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MOST of us have financial aims and desires we want to achieve and by simply dreaming about them is not the way to get there.
Hitting that early retirement target, managing to fund your child’s schooling, or saving enough to get a supercar or a mega yacht means you have to get your money to work as hard for you as you do for it. You may have no idea how to get from your daydream to a financial reality, but that is where a good adviser can help.
The first thing to do is identify what you want to achieve. Having a tangible target to aim for is a powerful incentive to keep your financial plan on track, and that is exactly what you need – a plan.
Just as an example, let’s say you are attempting to retire early. You may have an idea of the age at which you want to retire and how much you think it will cost, but the chances are you will need longer than you think to save for your retirement, or more money than you have available.
A good adviser should help you to understand whether your target is possible to reach and encourage you to reassess your plan if it proves too tough. Once you have established a realistic retirement goal, you need to work out how to achieve it.
Creating a financial plan with your adviser including the amount you can afford to save each month, other calls you have on your income and also any future plans that could put pressure on your finances, will provide a financial road map for you. This is key because as the old adage states: “If you fail to plan, you plan to fail…”
You must revisit your financial plan regularly to check you are still on track. Leaving it too long between reviews can actually prevent you from achieving your aim, especially if your circumstances change. For example, a large unexpected bill, an illness or a loss of income could all be obstacles that prevent you from putting away enough to hit your retirement target.
Conversely, if things are going well and you can save more than you intended or the returns on your fund are better than expected, you may be able to reach your goal sooner or reduce the amount you are paying.
Getting the most from your money should not be a chore, but you do have to work at it. Take time little and meet regularly with your adviser to check your financial plans are on track. That way you can realise your dreams, whatever they may be. To speak to a qualified adviser get in touch today.