Jacquie DeMoor, PFP®, RIS’ Post

As a Financial Planner, I find these type of articles frustrating. First; It's not relevant to compare your financial situation to others'. It creates a "keeping up with the Jones'" effect which is often damaging to financial plans. Each person's personal and financial situation is unique and requires a separate and unique financial plan. Second; Financial goals are personal. Only you know your own financial and personal goals and what will make you happy. Some people have very nuanced goals and as such, a very unique plan. Lastly: How much money is enough? This online publication cannot answer that question for anyone because they don't know. The best way to know if your assets will suffice is to go through your plan with a Financial Planner and understand what your projected expenses might be, your future goals and decide any contingency planning. This is the first step to understanding if you are optimizing your finances for today and the future.

Managing personal finances can be a complex challenge, especially for young Singaporeans. As we forge ahead in 2024, it’s essential to gain a firm grip on your financial reins. Whether it’s saving for a dream home, planning for a comfortable retirement, or simply making ends meet, the right financial strategy can make all the difference. Discover five essential tips to set and achieve your financial goals this year, including harnessing the power of compound interest, mastering your budget, exploring side hustles, leveraging technology, and setting SMART goals. Tailor these tips to fit your personal circumstances and embark on a journey to financial success. Read more: https://lnkd.in/gwh_QWeS #personalfinance #savingstips #moneygoals

📌New Blog  Is your Financial Future Secure? 🌱 Matthew Irvine, offers a fresh outlook on the benefits of having a financial planner and achieving your financial goals. Whether you're looking to build wealth, save for retirement, or simply get your finances in order, the right guidance can make all the difference. Read our latest blog for more expert insight on the long-term benefits of financial planning. 💡  Kristofor Banks Barry Mckenzie Dip PFS Alex Bruce Jack Ferguson #FinancialPlanning #WealthManagement #RetirementPlanning #FinancialAdvisor #InvestSmart

The Benefits of Personal Finance for Financial Stability Personal finance is a crucial aspect of managing one’s money and achieving financial stability. It involves various strategies and practices that help individuals manage their income, expenses, savings, investments, and protection. #financialfreedom  #financialadvisor #financial #income  #investment  #INVESTMENTS #PERSONAL FINANCE #PERSONAL FINANCE TIPS FINANCIAL LITERACY #RETIREMENT PLANNING BUDGETING TIPS #SAVINGS STRATEGIES PASSIVE INCOME #SMART INVESTING #TREADFREAKS #WEALTH ACCUMULATION #WEALTH BUILDING #WEALTH MANAGEMENT

7 Money Mistakes That Make People Seek Help from Financial Advisors Many people unknowingly make common financial mistakes that can significantly impact their long-term goals. In my latest article, I break down 7 key money mishaps that often lead individuals to seek advice from a financial advisor. Whether it’s budgeting, planning for retirement, or handling major life changes, addressing these issues early can make all the difference. Please check it out to see if any of these apply to you & then reach out to me. Brian P: 615.506.0300‬ E: brian@briancarden.com https://lnkd.in/erxtkqpT

Secure Your Financial Future Through Personalised Financial Advice Financial planning isn't just about money; it's about achieving your dreams. Whether you're saving for a home,planning for retirement, or protecting your family, a solid financial plan provides the roadmap to get you there. Want to learn more? Check out this insightful article on the basics of financial planning and how to get started.  #financialplanning #personalfinance #goals

𝐖𝐡𝐲 𝐝𝐨 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐩𝐥𝐚𝐧𝐬 𝐟𝐚𝐢𝐥? 🤔 A financial plan can fail for various reasons. Here are 8️⃣ pitfalls to try and avoid: ❌ 𝐈𝐧𝐚𝐩𝐩𝐫𝐨𝐩𝐫𝐢𝐚𝐭𝐞 𝐋𝐞𝐯𝐞𝐥𝐬 𝐨𝐟 𝐂𝐚𝐬𝐡 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 Not allocating enough money towards cash savings can leave you vulnerable to unexpected expenses or financial emergencies. Conversely, holding too much in cash over long periods of time can leave you exposed to inflation eroding the future purchasing power of your money, making it harder to meet long term objectives. ❌ 𝐔𝐧𝐝𝐞𝐫𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐢𝐧𝐠 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬 Not accurately accounting for all expenses, can create shortfalls in your plan. You may plan to cover your regular lifestyle costs, but if you don’t budget for life’s adhoc and irregular expenses, or purchases that may require a lump sum, you may find your plan unable to support all your goals. ❌ 𝐎𝐯𝐞𝐫𝐥𝐲 𝐎𝐩𝐭𝐢𝐦𝐢𝐬𝐭𝐢𝐜 𝐀𝐬𝐬𝐮𝐦𝐩𝐭𝐢𝐨𝐧𝐬 A financial plan will include assumptions for a variety of things such as the future rate of inflation, and growth rates for your savings and investments over the duration of your plan. Assuming too high a return on investments or underestimating the rising cost of the things you buy, can lead to unrealistic expectations. ❌ 𝐋𝐚𝐜𝐤 𝐨𝐟 𝐃𝐢𝐯𝐞𝐫𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 If your wealth is overly concentrated in a particular asset or if investments aren’t adequately diversified, this can increase the risk of not achieving your longer term goals. ❌ 𝐈𝐠𝐧𝐨𝐫𝐢𝐧𝐠 𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 Failing to account for the rising cost of living can erode purchasing power and impact the effectiveness of long-term savings. ❌ 𝐈𝐧𝐚𝐝𝐞𝐪𝐮𝐚𝐭𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 💩 happens. You may think it won’t happen to you or your family (I hope it doesn’t), but not being adequately protected against the risk of dying ‘early’, serious illness or long term ill health can lead to significant financial burdens or hardship for you and your loved ones if they do happen. ❌ 𝐄𝐦𝐨𝐭𝐢𝐨𝐧𝐚𝐥 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐌𝐚𝐤𝐢𝐧𝐠 Allowing emotions to drive financial decisions can lead to impulsive actions, such as panic selling of investments during market downturns or becoming greedy and taking too much risk when you believe nothing can go wrong. ❌ 𝐏𝐫𝐨𝐜𝐫𝐚𝐬𝐭𝐢𝐧𝐚𝐭𝐢𝐨𝐧 Delaying the implementation of financial plans or taking necessary actions can lead to missed goals and inadequate preparations for the future. “I’ll set my pension up next year”… “I’ll increase my monthly savings next month”. Time matters! Better to just get started, than wait for the perfect time (which may never arrive). Addressing these factors through careful planning, regular reviews, and adjustments can enhance the likelihood of achieving your financial goals and ensuring you have a financial plan that can evolve as you go on life’s journey. #FinancialPlan #financialplanning #FinancialEducation

