A succession plan becomes important if you have created assets through your working life. These assets ideally will go to your family in the event of your demise, however, the proportion and timing of distribution if left undefined can cause a great deal of uncertainty for those you leave behind.
Lisa Pallavi BarboraLisa Pallavi Barbora has worked in the domain of personal finance for 15 years and now operates her own venture. She also writes on personal finance.
While one is cognisant about equity allocation, given its risk profile, often we are not as meticulous in defining our fixed income allocation. However, in order to have an efficient portfolio and maximise gains for your risk level, it is important to identify your fixed income allocation accurately too.
If loans keep piling on, you will find one day that you are unable to repay with your regular income stream. Getting stuck even with one large sized housing loan can be a bother, if say your job is not secure or you want to change your profession. Unfortunately, loans tie you down and you will realise that only when it is already too late.