Bah Humbug …

Debbie Harris
Dec 2023 • 2 min read

Bah Humbug…

I was scrolling aimlessly through Facebook the other evening (is there any other way to do it?!) and happened upon an interesting post by a lady who had taken A LOT of flack for ‘only’ spending £100 each on her children’s Christmas gifts.

She had been accused of being ‘tight’ (amongst other far more unpleasant things). She was very clear that this was their family’s decision in an attempt a) to budget for Christmas properly and carefully and b) to NOT spoil their children.

Some commenters were disgusted that in amongst the stocking fillers were things like socks and shower gel (which were considered to be ‘essentials’ rather than ‘luxuries’).

I was utterly incensed that the keyboard warriors and trolls came out to play as they inevitably do but this seemed beyond the pale to me.

Who are we to criticise someone else’s traditions, budgeting, parenting aspirations, whatever?

Anyway – it reminded me of a little rhyme someone told me donkeys years ago that Christmas gifts should include the following:

~ Something they want

~ Something they need

~ Something to wear

~ Something to read

I absolutely put ‘essentials’ in my kids’ stockings (*or rather Father Christmas does) – they get socks, bath bombs, lip balm – that kind of thing. They also get puzzles, chocolates, bobble heads (google it – so daft!), satsumas, walnuts, party poppers.

I also always attempt to set a budget and stick to it – but invariably I go ‘over’ – well it’s a special occasion! It doesn’t matter to the rest of the World what my budget is – the amount is NOT important, as long as it is proportionate to your available funds of course! What is important is that you set a reasonable budget and do your best to avoid getting carried away – yes it IS a special occasion (for some), but it is actually after all only ONE DAY!

Here at Solomon’s, we always ask our clients to be ‘generous’ in their estimated figures for their expenses (and not just on gifting). It helps build contingency and ‘wiggle room’ in the financial plan; and intrinsic to this is an understanding that life is rarely a straight line. And it is never the same as anyone else’s – we are our own yardstick; always.

BACK TO ALL BLOGS

Bah Humbug …Jemima Thomas2023-12-19T17:05:41+00:00

Christmas is no laughing matter

Sam Harris
Dec 2022 • 4 min read

Christmas is no laughing matter

Christmas is a time that is often quite stressful for many, but nothing worth doing ever came easy. Between untangling the mangled monstrosity of tree lights and the pure mayhem of Christmas dinner, there are moments of joyous magic that keep us looking forward to it every year. So here are a few ‘festive funnies’ to get you into the Christmas spirit!

What do you call Santa if he goes bankrupt?

Saint Nickel-less

Why can nobody buy Rudolph and Blitzen from Santa?

They’re two deer

What do fish sing during the holidays?

Christmas corals

Why did the Grinch go to the bar?

He was looking for some Christmas spirit

Why do Christmas trees live in the past?

Because the present’s beneath them

Why can’t you eat Christmas decorations?

They cause Tinsel-itis

Why is it getting more difficult to buy advent calendars?

Because their days are numbered

I apologise if some of these jokes are a tad corny, but that’s just how eye roll!

Merry Christmas one and all!

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

BACK TO ALL BLOGS

Christmas is no laughing matterJemima Thomas2023-12-01T12:12:40+00:00

Planning – Christmas is coming

Debbie Harris
Dec 2022 • 6 min read

The goose is getting fat, Christmas is coming

As I write, it is the middle of November, but we are galloping towards the festive season at a pace – bombarded by supermarket adverts, neighbours putting their fairy lights up (already!), and the internet promising fantastic bargains if you are willing to part with your money on one particular day of the year.

It all seems so frenetic (and it is), but this year I have decided to slow things down a little; get my priorities in order; and be mindful during the planning process (there it is … the P word!).

As a financial planning firm – these are three things that are crucial to a job well done and a job done well.

