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How Long-Term Financial Planning Can Help You Sail Through Another Pandemic – Forbes Advisor INDIA

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The unprecedented coronavirus pandemic was a timely reminder that even black swan events—extremely rare, unexpected events with severe consequences—can come to pass. The pandemic has demonstrated unequivocally that such unforeseen and unplanned-for events can wreak havoc on economies around the world, creating a ripple effect that impacts each one of us.

One of the lessons of this crisis is the realization that we must all prepare for any such eventuality in the future. You must start by ensuring that you are, at the very least, financially protected against a similar event. The only way to achieve this goal is by creating a financial safety net through long-term planning.

You can start with diligent saving under a carefully-designed financial plan that is monitored regularly. A long-term financial plan has many benefits that extend beyond providing security in times of crisis. However, before you understand the need for long-term…

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