I do not know anyone who does not sometimes speculate on what they would spend a big lottery win on. For many people, after splurging on a few luxury goods, the anticipated outcome is “Financial Wellbeing”, feeling secure and in control, with money put aside for day to day expenses, a provision for emergencies and a secure financial future.
Unfortunately, lottery wins are rare, so Financial Wellbeing is probably best treated as a personal project, with the key element of having a financial conversation with those around you. As a general rule we do not like talking about money, so involving a financial professional like me will help break the ice and allow you to set some goals towards financial wellbeing without the millions to one shot of a lottery win.
The new Money and Pensions Service, (the amalgamation of the Money Advice Service and The Pension Advice Service), launch campaign is “Talk Money, Talk Pensions Week”, asking people to talk positively about money and seek advice where their knowledge is incomplete. As a primer to talking about money meaningfully to family members, visit the Money Advice Service, which has a print-out and keep brochure with ice-breaking ideas.
Meeting with an independent financial adviser could greatly improve how you manage your money, as we will introduce you to best practise and some effective management ideas. There are three key elements, we can bring to your money management skills:
Understanding your finances, pensions and investments, We can explain what the financial products you have already bought are intended to achieve and whether they will be effective, now and in the future. Where your existing policies and products do not meet your needs, we can suggest alternatives or an alternative solution.
Help you create and meet important life goals, like a fully funded retirement, clearing the mortgage or funding university costs for your children. At the very least, we can ensure you get the most benefit from the resources you have, as there is a big difference between “muddling thorough” and a planned approach to goals.
Build healthy habits; no one is born good with money, we all have our blind spots and guilty pleasures, so a regular savings regime, long term investment and protection plan will make the unthinkable less daunting. Life and your surroundings do not stand still, so review your finances annually, take stock and plan for the future.
I have met a few people whose long-term pension plan was a lottery win; you could be charitable and call them hedonists, but they were really not happy as they were not in control of their lives or finances. Ultimately, financial wellbeing is the accumulation of lots of small steps, not a giant leap, so start the process in a small way and book an appointment.
Arrange an initial meeting to discuss ‘money’
Please contact us at info@martin-redmanpartners.co.uk or call us on 01223 792 196 to arrange an initial appointment, at no cost to yourself, with one of our Independent Financial Advisers.
About Martin-Redman Partners
We are a team of experienced Independent Financial Advisers who can advise on your personal or business financial arrangements. We have been building trusted relationships with clients for many years by articulating clear and tailored recommendations in areas ranging from investments to retirement planning, to complex estate planning advice.
We offer expert independent financial advice throughout Cambridgeshire, Leicestershire, Suffolk, East Anglia and the South East. Many of our clients are within, or are in the surrounding areas of Cambridge, Grantham, Stamford, Bury St Edmunds, Frinton on Sea, Ely, Peterborough, Huntingdon, Cambourne, Newmarket, Soham and Oundle.
The information contained is for guidance only and does not constitute financial advice. It is based on our understanding of UK legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change. Accordingly, no responsibility can be assumed by Martin-Redman Partners its officers or employees, for any loss in connection with the content hereof and any such action or inaction.