A fresh start for 2020 – HAPPY NEW YEAR (AND DECADE!)
Look at January 01 as a new opportunity for a fresh start with your finances.
Taking small steps, making a financial plan and getting ahead early will help you get closer to any financial goals you have for 2020.
Dream and visualise what it is that you want
To get closer to your goals you must first know what you want. So, start by visualising what you feel are your key priorities right now.
You may need to create goals for saving more, paying off debt faster, buying a new home, college fees etc.
Knowing what you need and when you will need it will make financial planning easier i.e. short, medium and longer term.
As important as the here an now is, it is also important to start to think longer term – your second life, when you decide to cease working or cut down your hours.
A key part of what we do here at Nelson Life is helping you understand what your longer regular term regular expenses will be and how much you will need.
Understand you current financial position
To start any journey you need to understand what your key financial numbers are – income, expenses, assets and liabilities.
At Nelson Life we will sit with you and take time to explain how these numbers relate to each other and can have a big impact on your financial goals.
That’s where we can help you to visualise your own financial plan, and how these may change over time.
Markets will always rise and fall (sometimes significantly).
You need to think longer term if you are making any investment without capital security.
Taking time to understand the risk return trade off and what longer term growth rates you need to accomplish your goals.
Being prepared for a ‘market event’ is a key discussion with your financial advisor BEFORE you invest.
It is critical that you understand the potential ‘draw down’ for any investment – a good question to ask your financial planner is how the investment would have performed between peak 2007 and trough 2008!
Understand the key threats to your financial wealth
To become financially resilient you need to understand what types of risks you need to be prepared for.
Having sufficient ‘emergency money’ available is a key starting point for any financial plan.
In addition, life insurance, income protection, specified serious illness etc should always be considered and discussed.
Whether you buy insurance or not, the options should be considered.
If you have a financial planning or product question please contact us :
This article was written by Rory Nelson, founder of Nelson Life. Rory is celebrating 20 years in financial planning this year. Professional qualifications include; UCD Specialist Diploma in Wealth Management, Pension Trustee Practitioner PTP, UCD Professional Certificate in Stockbroking,UCD Professional Certificate in Asset Management (SIA), QFA FLIA, Pensions Diploma, Mortgage Advice Diploma, CFP module – Tax & Estate Planning and has a degree in BA Accounting & Finance. He has regularly participated in national financial press.
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WARNING: Past performance is not a reliable guide to future performance.WARNING: The value of your investment may go down as well as up.WARNING: You may lose some or all of the money you invest.WARNING: These funds may be affected by changes in currency exchange rates.WARNING: If you invest into this product you will not have access until you retire.WARNING: The above content does not constitute investment advice, as it does not take into account the investment objectives, knowledge and experience of financial situation of any particular person. Prospective investors are advised to make their own assessment of the information contained herein and to obtain professional advice suitable to their own individual circumstances.WARNING: The information contained in this document is based on our understanding of current tax legislation and the current Revenue Commissioners interpretation thereof and is subject to change including retrospectively without notice. This is intended as a general guide only and is not a substitute for professional tax, legal and investment advice.
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