Take a look at this list and tell me which financial instrument is the best?
Have you got your preference or answer?
If your answer is any of the different types of funds, it’s wrong.
If you said bonds or endowment plans, it’s also wrong.
If you said ILP or the insurance products… sorry wrong again.
And that leaves us with…
None of the above.
Allow me to explain myself, it was a trick question.
Because there is no best instrument out there.
There is only the most appropriate instrument for you.
Every single one of us is unique in more ways than we know.
We have different facial features, likes, dislikes, income level and even preferences.
And when it comes to selecting a financial instrument, we have to consider that while there can be 2 similar individuals, there will be something different in their financial goals.
In fact here is a non-exhaustive list of common financial considerations most people consider before selecting an instrument:
Doesn’t look too easy does it?
Yet being thorough is an absolute necessity. After all it is your hard earned money on the line here.
Remember, a financial instrument is there to get you another step closer to the financial lifestyle you want and should not be chosen haphazardly.
It is worth the extra effort!