth is through insurance solutions, such as annuities and endowments, which are typically long-term products offering defined returns if held till a certain date.”
Are you ready to maximise your savings and make better investment decisions? Get in touch with Standard Chartered Priority Banking today to grow your wealth.
Buying an insurance policy is a long-term commitment. An early termination of the policy usually involves high cost and the surrender value payable (if any) may be less than the total premiums paid. The contents of this article do not constitute a contract of insurance and reference should be made to the respective policies for the exact terms and conditions applicable to the insurance policy. It does not constitute an offer to buy or sell an insurance product or service. It is also not intended to provide any insurance or financial advice.
This article is for general information only and it does not constitute an offer, recommendation or solicitation to enter into any transaction. This article has not been prepared for any particular person or class of persons and it has been prepared without regard to the specific investment or insurance objectives, financial situation or particular needs of any person. You should seek advice from a licensed or an exempt financial adviser on the suitability of a product for you, taking into account these factors before making a commitment to purchase any product. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether the product is suitable for you.
This article is brought to you by Standard Chartered Bank (Singapore) Limited. All information provided is for informational purposes only and is not intended to be construed as advice or an offer for any product or service. Standard Chartered is not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein.