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changing the way you think about 
Most people don't, alas. Where_do_you_want_to_go

There are three big life changes when people usually think about speaking to a financial professional:

1. When they need a mortgage to buy a house
2. When they retire or take benefits from a pension
3. When they inherit some money.

The rest of the time we steer clear of financial advisers. It's tempting to believe that this is primarily because people don't trust financial advisers. To be fair our image is down there with estate agents and journalists... That said I believe that many people avoid talking to a financial adviser because they don't want to talk about the mistakes they have made. This is very understandable and, after all, denial is a good strategy... for a while. But it gets you in the end.

“Most people have been taught how to work for money, they have not been taught how money works.” - Tom Barrett, Dare to Dream and Work to Win

I believe that financial planning is for everyone, not just so called 'rich people'. Everyone from college students to young professionals, young families, business owners and 'retired' people can all benefit from having a proactive, positive relationship with money and the guidance of a trusted advisor.

A good financial planner will help you to avoid making daft decisions (we've all done it!). As Carl Richards describes it in his book, The One-Page Financial Plan, a good advisor will stand between you and The Big Mistake.

He will also help you to 'behave'.. for a very long time. Behaving means doing all the things we know we should do: budgeting properly, paying down debt, saving every month, not buying stuff without thinking and so on. Getting this right for a long time means we end up achieving our financial goals and acquiring the freedom and ease around money that seems to elude so many of us.

And it all starts with a conversation... ideally with a financial life planner, someone who will take the time to understand you, what you want, and where you want to be, so that together you can create a plan that works for you.

Regards,
Nicholas.



Can't watch the video today? Why not read the transcript below:


Welcome to the penultimate video of The Baby Boomer Series; today we’re discussing debt.

Let’s get straight down to the bottom line - debt does not die with you.

Many of us have been through a tough period during the recession. Those of us in our late 50s are still working, and some of us following a redundancy because of the recession, have started our own small business. We may have re-mortgaged the house to put more money into the business. If so It is very important for you to understand that it is a debt, and if you were to die unexpectedly you would leave that debt to your dependents, principally your spouse or partner. I have heard people say, “Well it wouldn't be a problem. He / she could just sell the house and move on.”

Is that really what you want your spouse to have to do in those circumstances?

It really is worth thinking that through and seeing what you can do to plan appropriately. The most obvious thing of course is to remove the debt as quickly as possible, but this is always a little bit harder to do and takes time. It may be appropriate to think about life insurance to ensure that, in the event of your unexpected death, the debt is repaid.

This episode really has the same message that runs throughout the whole Baby Boomer Series, which is talk to each other - talk to your family, talk to your business partners and work out what’s going to be the best way for all of you.  

Regards,

Nicholas.