Where to Start with Financial Planning

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Where to Start with Financial Planning

• Financial planning can feel like a minefield you
  know that taking care of your assets and planning
  for the future is vital, but dont know where to
  start!
• As global wealth management experts, Chase
  Buchanan has created this guide to help share the
  value of financial planning, and how to get
  started.

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Financial Planning in a Nutshell

• Every one of us wants to have firm control over
  our finances. Knowing that we are getting the
  best from our investments, making wise decisions,
  and have prepared for our future goals is a
  compelling target to work towards.
• A financial plan sets out what your situation is
  now, where you would like to be, and helps to
  establish the steps needed to reach your goals.
• Creating a plan may seem like a daunting task,
  but is something we can all do. Try setting aside
  some time within your schedule to allow yourself
  the space to focus on the job at hand, and work
  through some initial steps to clarify your
  current situation.

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This can include tasks such as

• Setting yourself a budget how much do you spend
  in the average month? Which of your regular costs
  are essential, and which are discretionary?
• How much income are you making? Work out your
  average monthly income, as well as any annual
  revenue, so you have a crystal clear
  understanding of what your cash flows look like.
• Taking a look at your credit score are there any
  old debts you can clear off, or any updates
  required to reflect your financial standing?
• What are your assets worth? Are you up to date
  with reports on your investments, or perhaps you
  would benefit from a property valuation to get to
  grips with what your asset portfolio is now
  worth?
• Decide what you would like to achieve. Are you
  planning to relocate? Have university fees to
  prepare for? Looking forward to a relaxing
  retirement?
• These may seem like obvious considerations, but
  with all the challenges of our hectic lives it is
  easy to lose track of your finances, and feel
  adrift when it comes time to make big decisions.

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The Importance of Budgeting

• Budgets arent the most exciting things, but when
  planning to relocate, or evaluating our financial
  position, it is essential to know just what your
  expenses look like.
• Particularly for expats, or those considering
  retiring to other countries, knowing what you
  have to spend and what sort of costs will be
  associated with maintaining your standard of
  living is key to securing a comfortable future.

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Some of the most common questions to ask yourself

• How much do I have to live on per month?
• Is there a smarter way to invest my funds for a
  safer or higher return?
• What is my property currently worth?
• How much tax will I have to pay on overseas
  income?
• Will my pension be impacted if I move abroad?
• How can I budget for life events, such as
  weddings or education fees?
• Every one of these questions is valid and
  important, so having a clear understanding of
  your financial position and where changes need to
  be made to support your life goals is crucial.

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Pitfalls to Watch Out for in Financial Planning

• The primary purpose of planning is to ensure you
  know what resources you have available, and how
  to best use them to reach your aspirations.
• However, there are pitfalls to watch out for, and
  to be aware of when you are creating your plan

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• Inflation how will your asset values, or your
  planned expenses, change in time?
• Interest if you have investments or savings,
  what interest rates should you plan for?
• Risk do you need to make changes to your
  portfolio to ensure you have a stable investment
  structure?
• Exchange rates will exchange rates move
  significantly up or down, and how will this
  impact your overseas income, investment returns
  or living expenses?
• The ideal solution to manage all of these
  variables is to consult an independent financial
  adviser. Your finances are important, and making
  crucial life decisions is a significant
  undertaking.
•  
• Using an expert helps alleviate all of the time
  and stress associated with trying to create a
  meaningful budget, and opens up access to a world
  of knowledge and expertise to help you make the
  right decisions for your circumstances.

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How Can a Wealth Management Expert Help? Wealth
management is about more than advising on the
best investments to make having a financial
adviser working with you creates a secure
foundation from which to make decisions with
confidence.

• Wealth management expertise helps to
•  
• Guide you with planning and budgeting to meet
  your goals
• Understand your personal finances and aspirations
  to strategies with you
• Recommend solutions and products to enhance your
  asset value
• Advise on the best options and decisions to
  support your objectives
• Steer your investments down the most profitable
  routes
• Financial advisers combine all the essential
  fields of knowledge to enhance the performance of
  your asset portfolio, and to provide you with
  personal advice tailored around your wealth
  management needs.

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Where Can I Find Guidance on Financial Planning?
There are multiple reasons why you might wish to
seek expat financial advice, or would benefit
from using a wealth management advisor
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• You are concerned about your net worth, and how
  to protect this in the future
• You are planning a life change or relocation, and
  need to plan carefully
• You have significant expenses on the horizon and
  need assistance with budgeting
• You are nearing retirement, and require expert
  advice on the best income structures
• You hold investments and want to maximize the
  achievable returns
• You would like to have a firmer understanding of
  your finances and how to manage them
• A financial adviser can help with every one of
  these scenarios, with a long-term supportive
  relationship to deliver continued, bespoke
  support as and when you need it.
• Chase Buchanan is a highly regulated global
  wealth management company, supporting expatriates
  around the world from our regulated European
  headquarters. Every one of our financial advisers
  is highly qualified and accredited, offering the
  ultimate peace of mind that your assets and
  future are under control, with your personal
  expert wealth management partners working by your
  side. For help with your financial planning,
  contact us today.

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