Challenging times can be good, as well as bad, for financial planning. Either way, it often introduces additional elements that have to be considered, as we discover speaking to financial planning expert Matt Begley.
We live in interesting times. We’ve got Brexit, a Trump presidency, recent elections in both the UK and France and one coming up in Germany, plus we have an emboldened Russia. Additionally, the pound has fluctuated and UK inflation is on an upward cycle. However, we have also seen some fairly resilient stock markets in the UK, US and elsewhere.
What it may mean for you
Whilst Brexit will have a generational effect, much of what is occurring may relate more to the short-term. Yet, financial planning should often address the longer-term picture. To put this into perspective, let’s think back just ten years. In 2007, the iPhone had only just launched and Facebook was in its infancy. As for the financial marketplace, the term ‘sub-prime mortgage crisis’ was only just coming into common usage.
Much has changed over the ensuing ten years. But while it’s important to think longer-term, the demands of daily life mean that, understandably, many of us live largely in the ‘here and now’. Perhaps juggling a busy family and social life, alongside work commitments, may leave little time to focus on finances.
So that’s why it makes sense to seek professional advice from individuals, such as Harris Begley Financial Planning, who will work with you to assess the bigger picture. This means being mindful of meeting both the shorter-term needs along the way (such as property purchase, university costs, or special treats), and longer-term planning to ensure you can fully enjoy your later years. As part of this process, Harris Begley will consider your requirements and financial position, the mood of the financial markets, product choices, various initiatives introduced and the tax benefits on offer. Matt advises that: “It pays to take advice. In fact, recent research* has shown that those who took financial advice (between 2001 and 2007) were, on average, around £41,000 better off by the 2012 to 2014 period, than those who didn’t. For the first time in a long time we also need to be aware of the impact of inflation as the Consumer Prices Index (CPI) sits at 2.6%**. The next budget will be in autumn 2017, which will reflect the new timetable. As from 2018, budgets will now occur in the autumn, with simply a spring statement from spring 2018 onwards.” So, with this in mind why not book a free, no-obligation financial health check with Harris Begley to see how they can help minimise your monthly expenditure and make your money work harder for you in the year ahead.
HARRIS BEGLEY FINANCIAL PLANNING
The Regent, Chapel Street, Penzance TR18 4AE