Étiquette : financialplanning

Catégories
Planification Financière

Creating the Life You Want

Creating the Life You Want

“Don’t go where the tide takes you. Build your own ocean” – Hiral Nagda

3 min read

Creating the Life You Want

“Don’t go where the tide takes you. Build your own ocean” – Hiral Nagda

3 min read

Your dreams, ambitions and needs. Successful financial planning prepares you for every possibility. Once you understand your dreams, ambitions and needs, you can take action to make sure that you are creating the life you want.

Shaping Your Future

Even the best financial plans and most experienced investors cannot always predict the complexities of life. So the starting point for protectiong, growing and passing on your wealth is to have a clear financial plan, linked to your lifestyle goals. Good financial planning should be flexible enough to adjust to the unexpected. This means that identifying and setting your short-term, mid-term and long-term financial goals are a vital part of the process towards becoming financially secure and independent.

Firstly, we take into account your financial needs, from wealth to investing to protection. Once you have identified your goals, the next part of the process is to build a bespoke financial plan and investment strategy to ensure that you achieve these.

Whatever stage of life you are at, having a plan in place will ensure you can take advtange of the opportunities as they present themselves and prepare for any challenges that you, your family or business may face.

Asking Questions

No two people have identical financial circumstances, which is why it is essential that you have your own complete financial plan and wealth solution that meets your individual needs and objectives. 

Planning for financial success can be complicated in today’s World. A broad knowledge of everything from complex retirement and investment products to risk management and strategies to tax laws is required.

Your financial plan is a roadmap that will provide you with clarity about your future. It should detail every aspect of your vision – your hopes, fears, dreams and goals. It should also describe exactly how your future will look and help you to know exactly where you are headed and when you are likely to arrive.

So, take some time and ask yourself the following questions:

  1. Can I sleep comfortable knowing I will have enough money for my future?
  2. Do I have the security of knowledge where I am heading financially?
  3. Am I ready for life beyond work?
  4. Am I going to be able to maintain my current lifestyle once I stop working?
  5. Have I made sufficient financial plans to live the life I want and not run out of money?
  6. Do I have a complete understanding of my financial position?
  7. What is ‘my number’ to make my current and future lifestyle secure?
  8. What will my Children’s future hold?
  9. How can I pass on my wealth to the next generation?
  10. Is now the right time to sell my business?

Part of this process is to understand your ‘number’ – in other words, the amount of money you will ultimately need to ensure complete peace of mind in konwing your future lifestyle is secure and making sure you do not run out of money. By getting to know you and what you want to achieve, we will be able to provide you with a detailed financial plan that is tailored to you. This enables you to get a clear understanding of your current lifestyle, your future and the life you want to live. Initially, creating a financial roadmap will enable you to make the right financial choices and achieve the right balance between current responsibilities and future aspirations. All of this should assist you in achieving your desired lifestyle goals and objectives over time.

Unwritten Goals Are Simply Wishes

If you do not know where you are going on your journey, how will you know when you arrive? This is even more true when it comes to the importance of having financial goals.

You need to set financial goals to help you make informed financial decisions. Goals should be clear, concise, detailed and written down. In addition, they should be as specific as possible, so look at your goals like a lamp lighting the way – the brighter the light, the clearer the journey ahead. If you do not have clearly defined goals, it can be easy to procrastinate. Think about your life and what you want to achieve, and what action you need to take to achieve the outcomes you want.

Measurability is another key aspect in order to be able to evaluate the progress of your journey. Give yourself realistic deadlines, to make your goals action-oriented whilst not being unreasonable or unattainable. Specifying dates and values will make your progress quantifiable, enabling you to complete your goals and visualise your destination.

Importantly, if you have the means to make additional investment to accumulate the required assets to achieve your goals, do not neglect to consider this option, too. You might even determine that you can achieve some of your goals in less time, or that it could take longer.

Preparing for the Road Ahead

Life doesn’t stand still, so your financial plans shouldn’t either.

To find out more, or to discuss how a comprehensive financial plan can support your lifestyle goals, please contact us.

Get in touch today and book your initial, free, no-obligation meeting. Send us an e-mail to info@pattersonmills.ch or call us direct at +41 21 801 36 84.

