Identify your goals, and then feed that dream
‘Buy Now – Pay Later’, ‘Interest Free’, ‘0% Credit’ – we live in a world where consumption is key, debt is the social norm and ‘keeping up with the Joneses’ is a full-time hobby.
So any message to save now and spend later is counter-cultural, especially for younger generations.
Even financially savvy clients can struggle to balance their current financial needs with the future promise of a more comfortable retirement. And when you add pressures of the economic downturn, stock market volatility, the costs of getting onto the housing ladder or raising children, and pessimism that the Government will allow tax efficient savings to remain untouched, many suffer a paralysis of analysis. They can’t work out what’s best to do, so they do nothing.
I find that only when this ‘future’ self is brought into the present that people begin to value savings, investments and pensions. What is the lifestyle that they want to have in the future? And what do they need to do to get there? The cost of a cappuccino every day from your favourite barista can eventually accumulate into a holiday, a car, a deposit on a house or an early retirement. Identify the goal, and then feed that dream.
Want to learn how to make your money go further so you can take that perfect holiday while saving for a comfortable retirement? An IFA can help make your dreams a reality.