The financial decisions we make earlier in life can have a significant impact on our lifestyle in later years. With life expectancy increasing all the time, It also increases our responsibility to be organised financially to fund ourselves for 20 plus years into retirement.
Employees who negotiate their starting salaries averaged a €5,000 increase compared to those who didn’t negotiate. Career guidance advice to increase your chances of salary increases recommends you, volunteer enthusiastically, highlight your team player skills and provide solutions to work related problems.
A 30 year old should carefully research the pension and sick pay benefits offered by their employer. Many employers simply provide the facility to make pension contributions without any encouragement or incentive from the employer. A 30 year old with no pension contributions will fall far behind another 30 year old who chooses to make personal pension contributions.
Who you marry, if you marry, is one of the most important financial decision you can make. If you and your partner are compatible money-wise and commit to setting up a financial plan to save, invest and build your future, you can enjoy life and create financial security at the same time.
In the last few decades, the average age of first time parents has increased. When will your children be past the very expensive college years? The lifestyle you desire in your 50’s will be more achievable the earlier you start planning financially for planned future expenses.
We suggest a contingency fund of circa 4 months income on deposit. This is so you don’t need to sell your long term education or retirement funds at an inopportune time. Those people who’ve consulted a Financial Broker have significantly more in savings and investments with an average of €71,800 compared with €25,770.
There are instances when it is better to rent than to buy a house. If you need mobility, don’t plan on staying in your area for long, you may be then renting might be the smarter option. However, as a homeowner, the mortgage will eventually be paid off and your housing budget will only have to cover taxes and repairs, so there may be more money to enjoy during your retirement.
Getting financial advice means success, as people balance the day-to-day priorities with their long- term goals. Working with a Financial Broker ensures a personalised and holistic approach to a client’s finances. The past we can’t change, but we can plan for the future. If you are getting advice from us, your are receiving direction from impartial and Certified Financial Planners.
To discuss how best to plan for your future.