Catégories
Opinion

Personality Traits of the Self-Made Millionaire

It's raining money

Personality Traits of the Self-Made Millionaire

“As you start your journey, the first thing you should do is throw away that store-bought map and begin to draw your own.” – Michael Dell, CEO of Dell Inc.

2 min read

Personality Traits of the Self-Made Millionaire

“As you start your journey, the first thing you should do is throw away that store-bought map and begin to draw your own.” – Michael Dell, CEO of Dell Inc.

2 min read

In the first study of its kind1, researchers have distinguished the personality traits most common among self-made millionaires versus those who have inherited their wealth.

The study analysed a sample of wealthy individuals according to the so-called ‘Big Five’ personality traits: 

Openness

(curious vs cautious)

Conscientiousness

(efficient vs disorganised)

Extroversion

(outgoing vs reserved)

Agreeableness

(friendly vs uncaring) 

Neuroticism

(confident vs anxious)

The Results

The results showed that wealthy individuals across both categories tended to show a similar personality profile, being open to new experiences, extroverted, conscientious, agreeable and demonstrating low levels of neuroticism. They were also shown to be more risk tolerant than the average population. 

Interestingly, the study revealed that self-made millionaires more closely match this personality profile than inheritors – and that this becomes more pronounced the wealthier they are. 

The report concluded that people with this unique combination of personality traits have a higher chance of becoming rich via their own means. The good news – if you don’t match this specific profile – over the years many studies have also shown that taking financial advice can result in heightened wealth accumulation. 

If you are looking to accumulate wealth over time or become your own self-made millionaire, taking financial advice is an essential step to ensure you are on the right path.

So, contactez-nous dès aujourd'hui and book your initial, no-cost and no-obligation meeting with one of our Patterson Mills Advisers.

Fill out our contact form, send us an e-mail to info@pattersonmills.ch or call us direct at +41 21 801 36 84.

1Humanities & Social Sciences Communications, 2022

Catégories
Planification Financière

Demand for Energy-Efficient Properties Strengthens

Energy efficiency mobile app on screen. Ecology, eco house concept

Demand for Energy-Efficient Properties Strengthens

“Sustainable development requires human ingenuity. People are the most important resource” – Dan Shechtman

2 min read

Demand for Energy-Efficient Properties Strengthens

“Sustainable development requires human ingenuity. People are the most important resource” – Dan Shechtman

2 min read

A growing proportion of house hunters are focusing on energy-efficient considerations when looking to buy a new home.

How are Energy-efficient different from self-sufficient homes?

Energy-efficiency simply means the property will use less energy, whilst remaining on-the-grid.

On the other hand, a self-succient property requires no external heat or power supply, which makes energy prices completely irrelevant. Many of these types of houses will generate energy from solar, wind, heat pumps or water sources. However, a 100% self-sufficient home is rare, with homes realistically being able to achieve up to 80% self-sufficiency.

What parts of the property are involved in energy-efficient construction?

Insulation is key when constructing or renovating a property to be energy-efficient. This means that windows, doors, the attic and basement will need to be carefully considered. In addition, modern heating and ventilation systems are often able to out-perform older systems thereby cutting heating costs and heat loss. 

Is energy-efficient construction or property worth it?

In a climate of rising energy prices, making your home energy-efficient can reduce your costs of powering and heating your home. This can have a significant impact in your outgoings over time. Usually, the investment pays for itself in a few years. That being said, it is imporant to remember that energy-efficient properties can require maintenance that others might not.

A growing proportion of house hunters are focusing on energy-efficient considerations when looking to buy a new home

Research1 suggests that rising energy prices and the cost-of-living crisis are having a significant impact on how buyers prioritise various desirable features, with an increasing number focusing on aspects related to energy efficiency.

Key features

Cavity wall insulation was this year’s biggest mover of the top 20 features, rising five spots from 20th in 2021 to 15th in the current rankings. In addition, a good energy efficiency rating rose three spots to sixth place, while a new boiler or central heating system was four positions higher than last year in ninth.

Top spot

Interestingly, the top five must-have house attributes remained the same this year as last, with a private garden and central heating tied at the top of the table. Double glazing, secure doors and windows and a reliable broadband connection also remained high up on the list of desirable features.

