Taking control of our finances requires planning, and planning must be aimed at financial goals.
This means that there is no simple answer for financial success. We may all want to make the most of our money, but when it comes down to the details, our financial priorities can be as individual as we are.
This is why, at Continuum, we start with setting financial goals.
But what exactly does this mean, and how does it work for you?
We all have different goals
We may believe we all have similar financial needs. A home, protection for our loved ones, security and a comfortable retirement are all obvious enough.
But exactly what we need to achieve those needs may differ greatly. Some may want to retire early. Others may simply want to build wealth to provide for their family’s future. Others may have exciting plans for enjoying their wealth.
Making things even more complicated is the fact that we will all have different resources which we use to reach those goals. Some will have a well-paid career. Others may find their income falls short of their ideals and will need ways to make it work harder for them.
At Continuum we recognise that everyone has different goals and needs and so we treat people as individuals and provide a personalised service that starts with helping you to identify your own objectives.
Working out your goals
You can start by listing your short-term goals. As a rule of thumb, any financial goal which you want to achieve within a five-year period should be considered short-term.
So, you may want to get out of debt, to buy a home, or provide security for your family. You might want to do all three. There is no point in limiting yourself. You need to recognise what your goals actually are.
Then look at the medium term, based on a five year to ten-year time horizon. Where do you want to be financially in ten years’ time? Perhaps you are thinking about building your wealth through investment.
Then consider the long term. You need to think about retirement, which will mean looking at your pension and the kind of income you need. You should probably look at estate planning, the business of planning for the future after you have gone, helping to ensure that it is your loved ones rather than the taxman who benefit from the wealth you have built up over your lifetime.
Once you have decided what is important to you, you can start looking at the monetary value of each goal. What kind of home do you want now? What will you want in ten years time, or twenty and what will it cost?
How much life assurance does your family need? How big a pension pot do you want?
Helping you reach your goals
At Continuum we can work with you to create a financial roadmap which will not only help to lead to your goals, it will come complete with clear projections of just how much you need at each stage.
It will show just how much everything you need could cost and show exactly what the most appropriate financial products are to help you reach the goals you have set, taking your age, your interests, current financial situation and prospects into account.
We will start by understanding your financial goals and then work out the most suitable strategy to help you to reach them. We will put together recommendations into a personal report pointing out the benefits and any risks.
Once you understand the recommendations and agree a plan of action, we will implement the recommendations, complete the necessary paperwork and securing the necessary products – from insurance and mortgages to a pensions and investments – that you need. You can rely on our support being impartial. The rules of the Financial Conduct Authority require us to act in your best interests and to provide “whole of market” advice.
Of course, you cannot predict the future. Your life will change, and your plans will change with it. Reaching your goals means building a long-term relationship and regular reviews. We work to ensure that whenever you need help to look at your circumstances, someone you already know and trust will be there to provide it.
You can see more about our services in our downloadable brochure.
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 Financial Conduct Authority does not regulate taxation and trust advice.
When investing your capital is at risk.
Your home may be repossessed if you do not keep up the repayments on your mortgage.