Three Financial Mistakes You Can Avoid

We’re all guilty of delaying certain things in life. Common avoidances include visiting the dentist, working out, and changing a lightbulb.

Some things we can delay without consequence, other things, we can’t. Our finances fall into the latter category. Failure to take control of your financial health at an early age (25+) can have serious and undesirable consequences for you later in life.

We’ve listed the top three things people should not delay if they want to achieve financial security.

Pension planning

We get it, the word pension puts a lot of people to sleep. But just for a minute, let’s not associate the word with an 80-year-old playing scrabble in a retirement home. But think about what retirement could mean for you. Some people aspire to retire and travel to exotic countries, open that music store they’ve always dreamed of, or spend time with family around the world. The list of possibilities of what you can do in your retirement is endless. That is of course if you can afford it.

Failure to effectively plan your retirement portfolio can drastically restrict your options.

How can we help?

The deVere Group can help you gain an understanding of any pensions you already have in place. This can include your UK defined benefit or defined contribution pensions, your Swiss or Irish pensions, and your UK state pension. Once you’ve reviewed your current pensions, only then can you understand what else is required for you to meet your retirement goals.

Life insurance

Top on the list of things that should not be delayed: life insurance. Tragically, many people delay taking out life insurance. Why? Quite simply, in many cases, because people dislike the thought of their own mortality, and apply the logic ‘it’ll never be me’ to things such as car accidents, critical illnesses or freak accidents.

Unfortunately, you never know when your number is up in life, which is why it’s important to take out life insurance and critical illness cover – especially if people are financially dependent on you.

How can we help?

Life Assurance is a way of managing your risks. When you take out a life assurance policy, you transfer the cost of a potential loss to the insurance company. Finding the right assurance for your needs can be a daunting task. Whether your new life assurance is for personal or business use, deVere Acuma Insurance Brokers L.L.C. has got you covered

Education planning

Most parents would agree, that giving their child the best possible education is a top priority. Most parents would also agree, that if money was the only reason they could not fulfil that objective, they would feel dreadful.

Make no mistake about it, education is expensive! And each year, it’s getting more expensive. A study by CNBC showed that the cost of a college education has increased by more than 25% in the last ten years.

Many expatriate parents are unaware that their children will be charged international fees to attend universities in the UK or US. In many cases, international fees triple the cost of tuition. International students are normally unable to receive student loans or grants. The longer you leave education planning off the agenda, the number of options your child has will reduce.

 

How can we help?

deVere Acuma’s specialist financial advisors offer advice on a variety of saving solutions to suit individual clients’ circumstances. By utilising a tailor-made, long-term financial plan, we will support you from beginning to end so that you give yourself the best possible chance of providing your child with the education they deserve.

Take action

The biggest mistake people make when it comes to their finances is avoiding taking action. The longer you ignore the problem, the bigger it gets. Our team of highly qualified advisors are on hand to assist you with all stages of your financial planning journey.

The quicker you contact us, the more we can do for you.

About us

deVere Insights is a proud component of the deVere Group. Our company has always prided itself on leading the way in the sphere of wealth management. This website is in place to share information and expertise.