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Why do I need a financial plan? AM Financial answers.

Updated: Mar 28, 2021

What is a financial plan? Is it about how much I spend every month?

The balance between what you earn and what you spend is part of it. However, a financial plan is more about identifying, prioritising and then meeting (as far as possible) your financial needs.

What do you mean by my “financial needs” ?

Financial needs change over time. Some of the obvious ones are

1. Borrowing : e.g. a mortgage for a new house.

2. Savings : Build a sum from regular surplus savings over time.

However, other financial needs that are often overlooked are :

3. Protection : How would our loved ones survive upon our death. Do we have assurance to pay off loans and to provide them with income ? What happens if I become seriously ill and unable to work ?

4. Retirement : How much money do I need in my retirement ? How much do I need to save now to get there ?

OK, and how does a financial plan help?

Very often people take a short-term, piecemeal approach to financial planning and have no real focus on preparing for retirement or protecting against unexpected, adverse events.

What are the steps in building a financial plan with AM Financial?

STEP 1 : A fact-find to build a picture of current circumstances and particular financial needs you have.

STEP 2 : To identify all financial needs and to prioritise them

STEP 3 : Make suitable recommendations to meet, as far as possible, your unfulfilled financial needs.

STEP 4 : Review the plan over time and in particular when circumstances change.

What do I do next ?

If you are interested in getting on top of all your financial needs, get in touch with AM Financial and we can discuss.

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