Sam said: “I would always recommend people start investing early. Even if it was only £20 a month when you are in your twenties and then building on that, little and often is really important as it gets you into the right mindset of the importance of investing and then by the time you get to 35, £20 a month would have grown significantly.
“In the current climate, it would recommend not investing too much in cash. The interest rates are very low and are well below the level of inflation, probably for many years to come.
“If you set up a regular savings plan and stick to it, you can almost get into the mindset of forgetting about it for 10‐15 years. You’ll be pleasantly surprised by how much it has grown over that period. The longer you invest, the better position you are in.
“It is important to educate yourself on how investments work. There are lots of very good blogs and videos out there that will help you to understand if you wanted to do some of your own research before speaking to a financial planner. But the benefit of the Clarion bespoke service is that we will meet with you for a free initial consultation before you are even signed up as a client and if you are not completely satisfied with the value of the service you have received after the fourth meeting when you receive your written financial plan, we will waive all fees.
“If you set up a regular savings plan and stick to it, you can almost just forget about it for 10-15 years. You’ll be pleasantly surprised by how much it has grown over that period. The longer you invest, the better position you are in.
“Budgeting is another crucial element. Try and get a handle on what your expenditure is. Go through your list of bills that go out each month and see what you can afford to save. Be savvy with your budgeting. Don’t feel like you’re tied to any one provider on your utility bills, phone contract, or car insurance for instance. Change it around every year because you will always save money.
“From a financial planning side of things, make sure your insurance is all up to date. Look at your life cover, particularly if you have got a mortgage, and if you have financial dependents. Ensure your family is covered in the worst-case situation.
“Also, have an end game in mind. Your years between the ages of 20-40 will go very quickly, so try and get as much out of it as you can.
“Remember to spend your time and money on things that you enjoy and what you like in life. You need to enjoy the serious business of life.”
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