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Saturday 11th June 2016

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It's the old adage: if you don't know where you're going, you'll probably end up somewhere else. Understand what you want to achieve and why, and understand the massive distinction between things you would like to do or have, and 'must do' items - things that are really important to you. Consider a second opinion It can be very difficult to be objective about your own circumstances, if you take your financial plan into your own hands, set aside some time to discuss it with an objective third party, ideally a certified financial planner, as it is important to get an honest assessment of your financial situation. If you're going to save, start early The magic of compound interest means that the first contribution is the most valuable. If you start contributing 100 a month to a savings plan at age 20 and stop contributing at age 35, you will have more money at 60 than someone who starts at age 35 and contributes 200 a month from 35 to 60. Take advantage of available tax reliefs Examples are Isas which grow free of personal taxation, and pensions, which also grow free of personal tax, but also qualify for tax relief on the contributions. Try and use your personal allowance for income and capital gains taxes - if you don't use them in a particular year, they're lost for good. Clear off expensive debt before saving You will certainly not get as much interest after tax from a bank account as you will be paying on your debt. There is a possibility you might get a better return on a different sort of investment but you would have to take more risk and there would be no guarantee; and all the while you'll be sure to be paying the interest on the debt. Never put money on a credit card that you don't intend to pay off in full when the bill is due. Protect your loved ones There is no point in putting in place great plans for the future if you're not going to get there. Life insurance is generally inexpensive and gives you and your family peace of mind that liabilities are going to be met. Put it in trust If you do take out life insurance cover, consider putting it in trust. Failure to do this could mean a long delay before the money is paid out, disputes about who gets the money, and an inheritance tax liability - all at a time when money is needed quickly and with the minimum of additional aggravation. This also applies to pension death benefits. Don't forget critical illness cover People in the UK are five times more likely to suffer a critical illness like heart attack, cancer or stroke before 65 than they are to die. Critical illness cover pays out money on diagnosis of one of a list of serious illness, money that can be used to repay a mortgage, fund needed private medical treatment, or just tide you over during recuperation. Make a will Only around 35 per cent of people in the UK make a will. Even in the simplest of circumstances, having a will reduces the time and the cost needed to deal with an estate. In more complex cases, it is likely that a will, with the help of a specialist financial planner and solicitor, will reduce inheritance tax liabilities and make sure more of your assets pass to your loved ones. It can also help protect your assets against being assessed and charged to long-term care. Review your planning You would not dream of driving 100 miles without checking if you were on course, so why would you treat your financial planning like this? Regular checks against your original plan, updated to take account of changing circumstances, will give you the confidence that you are on track to achieve all that is important to you.


It's rarely too late to make plans and as part of the Caerus we can now offer even more competitive and apprpriate financial products. Contact John and Adam and we can help you - our clients come from all walks of life, some wealthy, others are ambitious, some just need our occasional help but we offer practicality, confidentiality and honesty.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. Further consumer information is available from the Financial Conduct Authority via the following link - click here









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