Financial Planning
Where do adults start with retirement planning, investing, saving for special events, injury, death, ill health, credit cards, debt management, car insurance, home insurance, pet insurance, accident insurance, saving for special events, investments? Well we all need money for some things, both personal and business, sometimes now, sometimes for a short period of time, sometimes long. We may be having difficulty paying back money already borrowed, and the debt is increasing, and/or we may need to spend less each month. A discount card for all our day to day shopping maybe an answer to the latter part. A debt adviser or short term loan to the other. Maybe it's time to cash in some of your valuables.
We may need money in the future. We may need advising. Ever wondered what a certified financial advisor does? After all, financial planning and investing is not complicated, it is common sense. If you have an event that will cost money, you need to prepare for it - and is there really such a thing as a truly independent financial advisor, or is it impossible for someone to know every product, inside out?
There if that's all there is to it, then that's that - or is it. We can be certain that some events WILL happen, whilst some events just MAY happen (retirement planning). You will die. You may live long enough to retire. With this so far? Financial planning is about being prepared.
List the things you would like to happen, and you know straight away that they will cost you money. Some simple examples may be; putting a deposit down on a property, buying a long dreamt of car, investing for children’s university costs, and your retirement planning.
Now if it's just you involved in the future plans and you die before they happen, there are no real issues. You probably have someone who will sort out your affairs, (hopefully you have left a will - otherwise the state may inherit!), clear out your old property, sort out the funeral, and that's that. (hopefully you have left enough to avoid a paupers spot).
The thing is, planning often includes others, so the FIRST PRIORITY is to ensure that if you are dead, then those left behind can still do the simple things like buy the food, pay the electric bill, and hopefully achieve some of your joint plans without you, and in loving memory of you. If you lose your job, are diagnosed as terminally ill, or become in some way, temporarily or permanently disabled, and no longer able to bring in the money you used to do, these are times when money from somewhere would be very, very helpful.
Now is the time to look at what the market offers, not when the horse has bolted. Here we give you some ideas. Maybe it's time to consult a independent financial adviser, because the solutions can be a little bit more complicated than identifying the potential problems - and their "independence" is measured by the authorities (and it is true that not everyone can know everything, but with new technology, it can be damned close!).
Then think about your assets, and what will happen if you lose them, have them stolen, or they are damaged or destroyed? Think about your pets and their health needs. Think about what you may need when you travel. Think about the other members of the family, and if anything happened to them.
Looks like its back to the financial adviser again.
What if you inherit or win large amounts of money? There are many choices here, from spending it or sticking it under the mattress, leaving it in your cheque account, investing in ....well this is again the time to contact a financial adviser, because they have many possible solutions for you to choose from.
So there we go - easy eh!!!!!!!!! See what we have to offer, and remember any contracts which you may become party to, are between you and your chosen company.
Risk
You know that you need to speculate to accumulate - don't you? You know that you MAY win the lottery. People don't always want to take risks.
When you meet a financial adviser, just make sure they have the qualifications, are registered with the FSA, and that they listen to what you want (not the product - the dream, the fear etc).
Never do something with your finances that causes you stress, and stops you enjoying your financial planning.