1. SLOW DOWN

Hit the ‘pause’ button; take a break; stop – you cannot see the wood for the trees if you are running around the forest like a headless chicken

2. PRIORITISE

Figure out what is important; what you really care about; what matters – only in reflection and introspection do these things become clear

3. BE MINDFUL IN THE PLANNING

It’s all very well to have grand plans and ‘big goals’; but we HAVE to be realistic around what can be achieved with what we have. That visit to Lapland to race red-nosed reindeer will have to be put on hold! We must also remember that time is a finite source – things can be done with all the time in the World; but we don’t have the luxury of that – our tomorrow is never guaranteed

PLANNING – ENJOY THE FRUITS…

All that in mind, I have booked tickets to see a pantomime with my daughter this year (Cinderella ON ICE!); I will be attending a choral performance at a theatre (on my own – I couldn’t convince any of my lot to join me!); I have a ‘Christmas Jumper Evening’ at a pub scheduled next month and I have arranged a shopping-followed-by-dinner date with my siblings. All things that bring me joy; all things that I have carefully selected to do with my time; all things that I will be able to look back on with a smile.

I’m not so worried about ‘the big day’ itself (although I have ordered my turkey … who knows whether I’ll actually get it … bird flu has wiped out huge swathes of the turkey population across the UK this year) – there’s always a slightly anti-climatical feel to the day for me – I enjoy the build up; the anticipation; the socialising – but once the turkey and trimmings have been devoured; it’s all over and there is a sadness to that – the tinsel doesn’t look so shiny; the leftover orange creams in the Quality Street Tin look resigned to their fate; and the tree is a dry, droopy version of its former glory.

I always enjoy the post-Christmas clean-up to be honest … it always feels good to clear away the (admittedly pretty) clutter and start the New Year with a clean, fresh slate (one of the reasons why I love Mondays too I think!)

So whatever your Christmas will look and feel like; whatever your preferred ways are to spend your time; whatever your beliefs about gifting and celebrating; I hope that you are able to plan your festive season mindfully and to execute your plan beautifully.

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

BACK TO ALL BLOGS

Planning – Christmas is comingJemima Thomas2023-12-01T12:12:41+00:00

CHRISTMAS BUDGETING

TODAY’S BLOG

SO, WHAT WAS YOUR BUDGET FOR CHRISTMAS? DID YOU EVEN HAVE ONE? AND HAVE YOU KEPT TO IT?…

I have to confess … I’ve gone over mine ever so slightly. I always forget how expensive the ‘treat foods’ are … not just the turkey and all the trimmings, but the nibbles you tend to leave dotted around the place in the run up to the big day; the spare bottle of bubbly (just in case); the oversized tin of Quality Street – that seems to be devoid of toffee pennies within minutes of opening (I always feel a bit sorry for the strawberry creams that get thrown away in the New Year when I’m sick of the sight of the tin loitering on the kitchen worktop!); don’t even get me started on Turkish Delight (about which I find not one delightful thing!)

This year I congratulated myself for managing to stay within my budget for ‘gifts’, but then I chastised myself because I failed miserably (as every other year) to budget for wrapping paper, ribbons, tags, tape etc. (Anyone who has ever received a gift from me will tell you that I take the presentation of gifts quite seriously, so this is a rookie oversight on my part!)

What does all this boil down to in the context of what we do at Solomon’s? Simple answer … contingency planning (you knew the P-word was coming surely?!).

It’s about knowing that you are never going to remember every little cost. And planning accordingly. Giving yourself wiggle room. It’s something that every builder on the planet will tell you to do. Every project manager. Every business executive. We all KNOW this. But knowing what is good for us is the easy part. It’s the following through on that knowledge that is the tricky bit!

When we talk about ‘budgeting’ in general here at Solomon’s – we are encouraging our clients to be realistic and to err on the side of ‘over-estimating costs’ … thereby giving that wiggle room to the numbers.

