HOW much of your waking life do you spend working? For many of us, it’s half or more. But how often do you ask yourself why?
Simple, you could reply. If I didn’t work, I wouldn’t be able to live. if you’re lucky, you might be able to add that you enjoy your job.
So we spend much of our adult lives toiling, often without any clear purpose beyond paying for the roof over our heads, the food on our table and the occasional treat.
Many of us are in the fortunate position where life is not spent eking money out and counting down to the next payday. This is where a financial plan comes in. Rather than just being pleased that right now you have a comfortable life, it’s worth working out what your priorities are and how you can make sure that the future is as good as the present.
To give you an example:
Jan and John are in their late thirties and have a successful landscaping business. They have two kids, Andy and Mandy, aged 7 and 10. As they run their own company, their income goes up and down but on average they have £500 a month surplus.
After in-depth conversations between themselves and with their financial adviser, they establish their priorities as ensuring the family’s standard of living is protected in all circumstances; putting money aside with a view to winding down from the age of 60; and building a nest egg to help their kids through university or onto the housing ladder.
Their adviser sets up income protection and life policies for them both; private pensions into which they contribute each month; and Stocks & Shares Junior ISAs for their kids, which they’ll be able to access when they are adults.
Jan and John now have peace of mind, knowing that their family’s lifestyle can be maintained whatever happens to either of them. They can also throw themselves into their work in the knowledge that they’re putting money aside for a comfortable retirement. Finally, they are happy that they will be able to give their children a flying start to adult life.
Alternatively, you might be approaching retirement and wondering how to make the best of your pensions and investments. Or have come into some money and not be quite sure what to do with it. There are as many different sets of circumstances as there are individuals.
Do you know your financial goals? Would you like an opportunity to discuss what they are and how they might be achieved?
If so, I’d love to hear from you. I’m a Chartered Financial Planner with Prydis, a professional services firm based in Exeter founded almost three decades ago. After 20 years in London, Tokyo and beyond, I’ve returned to the West Country and am based in Lyme Regis. I’m passionate about helping people live the lives they want to by being smart and strategic with their money.
To book a free, no-obligation financial review, please email me at firstname.lastname@example.org or leave me a message on 0775 436 3481.