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Financial planning isn’t just for the rich is it?

 “Someone's sitting in the shade today because someone planted a tree a long time ago.” 

                                                                                                                                                                       ― Warren Buffett

It would be easy to believe that financial planning is simply for the rich. The truth is, financial planning is for everyone. This practice alone can significantly help boost your financial future. The key is to take a proactive approach with your money. Instead of asking “is financial planning just for the rich?” a better question might be, “can I get to a financially richer place by planning?”

One of life’s big commitments can be when you enter into a mortgage agreement. Planning can certainly help when weighing up the many hundreds of mortgage products available on the market. Firstly, it’s important to know what you want from your mortgage. There is much more to a decision than choosing between a ‘fixed rate’ or ‘variable rate’. It’s also important to think about how long you would like to take out a mortgage for.

Choosing the right mortgage can affect your finances for decades to come. Make sure you shop around and work out the numbers in detail. Remember additional fees when purchasing a house like solicitor fees and survey costs. There has recently been good news for first time buyers, in the recent Budget the Chancellor announced the scrapping of Stamp Duty for first time buyers under £300,000. (Gov.uk, November 2017)*

In 2017, with many changes on the economic horizon, the question on nearly everybody’s lips is what should we do with our savings? For many, investing in the Stock Market is an option; buying and selling shares. But be careful, there’s absolutely no guarantee on the security of your money. In comparison Individual Savings Accounts (ISAs) are an alternative option to investing directly into shares and via an ISA you can invest in a portfolio which can be lower risk. There are also several types of investment strategies other than ISA’s. Many others choose to invest in property. This can be a much more active investment, dealing with day-to-day issues with tenants and keeping your property up to the latest legislation standards.It all comes down to your personal needs and appetite for risk.*

For more information and help with personal financial solutions visit www.ethosfs.co.uk/personal-solutions or call us on 01302 244 977.

Publish date: 20th December 2017

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