In the article, the journalist says “…free advice is usually worth exactly what you paid for it…” which may not be necessarily so.
In financial planning, free advice (albeit sometimes well intended) can frequently take you further away from where you want to be, putting you in a more precarious or risky position than you were before. Continue reading “Free Financial Advice is usually worth exactly what you paid for it. Here’s why”
Here is a questions often asked – what is a financial life plan, and why would I need that as opposed to a financial plan?
More and more consumers are understanding that there is a difference between the old way of financial advice (selling as many products as possible) and financial planning (where recommendations are able to demonstrate that they are relevant and appropriate for the long term).
So where is Financial Life Planning different? Continue reading “What is a financial life plan ?”
There is much talk at the moment around transferring pension benefits from Defined Benefit (Final Salary) schemes – especially in the wake of the British Steele pension issue. It is a hugely complex area, one which requires high levels of care and consideration, and it is not just the financial issues to consider, it is a whole different way of planning around your pension and life. Continue reading “Cruising or Paddling Your Own Canoe ? That is the difference between pensions!”
A question I have been mulling over – ‘is financial advice negative or positive’ – or is it aimed to create negative feelings, then solve them with overly positive predictions or scenarios, or actually, should it be to create positive feelings, then stay sensibly grounded, aware of what could happen (negative scenarios)? Continue reading “Is the financial advice experience negative or positive?”
In a study carried out recently, it was found that only 41% of over 55s in the UK actually know how much they will need when they retire. In all likelihood, the figure is probably far less than that. Continue reading “Can 41% of over 55s in the UK really predict the future?”
There is a vicious cycle combining money and mental health – quite simply, worrying (about money in this case) makes mental health worse, and poor mental health, makes managing (money in this instance) harder.
Although we are taking money as the example here, the example can be extended to many areas – just substitute money for ‘work’, ‘relationships’, ‘health’ and many more. In particular though, the money cycle is one which can have a self-destructive path which is far more challenging to escape from. Continue reading “Can you recognise the vicious cycle of money worries?”
At our ‘Serenity On Tour’ seminars (which spanned the UK covering Cornwall, London, Lincoln and North Wales), one of the presenters asked these questions …
- How much money do you have on you right now?
- How much money did you spend last month?
- How much money will you spend next month?
Not many attendees knew the answer to the first question, less to the second, and less again to the third. The point behind the exercise, was that if you do not know what you are going to spend next month, then how on earth will you know what you will spend in retirement? Continue reading “How to fix a terrible money habit in one month”
What is the one thing you feel MOST uncomfortable talking about?
Have a think a moment, then write down a few ideas.
What did you come up with?
Perhaps you had some of these : politics? religion? death? mental health? regrets? sexual orientation?
How about money? How comfortable would you really feel about talking to others openly about your finances – how much you earn, how much you owe, or how much is in your bank account? Continue reading “The last taboo – talking about money…”
Your emotions and the financial markets may have more in common that you first think.
Over the long term, the general trend of financial markets is upwards. Like it or loathe it, the concept of financial growth (some may call it capitalism) seems to work. Of course, from time to time, there are little wobbles along the way, sometimes (2001 and 2008 spring to mind) there is a calamitous drop in value. Given time however, and avoiding panic, generally, things recover, and after a while, are back to where they were, and improving again (unless of course you had all your assets in one company which went bust) . This is the message we convey to our investment clients at Serenity – trust in the plan, and despite the short term wobbles, in the end, the plan will see you through.
Using happiness as the global currency instead of money, generally, society can hope to work towards greater joy, feeling better about the things around us and ourselves. Trust that generally, life will be ok, and we find that the investment in ourselves will pay dividends, be it health or mental functions. Continue reading “What your emotions and the financial markets have in common”
You probably have great intentions to move forward with one thing or another, yet doubt creeps in, you get distracted, run out of time, don’t feel up to it, or spend so long gathering information, that the time has passed.
There are 5 key non-negotiable disciplines of high achievers. Continue reading “Belief, focus, time management, health and ignorance – that’s all it takes…”