Even astute, wealthy people can make big mistakes with their money. Many of these can be attributed to a failure to plan effectively. In this guide, our team at Elmfield Financial Planning in Padiham, Burnley wanted to offer an overview of common financial planning mistakes we have seen…
Have you ever checked what your workplace pension is invested in? It may be that you are on a very good scheme. For many, however, the fees could be high and the range of choice limited. If you are looking to take more control of your retirement investments and their costs, then a SIPP (self-invested personal pension)…
Focusing on cash is not a good idea when building long-term savings. In 2021, interest rates are so low that even a 1.7% fixed-rate savings account with a High street bank fails to beat the 2% target rate of inflation set by the Bank of England (BoE). The stock market offers the chance of producing far better returns…
Where do you go if you want to invest in stocks, funds and other assets (e.g. commodities or even cryptocurrencies)? Similar to a food supermarket, in 2021 a range of investment platforms exist to offer these kinds of opportunities to people. However, they come in many forms and involve different…
Taxes have the potential to significantly erode your wealth and investment returns if you do not manage them effectively. We all have a duty to contribute to society, but nobody’s family or own finances should suffer from needless tax erosion. In this article, our financial planning team here at Elmfield…
The age from which you can start accessing your state pension depends largely on your age, but in 2021 this is set at 66 for both men and women (expected to rise to 67 between 2026 and 2028). However, you are not required to start claiming your state pension at the point when you qualify to receive it…
Steve Jobs once said: “If you really look closely, most overnight successes took a long time.” This grates with our digital culture where we expect everything to happen now, or quickly. Yet the greatest monuments, companies and life stories have involved building over the long term – repeating efforts day after day…
Interest in making a will seems to peak during crises. In April 2020, for instance, wills saw a 682% increase in interest as the first COVID-19 lockdown was imposed. Later in the year, wills interest soared again as the media reported on Boris Johnson’s admission to intensive care. Yet despite events over the last 18 months, many British people still do not have a will.
It may feel too soon to start thinking about retirement in your 30s. After all, you are barely half way through your career and other financial goals can seem much more pressing – e.g. saving for a property deposit. Yet your 20s and 30s are a great time to consider retirement plans due to one crucial advantage…
Many people are interested in investing, but are not fully aware of the range of investment types they could commit their money to. Even experienced investors can benefit from a deeper grasp of how these operate and compliment a portfolio. Below, our team here at Elmfield Financial Planning in Padiham, Burnley…
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