Building a strong financial portfolio for life milestones 

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What milestones are you looking forward to in life? Providing the best education for your children? Being able to live comfortably and explore more in life upon retirement? We have different timelines for different milestones, but one thing’s for sure: financial preparation is key to accomplishing these goals and overcoming the obstacles you might encounter along the way.

Here are some ideas on how you can get started on building your financial portfolio:

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Set your financial goals, but be ready to face hard truths. Consider your short-term and long-term goals. Be as specific as you can be in creating that picture of the future you want to have. In addition, evaluate your financial capacities and risk profile. This is not an easy process as it forces you to face hard truths about your financial journey so far. However, it is crucial to know the facts so you can decide on your next steps. This includes knowing the financial products you need in your portfolio, such as investments, insurance policies, emergency fund, and retirement plan. 

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Find a bright partner who can commit to you, but be ready to commit as well. Do you find the thought of creating and managing a financial portfolio on your own overwhelming? Worry not, because there are experts who can help you build it. A Sun Life advisor, for instance, can guide you in your financial journey – from helping you determine your needs to recommending solutions that suit you best. Given that a financial portfolio involves several components and considerations, an advisor can help simplify the intricacy so you can make sound financial decisions. The good news is, with Sun Life having over 21,000 advisors nationwide, you’re sure to find one who will be a perfect fit. It is important to have that rapport because it’s not just the advisor who has to commit to you – you have to be ready to reciprocate. This means being open to discussing your finances, reviewing your portfolio together, and really building that client-advisor partnership.

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Be open to trying different financial products, but make sure to get one from a credible company. A savings account may be your go-to financial instrument, and while this is also important, it may not cover the other financial needs you might have. Why not try getting an insurance policy and investing in mutual funds? 

Sun Life offers various solutions that you could include in your financial portfolio and would help secure your funds for reaching life milestones. Sun MaxiLink Bright, for instance, is an investment-linked life insurance plan that offers a combined benefit  of insurance protection and investment. It lets you build your funds for at least five years and offers you an option to add more to what you have initially saved, which could support you to be financially prepared for goals or milestones such as having a comfortable retirement or for your child’s schooling.

There’s also a protection and savings plan called Sun Acceler8, a protection and savings plan that matures after 20 years. It provides you increasing life insurance benefit to be well-protected from life’s uncertainties. It also offers regular guaranteed cash benefits that can help fund your child’s education and school-related expenses or your dream retirement.

There are so many products that can help you build a strong financial portfolio. Just always remember to engage with a credible company that has a good track record to make sure that you won’t be taken advantage of. 

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Stay on track in your journey, but be ready to reroute as needed. When it comes to building your financial portfolio for the long term, there will be a lot of distractions along the way. Stay on track by focusing on your goal. This will remind you that all the sacrifices you make now will be worth it in the future. Not to say that you shouldn’t enjoy your money in the present, just don’t go overboard. At the same time, be ready to revisit your financial plan every now and then. Your goals and timelines may have already changed, and are no longer aligned with your portfolio. There might be a need to add more products already. After all, life is never short of surprises, so it’s always best to be prepared. 

Want to learn how Sun Life can be your bright partner in building your financial portfolio? Visit today!

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