We know that everyone has different financial objectives.
Some people want to build up a deposit for the mortgage on a first home. Some want to pay off that mortgage. Others want to retire early. Some are looking for financial security, others want to invest – while still others are looking at ways to move their wealth on without the taxman taking a share.
But simply having objectives is not enough. If you are to reach your financial goals you need a plan that lays out exactly how you will do so – and when.
A roadmap – with timings
There is more to this plan than simply recommending a shopping list of products. We provide a detailed roadmap of all the measures you need, the levels of contributions required and a timeline to show you whether or not your plans are on target.
If you don’t yet have a financial plan, it might be time to call us now and get professional money management working for you.
We can sit down with you to prepare your money management plan, and a lifetime cashflow forecast – which uses sophisticated financial planning software to let you see how decisions you make now affect your future. It might show that you need a wealth creation strategy – or that you could afford to retire early.
Your plan will include the financial products and measures you need, along with details of what everything will cost – and a projection of the precise outcome of each one.
If you have decided on your financial goals and are working towards them – are your plans on schedule?
You need to stay on track
Your financial plan is a sound basis for your financial future – but you need to monitor it.
There are two reasons why. The first is of course that even the best predictions about economic performance are just educated guesses. Investments that once appeared to be cast iron can start to look rusty, while those that seemed risky can be the real performers, but no investments are guaranteed
The second reason is that you and your financial objectives will change. New additions to the family, a change of career, health issues – they can all mean that your plan and the financial measures within it will need to be revised.
You can’t afford to put things on hold.
Many people are finding that money is difficult at the moment, and that they don’t have the cash available that they expected. They may be tempted to put financial plans on hold.
In challenging times, it is tempting to put your financial plans on hold. It could be an expensive mistake.
But time is money –you can’t afford to waste time in your journey to your financial goals. If you put things on hold because you don’t have the resources that you thought you would, you run the risk of never meeting your targets.
The answer is to find another way to reach them – and to revise your financial plans.
Check your performance
If you have been forced to put your plans on hold, or even if your financial roadmap has simply been in place for a year or two it is probably time to check progress
The simplest way to do this is to sit down with an expert who understands your plan and can help you make the most of it. He or she can identify where your needs have changed, and where you may need to update your investment portfolio to take advantage of new opportunities – or discard investments that are past their prime.
This is why at Continuum, we aim at providing ongoing support and act as your financial advisory partner for the long term. We call our approach lifestyle financial planning.
Call us now to get it working for you.
The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable investment strategy, you should seek independent financial advice before embarking on any course of action.
The value of investments can fall as well as rise and you may get back less than you invested
Your home may be repossessed if you do not keep up repayments on your mortgage.