Why Financial Planning Is Important, Pandemic Or Not?

During these unprecedented times, being financially ready can make all the difference. Loss of jobs and reduction in earning have become the new norm for many. Whether you are an employee, a business owner, or self-employed, you are bound to have been affected one way or another by the COVID-19.

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Financial planning is generally at the bottom of one’s list. Mentioned below are the reasons why financial readiness is critical, pandemic or not:

Improved physical & mental health:

Lack of money is perhaps one of the biggest contributors of stress. This includes impending bills, financial uncertainty, and lack of budget. Monetary stress isn’t just oppressive but can be lethal as it can trigger emotional and mental distress. When stressed, people are expected to occupy in unwholesome coping mechanisms, which then lead to more health issues. Since there’s a strong connection between physical and mental wellbeing, your body will also suffer. By doing the planning work to get your finance organized, and securing yourself and your loved ones from financial stress, you are also adding years and improved security, enhancing your quality of life.

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Family stability:

Being ready financially lets you keep up-to-date on your household bills and readily meet the requirements of your household. This pandemic made grocery shelves to become void as more people hollered for basic essentials such as medications and food. As a result, scarcities & delays in deliveries also happened. It is critical to stock up on supplies and have an emergency monetary resource to get help, especially when pandemics like COVID-19 cause havoc.

More opportunities in life:

If you’ve got money saved up and secured your future, you are more in control of your life. Financial readiness entails incorporating more options & opportunities in your life. For instance, you may try to invest to boost your earnings. Others may wish to explore opening a business online. Or acquire an insurance plan to safeguard your finances.

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Since the majority of people are stuck at home these days, they might like to take advantage of virtual opportunities available out there. This can be very handy if your earning abruptly becomes compromised because of the enforced lockdown.

Haunn Landers & Co. offers financial advisory services to small business owners. If you are looking for an experienced  Financial Planner in Mississauga, feel free to reach-out to Haunn Landers & Co. for a personalized consultation.

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