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INTRODUCTION TO THE CASE STUDIES

The major obstacle to successful financial planning is not the time it takes to pull a plan together, nor the confusing choice of products and providers – it is usually our own inability to recognise that we need help to avoid a problem or to get out of one.

Given the human penchant for imagining the worst, we will often in our mind, run through ‘worst case’ scenarios. What if my job disappears? What if I fall ill and can’t work? What if I’m killed in an accident? What if I have to take early retirement?

Most of us are quite skilled at avoiding taking such thoughts too far, partly because we may know someone who has been through such horrors and we don’t like to think of ourselves going through that, and partly because we don’t like to admit, even to ourselves, that we don’t know the answer.

The first thing to do is quite simple – talk to someone who understands these things, a financial adviser to whom planning exercises represent everyday life, and who won’t laugh at you when you admit to not knowing what zero–coupon bonds are.

If you want to prime yourself before such an exercise, check out the case studies which follow. You may find someone like yourself, who has similar problems. Observing them, their problems and solutions, may help remove some of the ‘mystique’ of the financial planning process.

Becoming aware of the traps and pitfalls is an essential part of planning, almost as important as having goals and targets to help you reach your aims.

The case studies show a variety of people facing different financial challenges, each with commentary on what could be done to resolve, ease or cope with the situation.

Laying bare your finances can be as much a shock to the system as having a dental or medical check-up – we don’t really want the examiner to find anything wrong, do we? On the other hand, if remedial action is required, do we really want to wait until the situation deteriorates beyond redemption?

Additionally, being armed with an appreciation of terminology policies and practice within the financial sector will give added confidence and an ability to gauge the level of advice given.

Mortgages summaries

School Fees summaries

REMEMBER You should not use any information contained on this page as the basis of any action until you have discussed matters with your financial adviser.