Checking Out Your Finances – Pass the Buck!

You’re in your twenties, you’re post-grad and your hard-earned cash is starting to roll in. You’ve already achieved so much…

GCSE’s     √ Check.

A-Levels   √ Check.

Degree     √ Check.

First Job   √ Check.

So what happens now?

With your own disposable income in your bank account each month (ker-ching!) surely it’s time to plan those travels, upgrade your car, assess the property market or maybe even consider a future wedding? X Un-check.

According to financial gurus, now is actually the time to think about your pipe and slippers and consider the (sometimes daunting) world of pensions and investments (yawn).

Yes this may be the time when you want to stop reading and head back to the day job but before you do – have a peek at the shortest ever check-list to ensure that you can continue ticking off those life ‘to-do’s’ and maximise your cash for those future holidays, houses, cars and celebrations.

1. You’re self-employed √ Check

The holy grail of the workforce. Your time is in your hands, you can work when you want and where you want but don’t forget – with this luxury also comes a responsibility for all things financial (it’s time to talk taxes, insurance, income protection and critical illness cover (Zzzz). If this all sounds like it’s eating into your precious free time then pass the buck…

The Solution: Find yourself an Independent Financial Adviser √

Told you it was a short list! It’s short and concise because that’s how we work. At Lloyd & Whyte it’s our job to make sure you, as a self-employed professional, have access to financial planning which is tailor-made just for you. We’ll have your finances ticked off your to-do list quickly and efficiently. We will do all the (boring) paperwork for you, leaving you to keep your work/life balance in check. √

Checking out the detail

Pension

It’s at least 40 years away until you’re even thinking about life’s slow lane but if you can spare a few quid each month why not invest in a pension? You can feel smug knowing that your future zimmer frame will be top of the range.

With connotations of being issued a bus pass and pulling a wheeled trolley bag, no one in their twenties wants to give much brain space to saving for a pension. With so much else to burn your cash on why would you want it to sit locked away for the next 30-40 years?

Well, as a self-employed professional a personal pension has some hidden tax benefits. Firstly, the government has decided to put their hands in their pockets and offer you an extra 20% tax relief (in the form of extra wedge in your pension pot). Secondly, when you (or your savvy accountants) are doing your dreaded tax return, be sure to check out the tax relief in connection to your tax band. By taking out a personal pension, you could be claiming an additional tax relief, saving you money & reducing your tax bill.

There are so many options available and the best news is that pensions of the 2020’s offer flexibility. You can decide to squirrel away cash regularly or whack in larger sums when you’ve had a really productive month.

Income Protection

You’ve hit the ski slopes, crashed, burned and ended up with souvenir crutches? Or maybe you’ve picked up the most life-threatening case of man flu ever and you can’t locum for a few weeks? Whatever the reason for not being able to get to work, our IFA will protect you (and your income) for all eventualities.

Critical Illness Cover

So this one isn’t quite so cheery, we’re talking the Big C, attacks of the heart, and strokes. No-one wants to think about this, let alone talk about it, so get some financial protection in place and then forget all about it. You’ll know that any of your outstanding debts (from living the high life here and now) will be paid off if the unimaginable should ever happen.

Dental Equipment Cover

You’ve forked out for your own gear, the kit wasn’t cheap and if it gets lost, stolen or broken – your day job is temporarily stuffed. If your equipment is damaged while working in a practice, it’s unlikely to be covered by the practice’s insurance. Our team realise this and in combination with protecting your home and contents too, we will strive to find the right protection for your box of tricks. Oh, and by the way, we provide this as standard!

Read your policy wording for full benefits and exclusions.

Independent Financial Adviser (IFA) aka ‘Number Crunchers’. 

Chewing on figures might not be up your street but you’ll be thankful that you’ve got one of our hungry IFA’s in your corner. These finance boffins get their gluttonous fix by making your pounds, shillings and pence multiply. You’ll have a hotline to your own IFA who will make it their mission to listen to your work/life plans. They’ll then hatch the ideal cash flow plan for your ‘here and now.’