Build your wealth during a period when your earnings potential is possibly at its greatest
Ensuring sure that you accumulate as much wealth as possible at this stage in your life will provide you with the foundations to plan effectively for the future. You will likely be between the ages of 30 to 40 years old and delaying decisions to secure your future financially will prove difficult to reverse later on. Here are some key considerations:-
- Getting married - will your lifestyle change now that you have joint income; can you both look forward to a financially secure retirement; do you want to start a family and where do you want to send them to school
- Changing job - how will this affect your financial objectives? Do you need to review your options if your income increases or decreases as a result?
- Moving house - are you going to move to a bigger house or perhaps downsize? Moving to a larger property may put pressure on any savings commitments you have whilst downsizing may result in having surplus capital to invest. In either scenario a review of your savings arrangements may be required.
Things to consider
Plan for the future now to take the pressure off later on
Decide what your priorities are
Focus on an achievable target such as saving on a monthly basis
Make sure your savings are on track
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