Getting Started is our video series aimed at first-time investors, featuring JONATHAN HOLLOW. This time we look at how instrumental a solid financial plan is for investors to accomplish their financial and personal goals.
TRANSCRIPT
I think it's incredibly important. A good financial plan is not just about investing in money. It's about planning for life and happiness. There are four really important key points to a good financial plan. How much money do you need and want to live on in retirement? How much have you got saved and are you on track? What are your other sources of income, such as the state pension? And are you taking in enough risk and investing in the right ways to get there?
If you don't know the answers to those four points – when the markets fall, you're going to be buffeted around by your emotions. And also, there's a long term danger that you may end up with too much retirement and not enough money.
That's why in our book, How to Fund the Life You Want, Robin Powell and I explain the key points of a good financial plan. We give you a downloadable workbook that will help you to set up a basic plan. And then we help you to choose a good financial adviser to review that plan and make sure it's on track.
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