….and imagine if you won the lottery what would you do?…
- Where would you live?
- What would you drive?
- Where would you holiday?
- What would your hobbies be?
So how can you make the most of your money?
(Click any of the expanding links below)
- If you start saving early you can benefit from compounding growth. This means you can end up saving less over a long period of time and end up with more than others who save more over a short period of time.
- Once you’ve decided what you need, you have to start saving and investing towards it.
- Here’s how it works
- Person A saves £100 per month from the age of 30 – 60 if the rate of growth was 7% they would have a fund value of approximately £130,000
- Person B saves £200 per month from the age of 40 – 60 if the rate of growth was 7% they would have a fund value of approximately £113,000
- Person A has invested £36,000 to create a fund value of £130,000. Person B would have to save £230 per month to create approximately the same fund value.
- Person B has invested £48,000 to create a fund value of £113,000.
- So person A invests £12,000 less and ends up with £17,000 more!
- The most important thing is to start saving earlier rather than later – the biggest cost to planning is the cost of delay.
- Borrowing money to buy a house or to even remortgage can be tricky:
- Property prices are high
- Incomes are rising slowly
- Lenders are asking for big deposits
- Credit Histories are being scrutinised
- Lenders are just not lending!
- However with professional mortgage advice we can help you ensure that you choose the lender most suitable to your needs, and package your case so that you gain the best chance of being accepted, and then of course ensure that the mortgage goes through to completion with as little hassle as possible.
- Of course if the worst happens you need to ensure that you and your lifestyle are protected.
- We tend to believe that illness is something that happens when you are old, and whilst that is true in the main there are two main factors to consider:
- Illness happens to young people more often than you would think
- The financial effects of serious illness at a young age can be devastating
- Here are some facts:
- Every 6 minutes someone in the UK dies from a heart attack
- 1 in 4 women and 1 in 5 men suffer a critical illness before retirement age
- 36% of critical illness claims paid by insurers last year were to under 40’s
- 76% of all critical illness claims paid by insurers last year were to under 50’s
- Andy Hanselman, 47, Manager of a business development consultancy.
- Andy received a £400,000 pay-out from his critical-illness insurer after a triple heart bypass.
- When he visited his doctor in the spring of 2003 he expected to have a routine check-up and be told to go on his way. Instead, he was referred to his local A&E department to have a triple heart bypass operation. An exercise enthusiast, Mr Hanselman had spent the previous summer cycling 300 miles around Vietnam as part of a fitness challenge. He remembers the day he learned of his heart condition was a shock.
- But having insurance meant he did not have to worry about paying for the three months off work that he would need to recuperate from the operation. As he had been paying £100 per month on two policies set up six years ago, his £400,000 payout more than covered the time out of work, giving him peace of mind as well as financial security at a difficult time.
- Not having to worry about being out of cash was a blessing, Mr Hanselman recalls. “It was not an easy time for us but knowing that the policy would cover the period I was out of work was a great relief.”
- We can help you decide how much cover you need and make sure that its affordable for you as well, ensuring that should the worst happen – you’ll be ok financially.
To find out more about Financial Planning, see WHAT WE DO
Go to CRITICAL ILLNESS COVER
Go to INCOME PROTECTION
Go to LIFE ASSURANCE
Go to PRIVATE MEDICAL INSURANCE
Go to REDUNDANCY COVER
When you buy a bond you are allocated a certain number of units in the funds of your choice. Each fund will hold a portfolio of investments, such as shares or bonds, and the price of your units – in other words the value of your capital – will normally rise and fall in line with the value of these investments.
Technically, investment bonds are single premium life insurance policies. This means an element of life insurance is provided. But it is tiny, typically adding an extra 1 per cent or less to the value of your investment, if it is paid out after your death.
Investment bonds have an element of tax paid at source at 20%. Higher rate taxpayers would be potentially liable for a further 20%. A feature of investment bonds is that a tax-deferred income of 5% per annum is available.
Bonds can be ‘onshore’ or ‘offshore’. Offshore bonds do not, in general, have a tax liability until they are brought onshore. The level of liability depends on your tax status as well as regulations and legislation.
Go to INVESTMENT BONDS
For Further information on Investment trusts, please Contact us
Go to ISAs
Go to OEICs
Go to UNIT TRUSTS
For Corporate Financial Planning
For further information about Employee Benefits, go to the Q&A website, EMPLOYEE BENEFITS
Go to KEY PERSON PROTECTION