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Lifestyle Financial Planning

Lifestyle Financial PlanningScott Robinson of Sabre Financial says “When Investing you need to consider what you really want from your investments. Knowing yourself, your needs and goals, and your appetite for risk is a good start. It’s also important to know why you’re investing, and the first step is to consider your financial situation and your reasons for investing.


For example, you might be looking for a way to get higher returns than cash savings typically offer, or you might wish to put money aside to help pay for a specific goal such as your children’s education or their future wedding.


If you’re investing with a goal in mind, you’ve probably got a date in mind too. If you’ve got a few goals, some may be further away in time than others, so you’ll probably have different strategies for your different investments. Stock market related Investments will always rise and fall in value, so it’s sensible to use cash savings for your short-term goals and invest perhaps in Stocks and Shares for your longer-term goals.


Most investments need at least a five-year commitment, but there are other options if you don’t want to invest for this long, such as cash savings. If you can commit your money for at least five years, a selection of investments might suit you. Your investments make up your ‘portfolio’ and could contain a mix of funds investing in shares, bonds and other assets, or a mixture of these.


Let’s say you start investing for your retirement when you’re fairly young. You might have 20 or 30 years before you need to start drawing money from your investments. With time on your side, you might consider riskier funds that can offer the chance of greater returns in exchange for an increased risk of losing money.


Once you’re clear on your needs and goals, and you’ve assessed how much risk you would like to take, we can help you identify the types of investment options that could be suitable for you.


As well as deciding what to invest in, think about how you’ll hold your investments. Some types of tax-efficient accounts mean you can normally keep more of the returns you make. It’s always worth thinking about whether you’re making the most of your tax allowances too. You need always to bear in mind that these tax rules can change at any time, and the value of any particular tax treatment to you will depend on your individual circumstances.


Periodically checking to see if your investments align with your goals is also an important consideration in terms of monitoring your financial plan. Has something happened in your life that calls for a fundamental change to your financial plan? Maybe a change in circumstances has changed your time horizon or the amount of risk you’re willing to handle. If so, it’s important to review your investments to determine whether it aligns with your revised financial goals”.


Next month Scott will discuss understanding the different types of investment risk and how to make informed decisions to improve your chances of achieving your financial goals.

If you or your clients would like further information please contact Scott Robinson, on 01548 856444 or email scott@sabrefinancial.co.uk .

Sabre Financial is a trading title of Sabre Financial Planning Ltd. Sabre Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.


 

 

 

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