How to Create a Financial Plan

Video Transcript

"This is financial adviser Patrick Munro talking about how to create a financial plan. A financial plan is a core document that changes over the lifetime of an individual. Financial plan is best created with a financial adviser that is well equipped to deliver to you information about the latest trends in taxation, insurance and investments of many kinds. There are different types of investments that are suitable for the investor depending on how old they are in life. Younger people are ok to have variable investments and therefore they have a higher risk tolerance because they have longer time to live as it were and recover from any specific losses. As you get older in life though it is important to mitigate your risk and become more conservative in nature. Generally at that time you'll have more money as well and of course the more money you have the more money you want to keep and not lose because as you get older you of course have a problem with time. So it's an important factor you must be very careful creating a financial plan and it's best to work with an accredited financial adviser. This is financial adviser Patrick Munro talking about how to create a financial plan."