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A reported article in election year has emerged from the 'International Longevity Centre', who even knew of such a department - and I bet they are very well paid! The suggestion is that state pension age needs to rise, which in fairness is not really new 'news' as it is a topic that has been going on for quite some time. I am actually of the view that extensions to the state pension age should not happen but that is a discussion for another day! Now, without wishing to be an alarmist, the reality is that most people are inadequately prepared and will probably arrive at retirement with the financial bucket empty! In this day and age we find ourselves living in an Instagram picture perfect world and saving for all life’s stages is not considered by most, but for the few who do want to listen, I would say ignore what you think you may get from the state system and take control today! If you have time on your side, map out your perfect life, marriage, kids, state school vs private school, holidays, healthcare etc etc..., what does your best life look like for you and then cash flow your scenarios. If you are older than these life stages feel free to join the journey at your age, then challenge your assumptions and expectations and put your life plan down on paper and place a copy on your fridge door… Taking control is the only answer to a secure life, everything else is just luck or bad luck if not planned. 5/2/2024 Inside my brain...I watched 'Inside Bill Gates's Brain' on Netflix a little while ago, and before I had watched this series, I did not really understand him, yes, I knew he was smart, the inventor of ‘windows etc’, and I had heard about the Gates Foundation and philanthropy pledges by his rich friends, but that was about it.
Now let me tell you that once I watched this programme my limited view of him changed. As you may know, I encourage living your best life and for most of us being financially independent is the target, so that you can do what you want not what you need to do to survive. Here is a man who has all the money in the world and obviously doesn't need to work another day of his life, yet he is continually looking to develop his knowledge and is trying to solve BIG problems that face this world using his wealth. He does not travel first class ‘as it’s not good value’, he has more or less rid the world of polio and is taking on big projects to change the world for the better, such as recycling used uranium which sits in stockpiles and poses a great risk to the planet. Why does he do all this when he could choose to simply sit on a beach all day? It could be the sense of purpose or the desire to leave his mark, but whatever it is it continues to drive him each day. So ask yourself, when you are gone will people remember you, or do you even care, what will your legacy look like? Family and passing wealth to the next generation is an important discussion, that's best not left too late... |
AuthorSteven is a Fellow of the Personal Finance Society, whom is passionate about investing and getting the most from your money. Archives
March 2024
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Steven Mufti & Associates Ltd is authorised and regulated by the Financial Conduct Authority.
Financial Services Register Number 607613. Registered in England & Wales, Company number 8664240. Registered Office address: 27 Armitage Court, Ascot, Berkshire, SL5 9TA. Telephone: 01344 623811 Email: advice@smawm.co.uk The guidance and or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK. The FCA does not regulate taxation advice. The value of your investments may fall as well as rise. Financial Conduct Authority register: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMlk7AAD |
7/2/2024
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