We recently had some new clients who put together a really detailed and carefully considered analysis of their ‘normal’ spending. The numbers revealed that they potentially have a considerable sum ‘left over’ each month. When we presented this to them, they were stunned as this was not a fair reflection of their lived experience. So they had to look again and see where they were spending and not accounting for things. It was a revelatory experience … for them and for us! It was a really good reminder that this is an incredibly difficult but vital component of the financial planning process.

If you haven’t updated your expenditure figures for us recently – we would encourage you to be brave and have a go at this in 2022 (but maybe don’t use your December transactions as a reflection of your ‘normal monthly spending’!!)

If you need a template to work from – please click here or you can have a go at using our portal to record your numbers. Or you can just let us have your own budget/bank statements and we’ll do the legwork for you.

However you choose to do it; please just have a go. After all – it is the foundation stone of the framework that is your financial plan and it’s vital that we place it in the correct position for you, so that it can bear the weight of whatever needs to go on top.

Debbie Harris
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

CHRISTMAS BUDGETINGJemima Thomas2023-12-01T12:12:58+00:00

THE INVENTION CONVENTION OF CHRISTMAS

Solomons-financial-advisor-wimbledon-blogger

THE INVENTION CONVENTION OF CHRISTMAS

Christmas is nearly here and despite all of the preparation and expense, most of us will probably forget most of it, save a few carefully selected memories (good or bad). For some I imagine it will a story of how their Christmas was delayed or ruined by drones at Gatwick, for others it will be a particular gift, meeting with a friend or family member, or perhaps an event. Our memory, as we all know, is wonderfully selective.

Any good financial plan has to begin with understanding where money has been going. This is the account of “now” and can be a fairly depressing experience. Most people spend much more than they realise on things that in hindsight seem rather unnecessary. One of the categories of spending we ask clients to assess is their giving, both in terms of charitable giving (for tax planning) and money spent on gifts. There is invariably a link between the size of your circle of friends and family and how much this is.

Solomons IFA Christmas honesty from the Man Who Invented Christmas

Christmas – past, present and future…

I do not intend to turn you into some Dickensian character, like Mr Scrooge. However, as you enjoy Christmas this year, be mindful of how much the experience of celebrating this day has cost. The “day” of course tends to be rather more than 24 hours and likely begins when you buy (or rent) your tree. I enjoy the theatre and seeing friends and family. We tend to have a family trip to a show (perhaps more than one). In fact, there is a lot of “stuff” that we do that is an extra expense, precisely because… well… it’s Christmas.

The warm glow of honesty

All I ask is that you reflect on how much you really spend. This is not a value judgement, simply a call to be honest with your finances. If we are unable to accurately account for a day in the year, ok perhaps the “season” then we may well be fudging other numbers. It is tempting to say this is unique, but behaviours tend to be patterns. We all have limited resources and when earning money is no longer happening, for whatever reason, the harsh reality of living within budget or running out of money is the cold shower that will wake us from the warm haze of denial.

If we really want a good financial plan, we need to begin with honesty about where, when and how we spend money.

We know that many of the things we do today to celebrate Christmas have less to do with the birth of Jesus. The movie “The Man Who Invented Christmas” may help identify how much our Christmas celebrations have altered. Here is the trailer. I wish you a very happy Christmas.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Email me

THE INVENTION CONVENTION OF CHRISTMASDominic2023-12-01T12:17:40+00:00

Experience of a Lifetime

Experience of a lifetime

Well, here we are in December. The world remains in a state of anxiety about a plethora of challenges and even here in Britain, many are suffering from the weather conditions which make for a difficult Christmas.

Christmas reminds me of many things, the nagging feeling that Christmas seems to have arrived quickly and that time is moving along all too rapidly. Whilst many are struggling simply to find shelter this Christmas, much like the central characters in the nativity story, I am reminded how harsh life can be for many people and how quickly circumstances can change. 2015 has certainly had more than its share of crisis and disaster.

