financial plan

Turning Points

~ gretchenbetts ~ Leave a comment

turning-point

As a Financial Planner I say to clients that I want to help guide them through the ‘turning points’ in their life, to help them plan with confidence.

These turning points happen to everyone. A major shift happens in life, maybe someone dies or becomes ill, you lose a job or you get a divorce. Or the event could be something positive like a new marriage, new baby, a mid-life career change, or moving into your dream house. Either way, it can change your perspective on life.

My job is to help people navigate life’s changes and provide the financial tools and resources to give those important choices clarity and direction. So that when it happens and you have those feelings of excitement, grief, or worry, that you are confident that you don’t have to be anxious about your finances. That’s the last thing you need to be fretting over.

It’s when you focus, plan and consider these turning points, that you see what’s really important in life.

These have been some of my turning points:

  1. Deciding to not pursue Ceramic Art as my career and do this instead!.
  2. When my Granny died, realising how much she enriched my life and how I would miss her, especially for the little things. She was the most loving and un-judgemental person I have known.
  3. My latest job change.
  4. Becoming Auntie Gretchen last week.

Jackson, the tiny one

~ gretchenbetts ~ 1 Comment

Gretchen and Jackson

Jackson David Strong arrived last week. My first nephew and oh how beautiful he is… 6 tiny pounds of loveliness.

He is my sister and brother-in-law all rolled into one – and it’s wonderful to see them so happy. I could have held him all day and I certainly did not want to leave to come home.

Our family (the Betts-Strong clan) has grown and things will change.
It really is a turning point for us all and what a wonderful one.

I should add that his Grandad and I immediately talked about savings for him!!

I found this poem online and since it was #poetryweek when Jackson was born, it made sense to share it here.

A Baby Changes Things

A baby changes things;
They’ll never be the same;
Your life is filled with wonder,
Since your little miracle came.

There’s lots of things to do now,
But with the new tasks you face,
Your family gains more love,
And bonds time will never erase.

Source: http://www.poemsource.com/baby-poems.html

Wellbeing, Lists and Financial Planning

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This week I had dinner with a good friend and we talked about our week, work, life etc. She told me that she was feeling very stressed and like everything was a little out of control.

She’s working 10 hour days, learning a language one night a week, has some family stuff going on, is trying to eat well and still trying to exercise 3 times a week. The peak came last week when she had a melt down over finding time to buy a friend’s birthday gift, a task which normally she would relish and enjoy, but that was just too much on top of everything else. Sounds daft, but the small things to do on top of the big worries just sometimes get too much. I think everyone feels like this sometimes and I know I’ve been at this stage at some points in the last 18 months. You eventually realise that something HAS to change.

What is the point of running yourself ragged to get to the gym 3 times a week, if everything else is spiralling out of control, so you still feel stressed and ill?

For some people, it might not mean giving up the gym, it might mean saying no to a night out, or a change of job, alteration to your family life. Either way, I believe you have to be open to not trying to do everything when it all gets too much. You need to make a list and make priorities. You can always go back and do that thing again when you feel better.

My point is, our ‘wellbeing’ is not just physical wellbeing and nutrition – it’s so much more.  Many things have to work together for us to feel content, well and happy:

Career Wellbeing:- How we occupy our time each day and trying to ensure that we like it.

Social Wellbeing:- Having strong relationships and love in your life.

Financial Wellbeing:- Effectively managing your finances to reduce stress and increase security.

Physical Wellbeing:- having good health and enough energy to get things done on a daily basis.

Community Wellbeing: The sense of engagement and involvement you have with the area where you live and your ability to have a positive impact on the quality of your environment.

Of course, this leads nicely for me to the importance of having a Financial Planner to help with Financial Wellbeing!  But actually, all of these type of ‘wellbeing’ are linked.

If you can get your finances focused and organised and know what your strategy is for the future, then you can think about other elements much more clearly. Can you afford to change your job, reduce hours or work from home? Can you afford a gym closer to home or equipment at home? Can you take time off to ‘give back’ to a charity you want to help? Can you afford to take some time out with your family on holiday?

A personalised Financial Plan can help you get focused, organised and move on, knowing you have a sound plan in place so that you don’t need to worry about money, or at least know what you need to do to ensure you are on track for the future. That ticks one item off the list so you can move on to sorting the others.

Everything about life is a risk

~ gretchenbetts ~ Leave a comment

There comes time in everyone’s life when we are faced with a choice that involves risk. Perhaps a change of career, moving home, starting a new relationship or having a child. Risk is by nature, scary. Uncertain. Unpredictable. Unchartered territory. I’ve been there recently.

We actually risk everything, every day of our lives without knowing it – there is no such thing as a ‘risk free’ environment. We spend our lives managing risk. There is always a chance that walking outside will kill us. There’s a chance that we’ll never make it to our destination, a chance we won’t get to see our loved ones again, a chance that tomorrow will never come. Life is all about risks – and we all take a different approach to it.

In the same way, there is no such thing as a risk free investment. Every type of investment involves risk, the important thing to assess is the type and degree of risk and the potential consequences, both good and bad, of taking it.

Even money deposited in a bank will be at risk, because in an inflationary environment, its future purchasing power is unlikely to be as good as it was when it was put there. The risk is that leaving money on deposit for long periods will cost you money when compared with other investments and is known as opportunity risk.

So, if you want your money to have the opportunity of working for you and potentially increasing its purchasing power, you have to accept different types of risk and some degree of volatility. The degree of risk that any one person needs, or wishes to take, depends entirely on their personal circumstances and outlook.

There is no magic formula for managing risk, but with careful preparation and forethought, you can minimise the risk and maximise the odds that you will succeed.

The life you live depends on the choices you make, the risks you take, and how lucky or unlucky you’ve been. #planitwell

This is from a book my Father brought for me a few weeks ago:

Be Curious.
Be spontaneous.
Be brave.
Take risks.
Go on adventures.
Forgot your inhibitions.
Believe in yourself.
Trust yourself.
Love yourself.
Remember it’s now or never.

Maths and me

~ gretchenbetts ~ Leave a comment

Last week I was juggling new client meetings, my sister’s Baby Shower and preparing for a presentation I had to give on Tuesday in London. It was busy!

Within the presentation I had been asked to talk about my background in Financial Planning and how I got here. It made me really think about the great opportunities I’ve been given over the last 15 years, how important it is to grasp opportunities that present themselves to you and to make the most of them.

Looking back, I realise I was fortunate that someone took a chance on me (when I had no experience or relevant qualifications) and that equally, I had the sense and drive / determination to make the best of that opportunity.

It’s certainly not the career I ever thought I would have, or an industry that I was particularly interested in. Friends who knew me growing up still don’t really understand why I have chosen this as my career. Mainly because they associate Financial Planning with Maths – and that most certainly was not my strength at school, instead I loved anything arty (and still do).

The truth is, Financial Planning is less about maths and money, and more about people, listening, good communication skills, trust, empathy, organisation and commitment. I think most people who know me would agree  have these attributes.

The ability to speak to clients openly, honestly and with an enquiring mind and equally have the ability to listen… to problems, concerns, wishes and dreams. To then be able to understand what is important to them and what they wish to try to achieve throughout their life, so that I can help build a personalised Financial Plan to better their situation and ensure they remain on track.

Of course, we do speak about money and sometimes I have to use my calculator (although I still call my brother if complex algebra and formulas come up!).

It’s been a real trip down memory lane, remembering old colleagues and friends, the good, bad and the ugly. It’s also made me realise how much I love the job and profession.