Finance

FEAR NOT

Andrew Fort B.A. (Econ.) CFPcm Chartered MCSI APFS, Certified and Chartered Financial Planner, Fort Financial Planning

Don’t be scared to start something new in life, whether it’s financial planning or a do-ityourself project.

Most people are apprehensive about starting something new because they are afraid of making a mistake. Clients often have the same bout of fear when they first start investing or planning for the future. Lack of experience can make people feel vulnerable or anxious. To help them overcome their fears, we tell our clients: never let fear of the unknown prevent you from living your best lives.

Although many people know that saving for their financial future is important, many don’t know what steps to take to accomplish their goals. Whether you’re aiming to purchase a home, pay for university or save for retirement, you have to figure out how to properly manage your financial resources in order to achieve your life goals. It’s important to know that financial planning is a process, not a transaction.

Here are some tips to feel more confident about planning for the future:

Have patience Careful analysis and preparation are essential elements of any sound financial plan. Some people are so eager to start investing that they become impatient and rush into investments that aren’t right for their situations. The unpleasant outcomes of doing so breeds resentment, and they become discouraged.

Well-planned diversification is key! Don’t put all your hopes into one investment idea. And don’t be afraid to start slowly by investing smaller amounts of money on a regular basis to build financial confidence.

Learn to enjoy the process In financial planning and investing, clients should enjoy milestones, such as paying off student loan debt, creating an emergency fund or contributing the maximum amount to their retirement accounts. If you can find pleasure in the process, you will be motivated to do more.

Trust and have a good relationship with your financial planner Building a good relationship with a planner is key to trust and financial planning. A good financial planner will openly talk about risk, make you aware of all fees payable, will try and educate you about investing, give you options, meet regularly and care about your goals for the future.

In the UK, October is actually known as ‘financial planning month’. With Christmas coming up (a.k.a. hefty gifting expenses) and the new year just around the corner, it is a great opportunity to get your finances and budgets in order before life gets too busy.

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