Take the fear out of finances

Have you ever had a preconceived idea about something, yet when you look into it more deeply, your increased knowledge helps you make a decision more easily?

This could be as simple as buying a new mobile phone. There are so many options, feature and functions available these days, the choice can be overwhelming! However, once you start to focus on what features you actually require and work through the elimination process, it becomes easier.

In financial planning, many people come to me with opinions and ideas that have been passed onto them from family or friends or the guy at the pub! Quite often their attitude to money is one of lack, not abundance. These opinions are usually fear based. When I take them through the learning process and they increase their knowledge, they are able to make informed decisions, fear is reduced and opportunity steps in.

Prior to becoming a financial planner, I worked in a bank and my area of expertise was term deposits and loans. When I first commenced my studies into Financial Planning, I was overwhelmed by how much I didn’t know. How did I get to this stage in my life without this knowledge?

It is now a passion of mine to teach younger children, teenagers and young adults how to change their attitude towards money and wealth and take ownership. However, knowledge is not limited to the young and it is never too late to learn.

During the Global Financial Crisis, my oldest client was then 93. She contacted me twice during this time to advise that she wished to invest additional funds, as everything was cheap and provided a good buying opportunity. She wanted to invest long term, as she had her sights set on celebrating her 100th birthday. She almost made it too. Sadly, she passed away at 99 years and 9 months. She was a shining example of how your knowledge and attitude to life creates each chapter of your life.

She was fit and healthy, with a quick mind and her writing was perfect. She enjoyed a comfortable lifestyle, went out to lunches and enjoyed shopping expeditions into the city.

I have many clients who have been retired for a number of years. their funds are invested in what is called an Account Based Pension. Along the journey, they have drawn income from this pot of money to cover their living expenses. In addition, they have been able to draw capital amounts for amazing holidays, new cars or whatever is on their wish list. Many have drawn more than they started with and still have healthy balances remaining – some have even more than at the beginning.

If you would like to find out how, please don’t hesitate to contact our firm.

Written by Kath Orman

Originally published in Holistic Bliss Magazine, Issue November 2018.

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