Setting short-term, mid-term, and long-term financial goals is an important step toward becoming financially secure. If you are not working toward anything specific, you will be more likely to spend more than you should. You will then come up short when you need money for unexpected bills, not to mention when you want to retire. You might get stuck in a vicious cycle of credit card debt and feel like you never have enough cash to get properly insured, leaving you more vulnerable than you need to be to handle some of life’s major risks.
We know it can be tough to find time to create, manage and implement a comprehensive financial plan which makes the most of your financial resources. A financial plan puts your financial affairs in order and lets you get on with the other areas of your life. Every anniversary we re-visit the plan with you to take account of any updates and changes in your circumstances.
Financial planning is at the core of what we do at Hennelly Finance and we have accumulated significant expertise in this area over the last 20 years. With your own personal finance advisor, a bespoke financial plan will provide you with a complete picture of your finances and roadmap to financial security. Based on your risk profile and a financial fact find, we will develop a financial plan tailored on your needs and goals. We will manage and implement all elements to achieve your goals and we will review regularly to ensure you stay on track. You will be empowered to make the right decisions with our support, knowing that you have a clear roadmap to a secure financial future.
A financial plan will help you to:
1. Take the first step towards making your dream a reality.
Our planning process will help you define, quantify and attain your goals. You can then get on with the more important task of living the life you want.
2. Answer all the questions you know you should ask but have not asked yet.
Sometimes there are questions you know you should ask but feel overwhelmed by what the answer may be. We can find realistic solutions questions like these and many more:
- Will we be able to afford to send our kids to university?
- When can I retire and how comfortable will my retirement be?
- Is my pension any good?
- Am I saving enough? How much is enough?
- Is my wealth properly protected against sickness?
- How can I ensure my family will be financially secure?
We will help you address these and find realistic solutions.
3. Ensure that you and your family are protected.
Ensure that you are protected from the financial impact of life’s major events. Your Financial Life Plan will tell you if you are properly insured and help you plan your estate.
4. Gain peace of mind
Achieve the peace of mind that comes from allowing us to organise your finances. We will bring clarity, objectivity, organisation and expert planning to all your financial arrangements.
5. Stay the course
We will help you to save and spend wisely, not be distracted by the ‘next big thing’, and make informed financial decisions so that you can reach your investment and retirement goals.
Life Stages of Financial Planning
Financial planning is for everyone, not just an elite few. Whether you have just started your family or you are planning to retire soon, it is never too early or too late to start the financial planning process. The model below provides an indication of the life stages of financial planning (note ages are representative only; each individual case will be different).
Job Starter (Age 18 – 25)
At this stage of life a person is starting out financially. It may be the first time a regular income is being earned. Various financial needs must be addressed, such as college loans, credit card debt, health insurance options and whether all tax reliefs are being claimed (i.e. rent relief). Life goals need to be established and a financial plan to meet these goals put in place. The goal may be to save a deposit for a property or a Master’s Degree and provides a roadmap for achieving the financial means to fund the goal.
Family (26 – 55)
At this stage of life many financial needs become evident. You may wish to purchase your first home or a bigger property to make room for a new arrival. Protecting your income and your wealth becomes more important and saving for your children’s college education may now be on the horizon.
Pre or Early Retirement (50 +)
During this stage, people with children will begin to see them move on and start their own lives. Now, parents begin to focus on their own needs again. Is there adequate funds for a comfortable retirement? Can more funding be made? What goals do you still want to achieve and what financial needs are required to achieve these? Do you want to travel? Perhaps you have a family business that you wish to transfer to your children?
Is there adequate funds for a comfortable retirement? Can more funding be made? What goals do you still want to achieve and what financial needs are required to achieve these? Are funds required for health/medical expenses? Will there be a need for long term care/home help and how will this be provided for financially? Have you made a will? Have the taxation consequences of passing on assets been addressed? A financial plan can help you achieve your financial goals at each life stage while minimising your financial risk. To find out more about the benefits of financial planning and how it can help you achieve your financial and lifestyle goals, speak with your personal finance advisor at Hennelly Finance today. We can help you get started with your financial plan, or help you review a current one, to ensure it suits your specific needs and your stage of life.
No matter what stage your at in life we recommend talking to a financial planning expert, call us today at 091 670123