Tanner’s Tips comprises of a father and daughter team, an unstoppable duo fighting apathy in the world of finance.
While we all go through life in a similar way, we often do things at different stages to other people, or perhaps have a different path we wish to take. Some people may want children at a young age, some may want to go back to education at a later stage, while some may wish to marry and have children later in life. These things may have implications on your retirement plans or other financial goals. The earlier you plan for your goals the better. For example, if you start a pension plan while you are young, you have more time to accumulate a large fund for your retirement needs, or the younger you are when you take out life insurance, the cheaper the premium.
We have previously touched on this subject, but do you know what your financial goals are? If you don’t, take some time to think about them. Firstly, assess your financial situation. Create a budget and see where there is room to improve on your finances. Next it is time to set your goals and write them down. It is important, as previously mentioned, to be aware of your risk appetite. Then you can work out and implement your plan, remember a goal without a plan is just a wish. Finally, it is important to constantly monitor and review your plan, ensuring you are progressing in the right way.
If you really have no idea where to begin with these goals, or how to prioritise the more urgent needs, speak to a qualified financial adviser. It is our job to know what to prioritise in a person’s life, what goals are more long term and what goals need to be attended to immediately. Generally speaking, protection needs are more urgent, then comes savings and investment needs. It is often not feasible for an individual to afford to satisfy all of their financial needs/goals at once. This is why prioritising and making a plan is important. Remember to be completely honest with your financial adviser and give them any information they request. This is in your best interest, they are not just being nosey! If anything changes in your life that may affect your financial situation, it is important to re-visit your financial adviser so that alterations can be made to your plans where appropriate.
If you have any questions, or would like to discuss your financial goals with us, please do not hesitate to contact us.
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