Financial Planning is not a "one off exercise", but a process that evolves over time.
Managing your finances properly is very important. There is no complicated formula, nor is it rocket science, it is simply the case of taking quality specialist Independent Financial Advice from an early age and planning your finances in a logical, methodical way.
There are areas of financial planning that are relevant to us all, such as a decent current account, a good mortgage and tax efficient saving; then there are other areas that are particularly relevant to our chosen career, such as pension provision, sickness and other benefits offered by our employer. By addressing the basics first, we can build upon solid foundations.
Ensuring our income is adequately protected is imperative, because without income we cannot pay the bills and maintain our standard of living. To take away the financial worry that a serious illness would cause is vital, and to provide security for our dependents in the event of our death is important.
Once these basics have been addressed, we would then have peace of mind in knowing that whatever happens we are protected against financial loss and will receive some compensation in the form of either an income or a cash lump sum.
Everything we then do with our money is about making good use of any surplus income that we have, allocating it to areas that will enable us to reach our goals, such as saving for the short term, early retirement, paying off a mortgage or other loans, saving for our children’s further education, or investing for the long term.
Managing your finances properly is very important. There is no complicated formula, nor is it rocket science, it is simply the case of taking quality Independent Financial Advice from an early age and planning your finances in a logical, methodical way.