Times are tough. How can you position yourself to minimise the impact?

The last few weeks have been extraordinary to say the least. We’re battling a world wide health crisis and we face uncertainty in many aspects of our lives.

It’s true that there are simply some things beyond our control and we will more than likely see many changes to our everyday lives for the remainder of 2020 and beyond.

So, what can be done? On the other side of this, many people will be left with dramatic financial stress, whether it be periods of unemployment, depleted cash reserves or battered superannuation balances.

And for many, timing will be an issue. Those who were weeks ago contemplating retirement may now need to change their plans. And those that are still accumulating for retirement have more than likely just seen their investments and superannuation return to levels of 5 or 6 years ago. Essentially the clock has be wound back in one way or another.

It may well be a good time to take stock and lay some foundations for when things do recover (which they will). That may seem difficult given the current economic climate, but a few simple things to consider are:

Have a look at your mortgage. Rates are now the lowest in history, maybe there’s an opportunity to refinance;
Have a look at your insurances. Do you need what you’ve got? Is it an unnecessary drain on precious cash reserves? Consider if you’re getting value for money;
Have a look at your superannuation. now may be a good time to consolidate. Consider that you may now have some catching up to do to get to your retirement goal. What can you do to give yourself the best possible chance of a speedy recovery when things do start to settle down and recover?

It's likely that many of us are going to have a little extra time on our hands over the coming months (like it or not) so use the time wisely. Make a plan, get some assistance and tackle some of the issues that have been on the back burner that haven’t been a priority until now.

Working from home and self isolation is the perfect opportunity for a phone call or a Zoom meeting to discuss.

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