Bring your stresses to a halt, get in touch

Searching for an energy-efficient home, or any home for that matter, can be challenging, and if you are building or renovating your own property, there are many subsidies or tax deductions that you might be eligible for. We are here to make every step of the property purchasing process as efficient as possible. So, contactez-nous dès aujourd'hui and we’ll work to make your property purchase, renovation or construction as seamless as it can be with the support from our specialists.

Send us an e-mail to info@pattersonmills.ch or call us direct at +41 21 801 36 84.

1GoCompare, 2022

Catégories
Planification Financière

Sandwich Generation: How Are You?

Multi generation family sitting together on the sofa at modern home and watching TV

Sandwich Generation: How Are You?

“The family – that dear octopus from whose tentacles we never quite escape, nor, in our inmost hearts, ever quite wish to” – Dodie Smith

2 min read

Sandwich Generation: How Are You?

“The family – that dear octopus from whose tentacles we never quite escape, nor, in our inmost hearts, ever quite wish to” – Dodie Smith

2 min read

The sandwich generation (middle-aged individuals supporting both aging parents and growing children) are certainly used to challenges and putting other people’s needs before their own. However, cost-of-living challenges look set to heap further pressure on this group which makes it vitally important they seek advice before taking any rash decisions which could sacrifice their financial futures.

Stiff upper lip

Research1 suggests that, although many over-45-year-olds have found themselves facing potential financial vulnerability, they tend to keep this firmly to themselves. In total, seven out of ten respondents had personally experienced such a situation, but few said they had been willing to ask for help.

Double whammy

Other analysis2 shows the potential for such problems is mounting. This is because people who provide support to adult loved ones will typically be hit twice by the cost-of-living crisis; not only will they find their own household bills rising but also those of the people they are supporting financially. This is particularly true for people in their early 40s who are most likely to be helping family members with the cost of monthly essentials.

Investors ponder contributions

There is also evidence that rising cost pressures are now resulting in people cutting back on their long-term savings commitments, with recent research3 showing one in four investors halting contributions to pensions and other savings and investment vehicles. Depending on your circumstances, for many investors, it may be more important than ever to continue to put long-term savings in the stock market. Over the longer term, investing in equities can be regarded as an effective way to keep pace with inflation.

We can help

Although it can seem unnatural for members of the sandwich generation to consider their own needs, we are here to listen, support and provide advice when you need it. So if you do need to talk, contactez-nous dès aujourd'hui and we’ll do our best to help keep your finances firmly on track. can weigh up your options.

Send us an e-mail to info@pattersonmills.ch or call us direct at +41 21 801 36 84.

1Just Group, 2022

2Legal & General, 2022

3interactive investor, 2022

Catégories
Protection

Don’t Give Up Your Protection Policy

Don’t Give Up Your Protection Policy

“At the end of the day, the goals are simple: safety and security” – Jodi Rell

1 min read

With households facing the biggest squeeze on their incomes in many years, it’s understandable that families are looking for ways to cut costs.

When looking to cut back, reviewing subscriptions and direct debits (for example, for streaming services, food subscription boxes or gym memberships) is often a good place to start, but there is one cost that you shouldn’t be so quick to give up.

Protection is Vital

As tempting as it is to cancel protection insurance policies, times of financial difficulty are exactly when we need protection the most. Many policyholders aren’t aware that life insurance cover can be flexible, and there are ways to reduce your cover rather than cancelling it outright.

Get Help

Get in touch today and book your initial, free, no-obligation meeting. You have nothing to lose and potentially lots to gain! Send us an e-mail to charles@pattersonmills.ch, call us direct at +41 78 214 84 32.

Catégories
Retraites

Come Retirement, You Reap What You Sow

Hand planting beans seed in the vegetable garden. Growing vegetables

Come Retirement, You Reap What You Sow

“Some of the wealthiest people in the world became wealthy by saving money” – Doug McMillon

2 min read

Hindsight, they say, is a wonderful thing and that is certainly true for many retirees struggling financially. Diligent planning at the earliest opportunity, however, can make all the difference between enjoying a comfortable retirement and enduring a regretful one.

