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Managing Risk in Personal Finance
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[QUOTE="Phantasm, post: 332789, member: 94599"] The importance of managing risk in personal finance cannot be overemphasized; it is a cornerstone for any financial well-being. Integral techniques in this regard comprise: instating a rainy day fund, having enough insurance coverage, having a variety of assets that are spread across various classes, determining the suitable allocation of an asset, reviewing goals at regular intervals of time, avoiding risky investments, keeping oneself abreast with economic trends, getting professional advice, managing debt, verifying credit reports on annual basis to ensure their truthfulness and accuracy, knowing available legal protections or options and lastly making arrangements for retirement (including estate planning). Other strategies that can be employed include optimizing tax strategies and investing in education and skill development. As such, one should regularly monitor one’s financial condition and reassess their own tolerance for risk in addition to adapting their strategies to this environment. Besides all that has been said above about staying informed about economic trends there are some other pieces of advice which could be offered with respect to this area. Moreover, investing in education or skill development will also serve as a cushion against economic uncertainties. [/QUOTE]
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