Cater for emergencies in life

We have often stated the importance of creating a financial plan with the aid of a qualified and reputable financial planner - and that's what we are.

The old adage of ‘those who fail to plan, plan to fail' is so true as far as long term investing for retirement is concerned. At Silke Financial Services we are naturally always encouraging you to secure retirement goals. One other important component of a sound financial plan is an Emergency Fund.

An Emergency Fund is a financial planning necessity to take care of what we call unforeseen bills. These bills are those nasty, unexpected bills that suddenly appear from nowhere, poised to strike you before you have a chance to see them coming. Those clients who have, as part of their financial plans, created an Emergency Fund for these eventualities will have a shield against these bills, whilst clients who have no such armour will undoubtedly feel the sting.

You can use your credit card as an Emergency Fund but only as long as you have liquid cash to pay off the incurred expenses before you start to pay the ridiculous interest on the balance. That liquid cash is your Emergency Fund.

Creating an Emergency Fund

Silke Financial Services subscribes to the principle of having a financial plan in place where money is strictly allocated to different areas of needs. In this way you won't touch your money allocated for retirement, your children's education or even your dream holiday. A sound financial plan will also include an Emergency Fund.

There is no ‘magic number' for how much you need in an Emergency Fund. Some respected financial planning sources say that one should provide for at least 3 months worth of your monthly requirements. Whilst it may not be possible to immediately create a fund sufficient to meet this ultimate goal, by working with Silke Financial Services you will be able to put in place a plan to grow your Emergency Fund to a satisfactory level over time.

Silke Financial Services has the skill and expertise to construct a sound financial plan to cover all your bases.

Join Silke Financial Services for an informative evening

Seminar on Offshore Investment and Trusts.

Date: Wednesday 4 June 2008
Time: 17h30 for 18h00
Venue: Allan Gray Portswood Square V&A Waterfront

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