Whether you want to build and protect your wealth to give you and your family a secure financial future, or enjoy what you have now, one thing is sure: the financial decisions you take from the moment you start earning right through to retirement and later life will shape your ability to achieve your goals.
We know it’s a cliché but life is a journey. When you are starting earning you may well have little idea about what you will want from life in, say, ten or 20 years’ time and where you will end up. We help you work out what your shorter term priorities are and suggest realistic ways of organising your money to help you achieve them. Rather than being restricting, having a financial plan should give you the freedom to enjoy your life, now and in the future, with your ultimate goal being financial independence. As you make your way through life and your priorities and goals evolve, we will work with you to adapt your plan accordingly.
Below are some of the more common scenarios and issues we help people with during the various stages of their life.
Getting the basics in place
When you are starting out on your chosen career, moving into your own place, and enjoying your independence, the whole of your adult life lies ahead of you, thoughts of financial planning are probably far from your mind. Yet by taking a few simple steps now, you can put in place the solid foundations which should make things easier financially as you progress through life.
Here are some of the things you may need to think about as you get started in your chosen career:
A young and growing family
Starting a family changes your life, bringing joy and new responsibilities. Things are likely to be hectic, especially if you are juggling work and family life.
You will probably need to make a few adjustments to your finances so you can enjoy the precious years when your children are young and give them the best start in life.
Here are some of the things you may need to thing about when your children are young:
Whether you are setting up your own business or becoming a consultant or contractor, becoming self-employed has important implications for your personal finances. You lose the various financial safety nets and benefits that come with being employed. You now need to take total control of your finances in order to achieve your personal and business financial goals.
Here are some of the things you should do when you become self-employed:
When your life changes unexpectedly
Most people experience a mix of good and bad times. A promotion or new job, bereavement, illness, accident, divorce, business problems – whatever life throws at you and your family generally has an impact on your finances. So when something significant happens, whether good or bad – we help you adjust your financial plan accordingly.
Here are some of the financial decisions you may face when your life changes unexpectedly:
Financially, things should be a bit easier now. Your children are probably independent and you may already have paid off your mortgage. Perhaps you are looking forward to taking it a bit easier, having more time to do the things you enjoy, or maybe you want to work part-time. You may find yourself faced with the dilemma of caring for elderly parents or relatives.
Regarding the wealth you have accumulated, your main priority is likely to be to preserve the value of your pension fund, investments and any money you have inherited, so you have enough to maintain your lifestyle when you retire.
Here are some of the financial decisions you may face as in the run-up to retirement:
Later in life
At last your time is your own to do all those things you always wanted to do but never quite got round to – travel, learn a new skill (or relearn an old one), help others and indulge yourself. Also, while you may want to pass on as much of your wealth as possible, you realise that your wealth could be seriously depleted by care home fees.
Here are some of the things you may need to think about when you have retired: