Financial advice isn’t straightforward, so you need to ensure that you find the right advisor for your needs and to create a plan that can see you right through your career and beyond. But finding the right financial advisor in a city like Stafford can be a problem, but is ultimately worthwhile.
Finding the right financial advice can be a difficult business. For a start, you need to know what type of advice you might need, but that is dependent upon your circumstances. If you are just starting your working life then your needs will be different than if you are halfway through it or even approaching a time when you expect to be retiring. All of these instances mean that you may have different needs, and will certainly have different amounts of money to invest. Let’s have a look at a few typical scenarios.
The early Entry Investor. This is someone who is a recent entry to the job market and may have only been out of education – be it mainstream or higher education – for just a few months or years as a maximum. They will be looking at completing as much as fifty-five to sixty years of work and don’t really have any idea of what life is going to bring them. Of course, they may have aspirations and could have already decided that they want certain material things from life, but don’t yet have any of those in reality.
The early-entry investor probably also doesn’t have a great amount of spare salary to invest but is in the enviable position of having plenty of time to actually put money aside throughout their working life, and can start to create a credible financial plan that will have gaols several years or decades in advance. An early entry investor may have time on their side, but they are less sure of how their working life is going to pan out.
Mid-career investor. By this point in your career, you are well aware of what you already have, and how your career – pending any unforeseen issues such as redundancy or long-term health issues – is likely to pan out. You will be aware of potential pension growth and what investments you have. You should, by this time in life, have made decisions about children and while you might still be able to move up in the property world, you are likely to have some form of property behind you as a major investment.
Even if you are just starting out on a financial plan at this stage, you will still have a State pension in place and private company pensions started, so creating a plan that includes these are easy. All you need is a good financial advisor to help construct the plan.
Later-life investor. You could be towards the end of your career, but even this isn’t too late to start a credible plan to see you in to your retirement. Many of the issues that impact the mid-career invest apply to the later-life investor, only they are likely to have a much better idea of what assets they have and how they are progressing.
As a later-life investor, you are more likely to be in your final home, and may even have completely paid off your mortgage. Your overall debt is likely to be much smaller than with the two previous groups, with the intention of paying it off before you finally retire. At this point, you will know if your earliest retirement age is possible or whether you will have to work on it for a few years to meet your goals.
This mix of potential planning stages have their own advantages and disadvantages, but all of them can be positive with the right financial advisor. Search for a financial advisor in Stafford by either carrying out an internet search for local advisors or maybe even looking in your local newspapers. Both of these will yield results with the best companies around, enabling you to get a strong plan in place that will see you throughout your working life and beyond.
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