Principles and values are a steadying force in life, and the same goes for investing. They help to establish your investing philosophy, and can help steady you during market sell-offs or times of volatility.

When it comes to money, many don’t cater enough margin of safety. Just like buying travel insurance before a holiday, or having a wet-weather plan for an outdoor event, your financial plan should have some contingencies and room for unforeseen circumstances.

One of the best times to plan for an economic downturn is when markets are behaving normally, investors are feeling bullish, the economy is on the mend, and we have clarity of thought.