26
Jul
2023

Taking stock: your mid-year financial review and a look at what’s ahead

The halfway point of a calendar year is a good time to take stock of what happened during the first six months. After all, learning from the past is often a useful discipline when it comes to helping you navigate the financial challenges you may face in the future. So, read my analysis of some of the key economic activity you’ve experienced so far in 2023, and what you might expect to see before the year is over. July can be a better time to take stock than January Although the start of the calendar year is the traditional time to read articles about what to anticipate in the coming months, actually focusing on financial issues in any detail can...
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25
Jul
2023

7 habits of the financially successful, and why you should copy them

One of the best routes to personal success in any endeavour you undertake is to learn from the actions of those who have done it successfully before. As a financial planner, I come into contact with, and help, many financially successful people, both in the course of my work and through background study I carry out into personal finance more widely. So, I feel I can give you some insight into my observations and research when it comes to the habits of successful people. With that in mind, read about some of the lifestyle habits I’ve noticed financially successful people acquire and benefit from. To avoid covering some of the same ground I’ve gone over in some previous articles, I’ve...
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26
Jun
2023

11 important life lessons from the last 11 years

12 July 2023 marks the 11th anniversary of starting my financial planning business. As you approach any anniversary, it’s always tempting to look back and consider how things have changed and what you may have learned in that period. In recognition of that, I would like to share with you some lessons I’ve picked up over that time. Here are my 11 lessons. One for each year. There’s no distinct pattern to them, or any unifying theme, beyond the fact that I think all of them are worth sharing with you. They are simply a collection of random thoughts and ideas, not necessarily related to financial services. Hopefully there’ll be something that might strike a chord. 1. There are many...
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21
Jun
2023

How would you live your life if money was no object?

A recent article on the BBC Science website about the psychology of the very rich has prompted me to come up with a thought experiment for you to consider. How would you spend your days if you didn’t have to work because money was no object and you had more than enough to live comfortably? In other words, put yourself in the shoes of the likes of Jeff Bezos or Bill Gates, and try to consider what you would do with your time. Could you fill each day meaningfully if you had that level of financial freedom? Clearly, there’s no correct answer, and everyone will have different ideas and thoughts. But it does raise some interesting points around the relative...
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23
May
2023

Why your personal benchmarks are more important than external ones

Throughout your life, it’s always tempting to compare your circumstances and achievements to others. For example, if your neighbour buys a new car, or a friend moves to a bigger house, it’s always hard not to look at your own situation and wonder why you haven’t done the same. This feeling is known, colloquially, as “keeping up with the Jones’s”. Effectively, it means that you’re benchmarking your own position against an external comparison. A dictionary definition confirms that a benchmark is a “standard, or reference, by which others can be judged”. However, comparing yourself to others when it comes to planning your financial future may not be a good thing to do. Read on to find out why it’s far...
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23
May
2023

The Psychology of Money: 7 essential takeaways from Morgan Housel’s seminal book

Apart from Warren Buffett, there are very few household names in the personal finance and investing space. One name I would throw into the ring, however, is Morgan Housel. His book, The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, has been hailed as “seminal” and has sold more than 3 million copies, which is remarkable for a personal finance book. It’s certainly had a big influence on my thinking, both in the way I look at my own financial arrangements and how I consider the advice and guidance I give clients. In it, Housel lists no fewer than 18 money rules. That’s far too many to deal with in a single article, so I’ve picked out seven...
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