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Focus on bringing your money to life

If you have enjoyed some success in your career or have a successful business you probably already have an ISA or two. In fact you are probably inundated with investment advice and might feel you have it covered. I am certainly not here to prove you wrong but I believe that your money should work for you - and not just be left in a bank account or in “faceless” investments.

The first step in making your money work for you is bringing it to life, here are a few steps you can take to help you do this:

1. Consider your financial aspirations and goals.

It is easier to be focused once we fully understand what motivates and inspires us. What does money mean to us? Does it enable us to pursue our dreams of travel? To look after and treat loved ones? Independence? Or an opportunity to give back? Make a list of what matters to you most and how money could help you achieve this.

2. Consider the following:

  • Timescales

  • Income requirements

  • Risk profile for your investments

  • Tax mitigation

  • When you wish to retire or wind down

  • If you would like to live overseas

  • If there are charities or causes you would like to support

  • Wealth preservation and estate planning

  • Would you rather give money to loved ones now when they need it more rather than when they are older and perhaps don’t need your help so much?

3. Split your assets equally, we suggest into three:

  • 1⁄3 personal and holiday property

  • 1⁄3 business or investment assets

  • 1⁄3 Investment “Lifetime Fund”, portfolio, pension etc.

4. Recognise your financial position – and how to progress.

Take Off – the start of your financial journey.

This is where you are focused on building your home and career. You may wish to consider life assurance, critical illness cover, income protection, mortgages, pensions, ISAs, etc.

Cruise Control.

As your career progresses your income will begin to exceed your outgoings. But rather than go for expensive luxuries, you may wish to look at your options and consider the lifestyle you would like, both now and in the future.

Arrival

This is when your plans and hard work mean that you can afford to retire or semi retire. At this point your focus is on wealth preservation as your salary may cease or reduce. You may be able to re-distribute your wealth to loved ones or causes close to your heart.

5. Consider the level of risk you are prepared to take.

Think about how much money you need now and how much can be put away for the future. Also, be aware of any possible changes, such as inheritance or the sale of a business.

Then consider the level or risk you are prepared to take with your investments and the reward you are looking for. What suited you a few years ago may no longer be appropriate. As you approach the “Arrival” phase you will be focusing more on wealth preservation and should be considering reducing the risk level of your investments or pensions. 

If you found these ideas interesting I would like to invite you to come and join us for the launch of our new venture, The Royall Wealth Club.  In the event we will set out how through a serious of events we will build a community of likeminded people looking to acquire and share skills and information that will make a difference to their overall wealth and well-being.

We look forward to seeing you there!


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The Royall Wealth Club is a trading style of Royall Consulting Limited.
Registered Office: Elm House, 10 Fountain Court, Newleaze, Bradley Stoke, Bristol, BS32 4LA
Registered in England & Wales Reg No: 10242375

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