Retirement Regrets

Research constantly shows that people typically leave retirement planning too late and regret not saving more across their working lives. For instance, a survey1 recently revealed one in five people expect to leave planning for their retirement until they are aged at least 60. Another study2 found almost half of over-50s regret not saving into a pension sooner, while nearly two thirds wished they had made larger contributions at an earlier stage. These findings vividly highlight the need for more people to take control and prioritise retirement planning earlier in their working lives.

Pension Blind Spots

Other research3 has revealed the cost of being kept in the dark on key pension details, with over three-quarters of people not knowing how much they pay in pension fees. Additionally, a third of pension holders are unaware of their pension’s risk profile, with a similar proportion invested in low-risk funds. This lack of awareness in relation to fees and investment choices is estimated to cost an average pension holder around CHF 140’000 over their working life.

Engagement Gap

The lack of engagement has led to an industry campaign to boost people’s understanding of pensions. The campaign, which is due to run this autumn and winter, will aim to raise awareness of various pension-related issues so that more people can ultimately enjoy a better standard of living in retirement. Patterson-Mills completely supports this initiative and believes that one of the keys to a successful retirement is not just saving but financial education, too.

Help at Hand

While current everyday financial pressures can make saving a difficult task, it is clearly imperative not to neglect your pension if you do want to avoid retirement regrets. We can help you take control to ensure you are able to enjoy the happy and fulfilling retirement you deserve.

Get in touch today and book your initial, free, no-obligation meeting. You have nothing to lose and potentially lots to gain! Send us an e-mail to charles@pattersonmills.ch, call us direct at +41 78 214 84 32.

1Hargreaves Lansdown, 2022

2Aviva, 2022

3interactive investor, 2022

Catégories
Planification Financière

Be Vigilant and Scam Aware

red light warning lamp known as wigwag wig-wag or red-eye

Be Vigilant and Scam Aware

2 min read

There have been warnings from several Regulatory bodies urging people to be vigilant. The warnings are aimed, in particular, at those who may have lost their jobs or are under financial pressure and may be tempted by scammers.

Remember, just because it may have happened to you once, does not mean you are now immune. Similarly, just because it has never happened to you at all, does not mean it never will.

Millions Affected

Over five million people in the UK, and many more globally, have fallen victim to, or know someone who has been duped by, a financial scam since the beginning of the virus outbreak.

The most common financial scams relate to banking, accounting for 60% of victims, followed by 35% being targeted by an insurance scam. One in five reported having been targeted by a pension scam amid an increase in fraudsters offering free pension reviews.

Be a Scam Aware Investor

Recognizing these common signs of a scam could help you avoid falling for one.

  • Scammers can pretend to be from a company that you may know
  • Scammers might say you are in trouble or there is a problem ou prize
  • Scammers may pressure you to act immediately, giving you no time to think
  • Scammers often tell you to pay in a very specific way

Government Advice

Government advice to protect yourself from fraud includes checking the company’s credentials via a reliable source, being wary of deals that sound too good to be true, not clicking on links from unknown senders, not giving out personal details or financial information in response to a request that you did not make, and seeking professional financial advice from a regulated company before making any decisions.

Guidance in Uncertain Times

Anxiety and financial pressure can make us more vulnerable to fraud, so if you are unsure about any financial opportunities, please contact us.

We are here to keep you and your finances safe now and into the future.

Get in touch today and book your initial, free, no-obligation meeting. You have nothing to lose and potentially lots to gain! Send us an e-mail to edward@pattersonmills.ch, call us direct at +41 78 214 84 32.

Catégories
Retraites

The 10 Worst Retirement Planning Mistakes

The 10 Worst Retirement Planning Mistakes

3 min read

Retirement planning should always be a top priority. More and more people are beginning to consider their own retirement, but the truth is that our retirement is often decided long before we even think about it.

See below my 10 worst retirement planning mistakes. With the appropriate advice, you will be able to avoid all of the below.

1. Underestimating Your Lifespan

It may be something that goes unconsidered, but nowadays it could well be that retirement lasts for 30 or more years. This then leads to the growing potential that people out-live their retirement savings. It is hugely important to take notice of your family history and other factors and make sure you take into account your own longevity to determine what steps to take before reaching retirement.

