People assume that you only need financial advice if you have a large pot of money and you want to do something with it. This is not the case.
Investments can be used for lots of different reasons starting at lots of different ages. For example you may have a couple in their 20s or 30’s who want to put money away each month to pay for their children’s education or indeed university fees.
This money is put away monthly (like a monthly savings plan) into an investment such as formally a child trust fund or a junior ISA or A stocks and shares ISA to create a pot of money that the child can draw from to the pay for accommodation or education fees.
You may also have individuals in the 20s or 30s who can see that they aren’t getting the returns they need in cash and they want to put the money away over the long term to try and achieve a better return to help them find a deposit for a house purchase. Of course this carries a form of risk but the individual may be prepared to accept that in order to get the house that they desire.
You may also be in your 40s or early 50s and you are now saving towards your retirement date. You’re looking to accumulate money, this may be as a lump sum or on a regular basis just out of disposable income from your salary to create a pot to retire early on, no one really wants to work to 70 do they?
At the retirement stage, your priorities may change – you may want to invest to help pay for child’s wedding or indeed a deposit for property for your children via the bank of mum and dad to help them on the property ladder.
Leading on from this you may also want to invest for a passive income – this may mean a retirement income that helps pay for all the luxuries you want in life for example holidays, eating out or socialising with friends.
As you can see there are lots of different reasons as to why you would invest across all ages and it is not a one size fits all scenario. You don’t need money as a lump sum to typically invest in – sometimes the best plans are started from scratch where there is nothing in the bank and which was created out of careful planning and prioritising your budget to save money from available income that you have each month.
For more information, get in touch.
Strategic Wealth Solutions LTD is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products.