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A misconception of financial planning is that it is just for the super wealthy. But define wealthy?! One of my favourite financial quotes comes from Ramit Sethi, “Anyone can be rich; it’s just a question of what rich means to you.” And he’s right!

Financial Planning is all about getting to the heart of what’s important to you; quantifying your goals and objectives and finding a way to help you achieve them. Whether you are a novice to the financial world or a savvy DIY investor; I’ve put together five reasons why you should use a financial planner.

1. My best friend, Google

The Internet has come so far in the last decade; so much so, you can turn to Google for just about anything nowadays - your finances being no different. But where do you start? You will be inundated with information in under 1 second (impressive!) but what to do with it? How are you meant to find impartial advice when all sites will no doubt be offering the “best products/services available”? At FMB, we are completely independent. We’re not interested in making our clients fit the product; we will find best options for you from the entire financial market.

2. How much is enough?

Once you have outlined your life goals and ambitions, the next battle is determining how much money you are going to need to achieve them. Unfortunately, this is not an easy task as there are so many factors that need to be taken into account. Inflation, what age you plan to retire and what pension and savings income you expect to receive once you are no longer working are just to name a few.

Financial planners are skilled at quantifying your goals and with the use of some extremely powerful cashflow modelling software; we can forecast just how much you are going to need. This software is extremely flexible too. It can be tweaked to look at many different options such as whether you would have enough money to last you if you retired a few years earlier or what difference saving a little bit more each month would make over the long-term.

3. Planning your spending

Many find that by defining a ‘target’, financial decision-making can be a lot easier. Sometimes sitting down and writing out your expenditure can highlight areas that you hadn’t realised you were overspending on. Being financially prepared for those rainy days and luxuries will keep you on top of your saving and help you build up financial security for the future effectively.

4. The ‘what ifs’ of life

Nobody wants to think about the bad things that life can throw at us but being prepared for the worst can provide you with peace of mind. We hear ‘if only we’d thought about this before’ all too often.

We will cover ‘disaster planning’ as part of our comprehensive financial planning process. We can use our cashflow modelling software to demonstrate what effect certain things could have on your financial situation such as whether you would be able to cope if the main breadwinner of the family fell ill or passed away. By highlighting the implications that these disasters could cause, we can help you put plans in place early to protect your assets and your family should the worst happen.

5. Keeping you on the right path

Unfortunately, many people who make their own financial plans forget that the reviewing process is just as important as the implementation. As with anything, things can change.

Financial plans need to be reviewed regularly to ensure that they are still in keeping with your long-term goals and that you are still on target to reach them. A financial planner will monitor your plans regularly so any necessary tweaks can be dealt with early.

Call us on 01539 725855 if you would like to speak to a financial planner about your financial future.

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  • Please Note

    The Financial Conduct Authority does not regulate cashflow modelling.

  • Please Note

    The value of investments can fall as well as rise. You may not get back what you invest.

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