This is the life stage where you start your career and look to implement the financial skills you have acquired and use these to help you as you start working. Primarily, this is where you should be considering your financial plan as you begin to earn a form of income. Budgeting is a critical financial skill that will benefit you at this life stage and help you to plan for the future ahead.
It is time to consider and develop a suitable budget and build the discipline to live within your income so that you do not fall into a debt trap. Once you learn to contain your expenses such as transport, food and essential expenditure to your available income, you can start building savings into your budget. Your goal should include starting to build an emergency fund which will help you during any unexpected events.
During this life stage you may change jobs to enhance your career, decide on other ways to earn an income such as becoming your own boss or decide to continue to further education. You will start to learn about digital ways of managing your finances through online banking and tools available to support you.
Your income could increase or decrease, so it is good to understand your own financial situation and decide on some key goals. This way, your money will start to work for you, consider your savings vs your goals and you may also start to look at some of those bigger life purchases such as your first home, car, alongside the insurances required to keep you and your purchases fully protected.
Our 6 stages to financial success:
Identify your current financial situation
Work with you to define your financial goals
Assess your current financial situation
Provide individual personal financial analysis
Recommend and implement your financial plan
Meet annually to re-evaluate and monitor your plan
At Red Dot our duty is solely to you- our client. We can help you, your family and business with expert independent financial planning and take the time to understand your needs and goals. Planning for your future and building your wealth, protecting you and your loved ones and your business, is what we do. To see how we can help, please contact us today.
We can conduct our business from a distance via Telephone, Zoom, Skype, Email, Post and in person at any of our offices or an address of your choice. Please fill in our online form and we will get back to you.