What Priority do you Share with the Government?
Posted by siteadmin on Wednesday 7th June 2017.
So tomorrow we head to the polls - again.
Regardless of who wins, it’s always been the case that any Government’s first priority is to protect its citizens. Perhaps now more than ever with the awful events we've seen of late where it's painful to say, but we'll undoubtedly see more. It was the only thing the different political parties could agree on, albeit as a principle as opposed to how.
And that protection priority is something we should all apply ourselves too by ensuring that we and our families are protected as much as possible in good times as well as bad.
Some of the practical steps you can take to protect your family are included in my guide, The Five Fundamental Steps of Solid Financial Planning and include:-
Writing a will or ensuring it's up to date - It’s incredible how many people don't have one. Even a solicitor I was speaking to a few weeks ago who had a young family. Just get it done as soon as possible and if you want, speak to us and we will guide you.
Get insured - Without wanting to sound morbid, none of us know when our time is up. And that’s why insurance is so important.
Build a rainy-day fund - It's needed by all of us from time to time where you have some money saved for the unexpected. I usually suggest six months of your total monthly outgoings as a good level.
Pay off debt - While hopefully you don’t have commitments the size of our national debt, you certainly don’t want to be leaving your family to deal with monies owed.
Monitor and Review - Our circumstances and lifestyles change all the time and as a result, so do our plans both personal as well as financial. They need to be flexible to accommodate and ensure that they are serving us and our family well.
In my experience, a lot of people put off dealing with lots of these things for a couple of reasons. Some say they are too young and don’t need to worry about it. Others feel they are too old to do something now. Some just feel that they are facing their mortality.
The truth is that you’re never too young or too old to get your house in order. Especially if you have family and loved ones that you wish to protect.