People should learn to plan their assets at midlife

The purpose of asset planning is often to ensure that the standard of living and financial situation of oneself and one's family will remain stable and sustainable at some point or situation in the future. Below are some basic steps in planning your assets:

1. create a budget: set up a detailed budget loan table in line with your income and expenditure to ensure that your expenses are in line with your income; and

2. Set up an emergency fund: Put together an amount, usually three to six months' worth of living expenses, for emergencies, such as job loss, illness, etc., to cover basic needs for yourself and your family; and

3. Paying off debts: the presence or absence of debt affects your future spending and savings. In addition to covering regular living expenses, you need to pay off high interest rate debts such as credit cards and consumer instalments as much as possible.

4. Investment and financial management: to manage idle funds and choose suitable investment methods, such as stocks, funds, bonds, real estate, etc., in order to balance risks and returns and achieve financial growth; and

5. Insurance needs analysis: the specific situation needs to be decided according to the age, marriage, children and other factors, it is recommended to purchase medical insurance, critical ploan illness insurance, life insurance and other appropriate types of insurance.

Overall, there are many ways to plan assets, depending on one's financial situation and personal circumstances, and one needs to look for the most suitable method for oneself, taking into account one's own specific circumstances and goals. Conventional methods of planning assets include eating frugally, being smart with your money, increasing your income and career development, and so on.