Be Your Own Financial Adviser: The Comprehensive Guide to by Jonquil Lowe

By Jonquil Lowe

Many of us stumble via their monetary lifestyles reacting to occasions and suggestion in an advert hoc approach. hence, few decide upon the main appropriate monetary items, a few fall prey to misselling and lots of by no means fully grasp their monetary ambitions. Are you one in every of them? Be your individual monetary Adviser indicates you the way to make good monetary judgements with no the necessity for dear suggestion. Its obtainable type, examples and case reports clarify and review monetary items and placed you firmly answerable for your individual monetary overall healthiness. it's going to propose on the way to undertake the simplest saving, spending and funding concepts, make judgements tax-efficiently, deal with threat properly and defend and increase your wealth. It additionally indicates while expert assistance is a good suggestion, and exhibits you the way to guard your self opposed to misselling and get the simplest from your adviser. Be your personal monetary Adviser will help you: * Stress-test your monetary judgements* reap the benefits of criminal tax breaks* in attaining your monetary targets* deal with and look after your wealth having access to monetary services and products isn't tough - there's no scarcity of advertisements, ads, junk mail, electronic mail and advertising calls to appeal to you to take out loans, purchase coverage and make investments your funds. yet settling on which items are correct for you may be successful and omit strategy. reliable monetary making plans calls for a scientific procedure. you'll want to commence through assessing your individual specific conditions, attitudes and timescales after which determine how one can enforce your method on a protracted time period foundation. enable Be your individual monetary Adviser be your consultant to creating larger monetary judgements. It comprises recommendation at the following: monetary making plans do you want an adviser? retaining your source of revenue supplying in your kin healthiness and care someplace to stay development a pension Retirement offerings Saving and making an investment coping with your wealth Passing it on

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Extra info for Be Your Own Financial Adviser: The Comprehensive Guide to Wealth and Financial Planning (Financial Times Series)

Example text

There may be some events that could happen but seem so unlikely that you deem the cost of protection is not warranted. Stress testing is about being aware of the risks inherent in any strategy – and, crucially, it is about accepting that even small risks can actually happen. Don’t make the mistake of assuming that low risk means no risk (see the box). In fact, there is no such thing as a completely risk-free investment or strategy. Having identified possible risks, it’s up to you to decide whether you want to take steps to protect yourself or just bank on the risks not materialising.

4 shows how much you would need in future to compensate for the effects of different rates of inflation. 3 How inflation erodes buying power The table shows the buying power (called the ‘real value’) of £1,000 in cash after the number of years shown if inflation averages the rate shown. 5 15 (years) 1 £1,020 £1,010 £990 £980 £971 £962 £952 £930 £909 £889 £870 2 £1,041 £1,020 £980 £961 £943 £925 £907 £865 £826 £790 £756 3 £1,062 £1,031 £971 £942 £915 £889 £864 £805 £751 £702 £658 4 £1,084 £1,041 £961 £924 £888 £855 £823 £749 £683 £624 £572 5 £1,106 £1,052 £951 £906 £863 £822 £784 £697 £621 £555 £497 10 £1,224 £1,106 £905 £820 £744 £676 £614 £485 £386 £308 £247 15 £1,354 £1,163 £861 £743 £642 £555 £481 £338 £239 £171 £123 20 £1,498 £1,223 £820 £673 £554 £456 £377 £235 £149 £95 £61 30 £1,833 £1,352 £742 £552 £412 £308 £231 £114 £57 £29 £15 35 £2,028 £1,422 £706 £500 £355 £253 £181 £80 £36 £16 £8 40 £2,244 £1,495 £672 £453 £307 £208 £142 £55 £22 £9 £4 Inflation has a number of important implications for financial planning: OO If you are saving, investing or insuring to provide a target lump sum or target income many years ahead, the target needs to be adjusted to take account of inflation during the intervening years.

It seems reasonable to assume that the company offering the draw has set the amounts so that, on average, the cost to the company of either option is the same. If you choose the income, you are in effect gambling that you will live longer than average and get more in the total than you would have had from the lump sum. Choosing the lump sum suggests you are risk averse. OO You reach retirement age and have to decide whether to take a tax-free cash lump sum from your pension scheme, but this means giving up some of your pension.

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