PRIVATE WEALTH MANAGEMENT
PLAN ‘B’ SAVINGS
TRUSTS AND WILLS
Plan ‘B’ Savings
Let’s say you are a young person after leaving college and have a new well paid job, maybe even have left home. The amount of things that suddenly become available to you is colossal.
How strong is the pull to spend all that new income, however, how vital it is to quickly develop the right habit of saving!
It is essential to have an emergency fund set aside to cover unexpected expenses, normally 3/6 months of usual expenditure.
It is good to have some savings in case of the unexpected and not planned ‘what ifs’…
What if you will decide to open a new business in 5 or 10 years and the banks will not give you the support you might need at that time, possibly ruining your dream business. Savings will put you in control!
What if you will be desperate to buy that new car — your savings will let you negotiate a much better price as you will be buying it with cash, without monthly car payments!
What if you decide to buy a house and will need your own deposit. Your negotiating will go much better when you have a significant amount to put down as a payment for your new home. Very likely the interest rates would be lower and more than likely your financial position will allow you far more choice!
What if you wanted to step out and travel the world for a year, having money for this would make your journey so much easier!
What if you would want to give your money for the charity purposes to help build a school, or buy Christmas presents for the children in an orphanage, savings would facilitate this too!
There can be 1 million ‘what ifs’ and whatever the reason it is always best to be prepared!
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