Scott Droney - How to Get to Grips With Your Finances
Most people would like to get to grips with their finances more effectively, but many are daunted by the prospect. Scott Droney says Money and finances are not subjects that lie solely in the domain of the professional; they are issues that affect our everyday lives. Decisions that you make may affect you for the rest of your life.
It is important to consider the consequences of the steps you take and not simply take things on trust. In these days of failing pension schemes, it is clear that customers can no longer simply rely on the advice of those who are trying to sell them products. Ultimately the responsibility lies in your hands.
Scott Droney financial planning helps you make the most of your money, identify and target your future goals and find the products that will help you achieve those goals. It should also give you the insight to cope with unexpected future events, such as illness, unemployment, additions to the family etc.
Identify and prioritise your goals.
Check your resources.
Find the right products.
Select the right company.
Monitor and review your plan.
The approach you will take will vary according to the goals you have identified. For example, if your goal is to set up house together, you may want to protect your partner if you become ill, get made redundant or die.
Scott Droney goals include taking your borrowing in hand, building an emergency fund, buying a home, paying for your children's education, saving for retirement, investing to boost your savings/income or planning for long-term care.
The products that will help you to meet these goals will depend on a number of factors:
What you can afford to do.
What your attitude to risk is.
What your tax position is.
Your state of health.
What timescale you are interested in.
Ensure that whenever you are considering a product, no matter how well recommended it comes, that you check it against these factors. If a product or service does not suit your circumstances, you may be storing up trouble for later.