𝑻𝒉𝒆 𝑶𝒗𝒆𝒓𝒍𝒐𝒐𝒌𝒆𝒅 𝑺𝒆𝒄𝒓𝒆𝒕 𝒕𝒐 𝒂 𝑺𝒕𝒓𝒐𝒏𝒈 𝑴𝒂𝒓𝒓𝒊𝒂𝒈𝒆 𝒊𝒔.... ...𝒕𝒂𝒍𝒌𝒊𝒏𝒈 𝒂𝒃𝒐𝒖𝒕 𝑭𝒊𝒏𝒂𝒏𝒄𝒆𝒔 𝒕𝒐𝒈𝒆𝒕𝒉𝒆𝒓! Sharing the management of finances may seem simple, but a lack of planning can lead to misunderstandings, miscommunication, and disagreements. Finances may not seem romantic, but a solid financial arrangement is necessary for a relatively happy and healthy relationship. 💑 💸 Here's how you and your partner can stay on the same page and ease the unnecessary strain of combined finances: ✅ 𝐀𝐥𝐢𝐠𝐧 𝐨𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐠𝐨𝐚𝐥𝐬: Start by discussing your financial aspirations. Are you saving for a home, planning a dream vacation, or preparing for retirement? Share your goals openly, and schedule regular check-ins. Monthly is a good time to review your budget and make sure you both are on the same page. ✅ 𝐂𝐫𝐞𝐚𝐭𝐞 𝐚 𝐣𝐨𝐢𝐧𝐭 𝐛𝐮𝐝𝐠𝐞𝐭: Draft a budget that covers all shared expenses like rent, groceries, and utilities. Consider a contribution ratio based on each partner’s income. For eg, if one of you earn 60% of the household income, it might make sense for you to cover 60% of the expenses. This approach helps ensure that contributions feel fair, regardless of income differences. ✅ 𝐌𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬: Financial independence is important, too. Keep individual accounts for personal spending freedom, but open a joint account for shared expenses and an emergency fund. ✅ 𝐏𝐥𝐚𝐧 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐭𝐨𝐠𝐞𝐭𝐡𝐞𝐫: Develop a joint financial plan for your big goals, whether that’s retirement, world travel, or home-ownership. Holding assets and debts in both names can optimise tax savings, and setting discretionary spending limits can help you find a balance that works for you. '𝘛𝘢𝘭𝘬𝘪𝘯𝘨 𝘢𝘣𝘰𝘶𝘵 𝘮𝘰𝘯𝘦𝘺 𝘮𝘪𝘨𝘩𝘵 𝘧𝘦𝘦𝘭 𝘢𝘸𝘬𝘸𝘢𝘳𝘥, 𝘣𝘶𝘵 𝘪𝘵'𝘴 𝘢 𝘤𝘳𝘶𝘤𝘪𝘢𝘭 𝘴𝘵𝘦𝘱 𝘵𝘰𝘸𝘢𝘳𝘥𝘴 𝘢 𝘴𝘵𝘳𝘰𝘯𝘨𝘦𝘳, 𝘩𝘦𝘢𝘭𝘵𝘩𝘪𝘦𝘳 𝘳𝘦𝘭𝘢𝘵𝘪𝘰𝘯𝘴𝘩𝘪𝘱'. 🤔 Imagine having a shared financial vision, a clear budget, and a plan for your future together. Sounds awesome, right? Start the conversation today! For more, register for my Sunday, September 25, 11:00 AM webinar: [Link in 1st comment box]

Are you feeling overwhelmed by managing your finances? Do you have a financial advisor to help you navigate the complex financial landscape? If you are looking for help, a financial advisor can provide valuable assistance with a wide range of financial matters, including: • Comprehensive financial planning • Retirement planning • Investment management • Tax optimization • College funding strategies • Estate planning • Insurance assessment A skilled financial advisor can play a pivotal role in helping you reach your financial goals. Find a financial advisor today who can help you take control of your finances and achieve your dreams. #financialplanning https://bit.ly/4aaz3B3

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