Everyone Needs a Financial Plan

How often have we heard the expression “I would not have achieved my goal without having a carefully thought out plan and sticking to it”. We hear it from high achieving people in the world of sport and business alike.

You will hear it from top class golfers like Rory McIlroy who will set his objectives, arrange his playing, coaching and work schedule for the year ahead and then go and execute that Plan. If he starts his year with no plan then he would say the focus simply isn’t there to be successful. This same principle is equally important in all other situations – the football/hurling team coach, the business manager or home-maker all need a plan. Doesn’t it make eminent sense, therefore, to seek assistance in achieving the objectives of your financial plan through each stage you face in your life?

The Need For Advice

As you progress through life your circumstances change. In fact, assuming you progress in the normal way you go through what is known as the Seven Ages – each of which sees you having different priorities. Having access to good, solid and expert financial planning advice that can steer you successfully through the different stages is essential.

The First Age – Minority
The Second Age – 18 to Marriage
The Third Age – Married, no children
The Fourth Age – Married with young children
The Fifth Age – Married with older children
The Sixth Age – Pre-Retirement
The Seventh Age – Retirement
Throughout all of these ages your financial priorities and indeed your financial capacity changes. Your needs range from:

– Saving for education
– A deposit for your first home
– Life Assurance and Serious Illness Cover to protect your family in the event of your death
– Income Protection should you fall ill
– Making a Will
– Starting a Pension
– Moving Home
– Managing Investments including property and maybe a holiday home
– Reviewing your Pension and other Investments
– Inheritance Tax Planning and maybe reviewing your Will
– Retirement………………………. Time to relax knowing your financial PLAN has worked!
A financial plan needs to be reviewed and refined on a regular basis because as we all know life does not move in a straight line. With all of this in mind please do not hesitate to ask how we can assist you in this intricate process.

 

Source: Lifetime Financial Planning 2014