A Fresh Start for 2017

A Fresh Start for 2017

A new year, a new page, a fresh start for 2017. It hasn’t escaped my own attention that I have not been posting much since late November. This probably had something to do with my incredulity that America has elected Donald Trump and then the pressing tasks in December. However, I have now adjusted to the new reality of underqualified reality TV stars in powerful positions and feel the impetus of a fresh new year.

So here we are in 2017. All good financial planning will look forwards, but great financial planning also looks backwards to attempt to learn from the lessons being taught, and hopefully not too many of them are lessons that we had already learned but forgot.

Those New Year Resolutions

Many of us make new year resolutions. We’ve had just over a week of the new year, so how are you doing? One of the lessons I have learned is not to make new year resolutions, for me it’s the fastest way to feel utterly feeble. What is important however is progress towards goals, based on your own values. Naturally this is different for all of us and a date in the diary is not exactly a helpful “starting gun” but it does at least remind us to start, or keep going.

Last week as a client, you would have received an email about your Spending Plan. This is probably the thing that I and other advisers struggle to get returned by clients the most. Perhaps because it involves a reasonable amount of effort, perhaps because there is a sense of self-accounting in which we learn that we’ve overspent or not kept to our plans. Yet is it arguably the most important element of financial planning. Knowing where you are today, what your lifestyle costs and where your money goes. As it is said, the best indicator of future behaviour is past behaviour…

Whilst dreams, goals and plans can be helpful, without taking any action, they are pretty much worthless. My desire to shed some weight is not sufficient to make it happen. A desire to have enough income to protect and maintain your lifestyle into the future is not sufficient to make it happen. There’s some effort required. As your financial planner, part of my role is also a bit like a coach… one to encourage, occasionally nag, but to remind you of what you promised yourself.

So please, take the time to reflect and complete your Spending Plan. It doesn’t need to take long and its doesn’t need to be to the nearest penny, but it does need to accurately reflect where you are now. If you haven’t had the email, check your spam email (and change your settings for our emails) or get in touch to request one.

Wishing you a great 2017.

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