18 Dec Bringing A Fresh Perspective to Financial Planning & Advice – What can we learn from those who experienced Financial Advice?

Through my 3 months as an intern at Tri Everest Wealth Management, I Ernestas, have quickly learnt about the importance of financial planning. The lessons taught from past financial advices have shaped my approach when it comes to making educated and informed plans for the future of our clients. I believe these points to be of upmost importance for those who wish to achieve financial freedom:

1. Plan for the unexpected. You must consider that your health is an important indicator of quality of life so having life cover and insurance protection alongside a proactive lifestyle provides a veil of security, in the event of health issues or worse. Otherwise, unexpected health problems could disrupt your income, peace of mind, and livelihood. Likewise, should you be of soundest health and live a long time, you need a long lasting pension to support this. The protection provided isn’t just for your sake, but for those around you too, such as your family, partners, or businesses. By having a broader perspective when it comes to risk helps protect those dependent on you from unexpected disruptive events.
2. Always ask questions. Some of the best advice I can reiterate is to always ask questions – “The man who asks a question is a fool for a minute, the man who does not ask is a fool for life” – Confucius. I have learnt that making good decisions comes from asking questions to those around you. I find it important to constantly liaise with various points of reference as it broadens your reach and perspective of the matter when faced with an obstacle. When I have moments of curiosity and explore or experience outside the realm of the usual I have had to find information from other sources, such as colleagues, newspapers, and the industry professionals. Knowing when to ask questions is a skill on its own; as train of thought could be rewarding in helping you build a stronger understanding of the topic, as opposed to getting the answer outright.
3. Choose your commitments. Financial security is a goal many aim for, but the commitment may come at the cost of sacrificing other commitments and vice versa. I have learned that you must align your priorities with your long-term goals. Much like how I decided to sacrifice time on social media and other leisurely pursuits, in exchange for study time so that I may meet my long-term goals, this has paid off through achieving work experience at this firm. Likewise, you can prioritize your commitments towards financial planning, career development or towards family responsibilities, but it must be manageable in your routine as to hold up for the long term.
4. Live within your means. You need to be realistic about your expenditure and have it be in line with your finances. You must consider that you’re spending not just for today but for the rest of your life. By living within your means you build a strong financial future for retirement, allowing you to live out your life comfortably. The difficulty you face in achieving this depends on whether you are a “saver” or a “spender”. There is a balance between spending money and saving it that is important to learn in order to maximize enjoyment both today and in the future. I find that illustrating cash flow on a graph to be a great way to learn how much income you are spending and on what. This serves as a reflective exercise in which you can see if you can cut down spending in any area of your life, and start building towards a stronger future. Your retirement is considered to be a second life, one just as full of purpose and freedom as you have now, so you deserve to live it out comfortably. Therefore, the balance comes in being able to indulge without overspending, and putting savings first without sacrificing too much personal enjoyment.
5. Stay informed. If you always keep up with current events and trends you are in a better position to understand what your investments are experiencing and you won’t misinterpret short term fluctuations. Your financial plans such as retirement planning are affected by global events so keeping up with global news and building a resilient pension plan would improve financial stability.

What I have learned overall from these past 4 blogs is that the person who integrates financial advice becomes mentally positive and takes action towards their lives. Much like the company’s logo symbolizing a mountain, you must climb the mountain towards financial freedom through perseverance, adaptability, and continuous effort. These blogs have established the importance of financial planning, the habits towards financial freedom, benefits of retirement planning and utilizing financial advice to shape your future. These lessons are vital not just for financial planning but personal growth also. You achieve confidence in investing in yourself through this process, as you begin understanding needs and risks, quantifying the preparation needed, and helping manage the life that follows. As you implement this, you achieve financial freedom which provides a foundation and opportunity for you to focus on personal objectives and goals.