Are you one of those people who is afraid to tackle the subject of your finances – either actual or future? You’re certainly not alone. Here at Infinity we see lots of clients who have procrastinated over getting their finances in order for a whole host of reasons. We strongly believe that everyone benefits from having a financial adviser in their lives but if you need a catalyst to spur you into action, here are some key life moments when you should definitely take advice from a professional.
1. You have financial dependents
Nothing stops the footloose and fancy-free in their tracks quite like having a child. For many people it is the pivotal point in their lives when they start to think seriously about financial security. In order to provide for their family both now and in the future saving starts to look like a good idea. Protecting loved ones unforeseen events such becoming too ill to work or no longer being around also becomes important. A financial adviser can help you tackle the key elements of a financial plan such as building up your nest egg of savings and protecting your wealth with different types of insurance.
2. You realise your money is doing nothing in the bank
Since the financial crisis, interest rates have languished at rock bottom. Having significant amounts of cash sitting in bank accounts is most definitely not going to make you rich. In fact, if inflation is higher than the interest you are earning, it’s actually making you poorer in real terms. There are better investment options out there, including low-risk ones for even the most cautious of investors. You should definitely have a chat with a financial adviser to see whether your money can be working harder for you. If you are worried about risk, they can also help you understand how much you can tolerate and find investments to suit.
3. You have a regular monthly income to invest
New expats in Asia often find themselves with more disposable income than they had back home. It’s the perfect opportunity to safeguard your financial future by regularly putting excess money into a monthly savings plan. We’re not suggesting that you squirrel all of it away but it would be a shame not to take advantage of such a golden opportunity to save for your long-term financial objectives.
4. You are starting to worry about retirement
Sensible people start putting money away for their retirement as soon as they start working. That’s the savvy way to build up a pension pot and max out on compound interest. Sadly, lots of us are not that sensible and leave it until much later when retirement starts to loom on the horizon. While the early bird catches the worm, it’s always better late than never. Our advisers have a wealth of experience in assessing people’s existing pension arrangements and clarifying how much more needs to be saved and how that might be achieved.
5. You receive a windfall
If rich aunt Mabel has sadly passed away and left you a part of her fortune then you have the perfect opportunity to kickstart a saving habit. Many clients approach us for the first time when they receive an inheritance or a large bonus. Our financial planners can help you to find the best investment vehicles as well as advising on tax implications with regard to your new-found wealth.
6. You want to safeguard your legacy
At about the same time as retirement worries start to kick in, many people also become concerned about estate planning. Have you thought about who will inherit your assets, who will look after your children if you pass away and how to ensure that as little of your legacy as possible goes to the taxman? If you are worried about those things, we at Infinity can help.
7. You want to start or expand a business
Many entrepreneurs launch in without considering the implications their business will have on their personal finances. If you are self-employed it becomes even more important to think about protection insurance and pension planning.
I’m guessing that at least one of the above points is relevant to you. No-one else is going to plan for your financial future so the ball is most definitely in your court. Why not get in touch to arrange a no-obligation chat with one of our advisers?
A leading provider of expat financial services and wealth management services across Asia.