Whilst our media and deep mid-Winter are full of bleakness, I remain thankful that I live in the relative safety of Britain, despite all our problems. Yet I am also reminded that life is indeed short and there are still many places that I’d like to see and things I wish to “witness”. Apart from the usual trappings, the Christmas break is also an opportunity to reflect on the coming year, for many this will include planning your next holiday, perhaps one from your bucket list?

Trip of a Lifetime

One of my clients runs a boutique travel business and it occurred to me that there are a number of similarities in what we do. There are certainly lots of questions about where you want to go and importantly an independent mindset that is able to put together suitable great experience. What I had not appreciated was that it actually costs the same amount whether you use the expertise or not. I have certainly used the web to book holidays in the past, spending hours, trawling through endless options, but simply had not appreciated that someone else could do this for me, an expert, and it wouldn’t cost any more!

Mercator Travel have several brands which they use to focus their expertise on specific regions of the world. For example, south or central America is currently a great destination for those seeking something memorable and rather different. If you are anything like me, I have forgotten what I gave and received last Christmas, yet I never forget holiday experiences.

As a boutique business, they place great emphasis on creating a wonderful experience and getting all the little details right. Apart from ensuring that your trip is planned perfectly, the business is built around providing a top drawer service, with the aim, like every good business of creating a great reputation and clients that return. So if you are considering a great trip in 2016 may I suggest that you check out a couple of their websites.

Just in case you think there’s something in it for me – there isn’t. I am interested in helping all of our clients, profiling those that run small independent businesses and of course those wishing to get more from life with a lot less hassle. Do give them a call on 01932 424252.

Postcards from the Edge…

Financial planning isn’t meant to be dull, its about your life and helping you to figure out what you want from it. This is often difficult for most people to verbalise, there’s something within our British-ness that makes most of us reluctant to express this. How you spend and give your money is one of our freedoms and invariably for the vast majority there is often an unspoken connection of shared experiences and a sense of purpose just beneath the surface. There is little point in building up wealth if you don’t get to use it.

One of my peers shared an idea with me that he finds works well with his clients. He asks them to send him a postcard from wherever they have been. He displays these in a book in his reception. The idea being that there is a huge variety of clients and the places they visit yet all share the freedom to enjoy some of the money that they have worked hard to save. He gets lots saying “enjoying spending the inheritance… pension” or whatever. The point being that financial planning when done well brings the freedom to make empowered financial decisions – many of them are a lot of fun. So perhaps I will ask you to do this in 2016 as well.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Experience of a LifetimeDominic2023-12-01T12:19:43+00:00

Happy Christmas 2013

Happy Christmas

I would like to wish you a very happy Christmas. I hope that it will be a time of comfort, joy, peace and wonder. Christmas reminds us of many things, of course the Christian story of the birth of Jesus and our own childhood and family traditions. It also reminds us of the unquantifiable gain from giving and of course a hope for a better future, which may mean letting go of the past. This is encapsulated rather well in the new film “Saving Mr Banks” which is the story of the story of Mary Poppins and worth making a trip to cinema through the cold and wet weather.

I’m taking a break and returning on Monday 6th January, so I will also take the opportunity to wish you a very happy and prosperous New Year. So until 2014 I shall leave you with an old blessing, which seems appropriate on this wet and windy December day.

May the road rise up to meet you.
May the wind be always at your back.
May the sun shine warm upon your face;
the rains fall soft upon your fields and until we meet again,
may God hold you in the palm of His hand.

Dominic Thomas: Solomons IFA

Happy Christmas 2013Dominic2023-12-01T12:38:46+00:00

New Media for New Beginnings

1946: It’s a Wonderful Life – Frank Capra

So today is the last day of work in 2011 for me and the staff of Solomon’s. So that in mind, I thought I’d share a little video to help with the Christmas spirit that I was sent. To say that it’s “little” only describes it’s length – but I imagine that it took a considerable effort to put together. In a world where many of us spend our time in front of a computer or using one throughout the day, this is quite a novel re-telling of the nativity story. I think its great – particularly the speed that the lead character works!

