Irrespective of our clients circumstances, we find that the following steps are necessary for their own financial planning to be successful:
- Work with an experienced and professionally qualified financial planner.
- Set goals that are both measurable and achievable.
- Understand that financial decisions you might take have consequences for other financial issues.
- Revisit your original financial plan regularly – the initial draft is only the starting point.
- Start today – don’t procrastinate and leave financial planning for when you are older.
- Start with what you’ve got – financial planning isn’t just for the wealthy – the goal is to improve your own financial standing
- Be disciplined and take responsibility for your own affairs – no-one else can do that for you.
- Look at the big picture – financial planning is more than just a particular product purchase or immediate need. It is a lifelong process.
- Don’t confuse financial planning with investing. There are so many facets to a person’s life – investing is only one element.
- Speaking of investments, don’t expect unrealistic returns on specific investments and remember that potentially high return investments are also high risk investments. There is no such thing as a free lunch!
- Don’t wait until a family crisis to try to set up your own financial plan.
