Sunday, 15 April 2012

The 6 Key Questions to Keeping Control of your Personal Finances

Few of us keep a regular eye on our personal finances. What are the key areas you should be watching out for?

1.      How often do you review your personal financial position?

You should do this on an annual basis. A great time to do this is at the beginning of each calendar year.

2.      How well protected are you and your family if you were to die or fall ill?

This is something everyone in work with a family thinks about constantly. What will happen to my partner/children? Another related question is what will happen to my business or my business partners (for the answer see business wills below)? There are in fact lots of different types of personal protection policies, varying as to the level of cover and cost. Income Protection is one type of protection which not many people are aware of, which covers you for losing the job you are presently doing and can compensate you up to your present net profit; it may not be as expensive as you think.

3.      What plans have you made for your retirement?

Retirement soon comes around. The earlier you start the better, but you probably do need to save more than you think to get the level of pension you want. Indeed do you know the level of pension you want? Is a pension the right answer? The answer to this latter question can vary with age. Have you considered ISA’s or other alternative investments for your retirement? If so, are these strategies right?

4.      How often do you review the performance of your pensions and investments?      
Most of us are guilty of failing to keep an eye on our investments are performing. Have you also considered how your pension is performing? In common with the answer to question 1 above, this should be done on an annual basis.

5.      Have you got a will?

Few of us want to give this any attention; it seems to be tempting fate, but the Intestacy rules can sometimes be unpredictable. If you have no will the Intestacy rules apply.

Have you thought about wills for your business? These protect you and your spouse and your business partners should you or your business partner become unable to work or die.

6.      Have you thought about inheritance tax?

Although the levels at which inheritance tax start seem high, they affect more of us that expected. Have you prepared a personal Balance Sheet? You might be surprised at the answer; it might make you feel good, but also leave you with an Inheritance Tax headache.

The importance of these questions can vary at different stages of your life; indeed, are you asking yourself these questions? Do you know the answers?

Lastly, don’t forget your own business. How would you like to exit your business? This is something you should be thinking about from starting up the business. If you don’t plan this, you could end up in the wrong place. Starting to think about this with only 2 to 3 years to go could be too late.

Why not have a chat with us, as we are completely independent; we don’t sell any financial service products.

We offer a review of your personal finances, the Wealth Tracker. Alternatively we can also help you put together your personal Balance Sheet. Knowing where you are right now and putting in a plan will help you feel in control of your future.

Want to know more?  Contact Jan on 07890 239442, jan@sandersgeeson.co.uk

21 comments:

  1. Really appreciate this wonderful post that you have provided for us. Great site and a great topic as well. I am really amazed to read this. It's really good content about personal finances. CRA Address Change

    ReplyDelete
  2. How about we see what truly is at the core of a field-tested strategy. A field-tested strategy is a philosophy that characterizes and coordinates the exercises that are vital for a business thought to turn into an organization and gives desires that demonstrate it will be beneficial. At the end of the day, Expert Circle

    ReplyDelete
  3. Action so as to get refreshed data for the day by day the executives of the organization. This will incorporate readiness of the necessary changes and cycles to bring the business in the groove again. CBT Web Scraper and Email Extractor Software

    ReplyDelete
  4. An old saying goes, "the two best days of owning a boat - the first, when you buy it and the second, when you sell it. The same seems to apply to some start-up businesses too. As financial experts point out, a business can be sold only once. Local Business Coupons New York,

    ReplyDelete
  5. Im inspired with the exceptional and instructive contents that you provide in such short timing.Sovereign Boss

    ReplyDelete
  6. An interesting dialogue is price comment. I feel that it is best to write more on this matter, it may not be a taboo topic however usually individuals are not enough to talk on such topics. To the next. Cheers. Microsoft Dynamics 365 Business Central Credit Card Processing

    ReplyDelete
  7. I am really enjoying reading your well written articles. It looks like you spend a lot of effort and time on your blog. I have bookmarked it and I am looking forward to reading new articles. Keep up the good work. Technology

    ReplyDelete
  8. This was a really great contest and hopefully I can attend the next one. It was alot of fun and I really enjoyed myself.. IRS Passport Revocation

    ReplyDelete
  9. In spite of the fact that cost is consistently a factor for each business attempt, it is prudent to try not to utilize the less expensive and unpracticed ones accessible as this would wind up costing the person later on. http://www.fokuszpalyazat.hu/

    ReplyDelete
  10. This website and I conceive this internet site is really informative ! Keep on putting up! FEATURED

    ReplyDelete
  11. Amazing knowledge and I like to share this kind of information with my friends and hope they like it they why I do Nerve Control 911

    ReplyDelete
  12. How about we see what truly is at the core of a field-tested strategy. A marketable strategy is a procedure that characterizes and coordinates the exercises . Pressfarm

    ReplyDelete
  13. Technology-enabled solutions are intangible sales. People don't buy the machine; they buy what it enables. Average sales people tend to perceive technology as a tangible, so they focus on the functionality. Exceptional sales people understand that customers only care about the results the technology enables, which is intangible. This difference in perception about the nature of technology is the fundamental factor in determining a sales person's success. 8 tips for writing for design

    ReplyDelete
  14. This is my first time i visit here and I found so many interesting stuff in your blog especially it's discussion, thank you. commercial sign manufacturers

    ReplyDelete
  15. Thanks for your marvelous posting! I quite enjoyed reading it, you can be a great author.I will remember to bookmark your blog and will often come back later in life. I want to encourage you to ultimately continue your great writing, have a nice weekend! ufabet

    ReplyDelete
  16. I have been surfing online for more than three hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. Personally, sagame

    ReplyDelete

  17. This is just the information I am finding everywhere. Thanks for your blog, I just subscribe your blog. This is a nice blog..

    ufabet
    ufa
    sexy baccarat
    slotxo
    sagame

    ReplyDelete
  18. The internal remains refreshed to the most recent specs, and there is a significant assortment in case you’re searching for something in your spending limit.

    best tablets for architecture student

    ReplyDelete
  19. Took me time to read all the comments, but I really enjoyed the article. It proved to be Very helpful to me and I am sure to all the commenters here! It’s always nice when you can not only be informed, but also entertained! Europa-Road gépszállítás

    ReplyDelete
  20. very good written article. It will be a good support to anyone who utilizes it including me. Keep doing what you are doing can't wait to read more posts very nice article 먹튀검증

    ReplyDelete