Where to Start with Financial Planning
by John Mark Financial AdvisorFinancial planning can feel like
a minefield; you know that taking care of your assets and planning for the
future is vital, but don’t know where to start!
As global wealth management
experts, Chase Buchanan has created this guide to help share the value of
financial planning, and how to get started.
Financial Planning in a Nutshell
Every one of us wants to have firm control over our
finances. Knowing that we are getting the best from our investments, making
wise decisions, and have prepared for our future goals is a compelling target
to work towards.
A financial plan sets out what your situation is now, where
you would like to be, and helps to establish the steps needed to reach your
goals.
Creating a plan may seem like a daunting task, but is
something we can all do. Try setting aside some time within your schedule to
allow yourself the space to focus on the job at hand, and work through some
initial steps to clarify your current situation.
This can include tasks such as:
Setting yourself a budget – how
much do you spend in the average month? Which of your regular costs are
essential, and which are discretionary?
How much income are you making?
Work out your average monthly income, as well as any annual revenue, so you
have a crystal clear understanding of what your cash flows look like.
Taking a look at your credit
score; are there any old debts you can clear off, or any updates required to
reflect your financial standing?
What are your assets worth? Are
you up to date with reports on your investments, or perhaps you would benefit
from a property valuation to get to grips with what your asset portfolio is now
worth?
Decide what you would like to
achieve. Are you planning to relocate? Have university fees to prepare for?
Looking forward to a relaxing retirement?
These may seem like obvious
considerations, but with all the challenges of our hectic lives it is easy to
lose track of your finances, and feel adrift when it comes time to make big
decisions.
The Importance of
Budgeting
Budgets aren’t the most exciting
things, but when planning to relocate, or evaluating our financial position, it
is essential to know just what your expenses look like.
Particularly for expats, or those
considering retiring to other countries, knowing what you have to spend and
what sort of costs will be associated with maintaining your standard of living
is key to securing a comfortable future.
Some of the most
common questions to ask yourself:
How much do I have to live on per
month?
Is there a smarter way to invest
my funds for a safer or higher return?
What is my property currently
worth?
How much tax will I have to pay
on overseas income?
Will my pension be impacted if I
move abroad?
How can I budget for life events,
such as weddings or education fees?
Every one of these questions is
valid and important, so having a clear understanding of your financial position
and where changes need to be made to support your life goals is crucial.
Pitfalls to Watch Out for in Financial Planning
The primary purpose of planning
is to ensure you know what resources you have available, and how to best use
them to reach your aspirations.
However, there are pitfalls to
watch out for, and to be aware of when you are creating your plan:
Inflation – how will your asset
values, or your planned expenses, change in time?
Interest – if you have
investments or savings, what interest rates should you plan for?
Risk – do you need to make
changes to your portfolio to ensure you have a stable investment structure?
Exchange rates – will exchange
rates move significantly up or down, and how will this impact your overseas
income, investment returns or living expenses?
The ideal solution to manage all
of these variables is to consult an independent
financial adviser. Your finances are
important, and making crucial life decisions is a significant undertaking.
Using an expert helps alleviate
all of the time and stress associated with trying to create a meaningful
budget, and opens up access to a world of knowledge and expertise to help you
make the right decisions for your circumstances.
How Can a Wealth Management Expert Help?
Wealth management is about more
than advising on the best investments to make – having a financial adviser
working with you creates a secure foundation from which to make decisions with
confidence.
Wealth management expertise helps to:
Guide you with planning and
budgeting to meet your goals
Understand your personal finances
and aspirations to strategies with you
Recommend solutions and products
to enhance your asset value
Advise on the best options and
decisions to support your objectives
Steer your investments down the
most profitable routes
Financial advisers combine all
the essential fields of knowledge to enhance the performance of your asset
portfolio, and to provide you with personal advice tailored around your wealth
management needs.
Where Can I Find Guidance on Financial Planning?
There are multiple reasons why
you might wish to seek expat financial
advice, or would benefit from using a wealth management advisor:
You are concerned about your net
worth, and how to protect this in the future
You are planning a life change or
relocation, and need to plan carefully
You have significant expenses on
the horizon and need assistance with budgeting
You are nearing retirement, and
require expert advice on the best income structures
You hold investments and want to maximize
the achievable returns
You would like to have a firmer
understanding of your finances and how to manage them
A financial adviser
can help with every one of these scenarios, with a long-term supportive
relationship to deliver continued, bespoke support as and when you need it.
Chase Buchanan is a highly regulated
global wealth management company, supporting expatriates around the world from
our regulated European headquarters. Every one of our financial advisers is highly qualified and accredited, offering the
ultimate peace of mind that your assets and future are under control, with your
personal expert wealth management partners working by your side. For help with
your financial planning, contact us
today.
Original source :- https://chasebuchanan.com/financial-planning/
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Created on Aug 17th 2020 11:57. Viewed 340 times.