Fridays Financial Reflection: Once you actually understand the full detail of your finances you are in a better position to ‘Determine Your Priorities’. So often people over spend and under plan resulting in a situation where it is then difficult to maintain a lifestyle. Some may say they can’t afford the lifestyle they would like or have previously had. Sticking the head in the sand is not the way to deal with this. Sit down and detail your finances. How much income do you have? How much do you spend? What do you spend it on? Is all of your expenditure necessary? How much entertaining do you do? When are you going to replace your car? Where will you holiday this year, next year, the year after etc? How dependent are your dependents? Who are your next of kin? What do you want to leave them? What capital do you have in the bank or building society? What investments do you have? How accessible is your capital? Does it need to be this accessible? Are you getting the best returns? Is your capital at risk? Do you need to draw any income from your capital? Is it in joint name or single name? Do you have an Inheritance Tax Liability? Are you happy with your lifestyle? Have you maximised your ISAs? How much tax do you pay?
Posted on: Fri, 29 Aug 2014 15:34:34 +0000
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