2011 has certainly had its ups and downs and 2012 doesn’t look as though it will be any less uncertain, perhaps the Frank Capra film “It’s a Wonderful Life” is more poignant now than in many previous years since it was released in 1946 and has many timely reminders and life lessons that will hopefully serve us well into the New Year and beyond.

Have a very happy Christmas.

Best wishes,

Dominic

DT

We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting

New Media for New BeginningsDominic2023-12-01T12:48:17+00:00

Peace on Earth, Goodwill to all men (mankind)

1967: The Thief of Paris – Louis Malle

Are you in the Christmas spirit yet? today is the day that many businesses have their office party, known by paramedics as “Black Friday” as it ends up being one of their busiest nights of the year – today probably not helped by the sleet across the country.

It would seem that the head of the Bank of France or Banque de France, Mr Noyer, is clearly not in a Christmas mood, calling for credit ratings agencies to downgrade the UK ahead of France. This follows an interview given to Le Telegramme. It seems that rather than taking responsibility it is far easier to carp about others. On Monday Moody’s published an Outlook report on the French Banking sector which was not as golden as the Banque had hoped. France had “erroneously” had its credit rating downgraded earlier ion the year, which was then corrected. This follows news from Paris that yesterday the court decided that Jacques Chirac was found guilty of embezzlement (specifically redirecting public funds) and whilst unable to remember anything (medics say his memory is poor – he is 79 years old) was given a suspended prison sentence.

One gets the sense that a number of European Governments will be looking to kick the proverbial cat and the UK seems a likely target due to Mr Cameron’s decision not to give control of Britain’s tax and financial system to the EU. One does wonder why the Europeans believe that they are so well qualified to act as guardians of the financial system when the Euro has clearly been a complete mess. Joyeux Noel!

DT

We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting

Peace on Earth, Goodwill to all men (mankind)Dominic2023-12-01T12:48:22+00:00

Christmas Turkey – Measure and Weigh

1948: Sorry Wrong Number – Litvak

First Direct have published some research into Christmas present plans. The danger of any survey is what is read into the data, which in this instance was a survey of 1,000 people. The survey revealed that 280 people (28%) were expecting to receive money this Christmas – with an average sum of £83 each. This is a higher sum and greater proportion than the same survey last year.

The financial services industry, being keen to find a headline, interpret this as £1.2bn in cash gifts this year. However, by my maths I make 28% of a 62.3m population 17.4m people, each in receipt of an average £83 makes a sum of £1,447,852,000. A British £bn is meant to be a million, million or 1,000,000,000,000 (12 zeros). An American billion is a thousand million (1,000,000,000). So I guess the survey is either £247m (American) off the mark or if you use the British £bn, then £1,198,552,148,000 off the mark… but hey what’s a few million in the detail!

Payyourway.org produce a similar survey but with rather different results – claiming that Christmas cash will be worth £2.4bn. Their survey found that 57% of the population plans to give an average gift of £88. Again, using 57% of a 62.3m population is 35.5m people with an average gift of £88 is £3,124,968,000. Ok, so not all of the 62.3m population is old enough to give money, but assuming an American £bn and an average of £88 given then that’s 27.272m people (43% of the population).

So as I hope I have demonstrated, I don’t pay much attention to surveys and believe that small surveys can be very misleading when attempting to apply the data nationally or globally. This is one of my main gripes about how the economy is valued, measured and planned. I know this may seem like splitting hairs when it comes to surveys about cash gifts at Christmas, but sadly when it comes to the information about the Eurozone and global economy we cannot afford to make such a hash with the numbers, the consequences are rather serious. After all, cooking a 4lb Christmas turkey will have a different impact on your family than a 40lb turkey and no one wants to look like one on the day!

Whilst I’m on the subject here are some recipes for Christmas turkey

We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting

Christmas Turkey – Measure and WeighDominic2023-12-01T12:48:28+00:00