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Financial Planning

Why make a financial plan? – Having a financial plan is vital for a variety of reasons. It’s a means of identifying the goals you are aiming for and working out the best route to achieve them.

It involves a comprehensive assessment of your financial affairs – your pay and any other income on the one hand, and all your outgoings on the other. A financial planner can help you consider the pertinent questions around issues such as the protection of your family and home; how best to save for retirement; the long-term financial security of your children.

It will usually feature a budget to forecast how you’ll remain solvent and also save for the future, allocating amounts to certain types of day-to-day expenditure as well as taking a longer-term view regarding savings.

(The value of pensions and investments and the income they produce can go down as well as up and you may not get back the full amount you originally invested.)

With tax-efficient management of your money you can grow a lump sum or benefit from the regular investment of savings. You need to consider the optimum use of tax allowances and pension contribution allowance, which will have implications not only for later life but also for your beneficiaries after your death.
Therefore taking the time to evaluate your financial situation and prospects can really pay dividends in giving you peace of mind. You will become more aware of the crucial issues to bear in mind as you continue through this master plan, with a satisfying sense that your finances are under control.
The independent financial advisers at Wealth Design in Cannock, Staffordshire, are skilled and experienced in guiding you through this financial planning process, according to your own specific circumstances, so that your financial plan is designed around you, with your investments in the right place.