2. Underestimating Retirement Costs

Despite retirement being a wonderful, work-free, time of our lives (at least, that’s our aim!), it is possible that the lifestyle you currently have becomes out of your reach as prices rise, and your income does not, or you may find that you end up spending more in retirement than you thought. It could be simply that you want more than you initially planned for, so within your retirement plan it is important to take many factors into account to gain a rough idea of any potential increase in your spending.

3. Financial Scams

A common thought around scams is that it will never be you. However, no matter how careful you are, it is never a guarantee that you will not get caught out. No matter how rare, it is not impossible that you experience a misuse of your funds by an untrustworthy financial advisor, or even deceptive family members trying to take advantage of you. Make sure that you are also aware of healthcare scams, investment scheme scams, lottery scams and more. Remember, if it seems too good to be true, it probably is!

4. Ignoring Inflation

Inflation is a silent taxation on our wealth. Slowly eroding it as time goes on. Even a small increase in inflation, hardly noticeable in the short term, can be of great detriment to your spending power in the future. Over a long period of 15 or 20 years, there could be the potential of your purchasing power being halved. It is certainly something you should allow for in your future retirement plan.

5. Paying Over the Odds

Excessive fees are something we strive to avoid. Throughout your lifetime, fees really can add up and make a dent in your pocket. Often, what looks on the surface a small difference, e.g. between 1% and 2%, can end up making all the difference in the long-run. It is of paramount importance to have regular reviews to ensure your costs are as low as possible.

6. Age-Based Risk Profiling

“Lifestyling” or “Lifestyle Funds” refers to reducing the risk of your portfolio as you get closer to retirement, along with other assumed factors. It aims to lock-in the investment gains you have already made throughout your life so you can comfortably retire. This sounds good in theory, and may well be suitable for some, though, as with everything, it is not without risk. As much as we wish it, there is no ‘one size fits all’ formula. It might even be your spouse or children that you were planning to have benefit from your investments, so the best decision is certainly to seek trusted financial advice to find the solution that works best for you.

7. Not Rebalancing Regularly

Rebalancing is essential to the future of your wealth. It ensures that your assets remain within your agreed risk level without ever straying too far from the path and can optimise gains already made. Of course, over-rebalancing exists, so it is important to not avoid over-rebalancing. Approximately 2-4 times per year is a good amount for most portfolios.

8. Attempting to Predict the Market

Trying to find the perfect time to withdraw from, or enter into, the market will often come up short of your expectations. Nobody knows for certain exactly what is going to happen in the next few years, or even the next few weeks, so the best route is making informed decisions from high-quality analysis using trusted advice. Cumulative returns can be seriously harmed if your prediction turns out to be wrong.

9. Not Talking to a Financial Professional

The complexities of today’s financial systems are simple when it is your day job, but the reality is that the majority of people do not have the time to spend their few hours of relaxation a day researching the latest changes in the system. Of course, it is not impossible to do, but as with most things there are often rules that you might miss. It is essential to contact a financial professional to ensure your retirement plan and financial future is as secure as possible, and if not, to make it so. After all, that is what we are here for.

10. Not Getting Around to it

This may seem obvious, though unfortunately it is more common than you may think. Retirement is often overlooked as it is ‘so far’ into the future that you do not consider it, or you believe that your respective State pension will suffice. It is important to note that State pension benefits often leave a gap in your income. Therefore, it is essential that you begin sooner rather than later as every day you wait is one more day that you will be playing catch-up in retirement. You might miss out on investment returns, end up not having enough money in retirement, or simply miss out on compound interest. Either way, one thing remains certain, begin sooner rather than later.

Here to Help

We are here to take the stress out of retirement planning. Get in touch today and book your initial, free, no-obligation meeting. You have nothing to lose and potentially lots to gain! Send us an e-mail to charles@pattersonmills.ch, call us direct at +41 78 214 84 32.

Catégories
Planification Financière Investments

Positive Steps to Achieve Financial Freedom

Plan for your future

Positive Steps to Achieve Financial Freedom

3 min read

When are you thinking of retiring? With many pre-retirees reassessing their lives and priorities in the wake of the pandemic, there really is a seismic shift for many people towards achieving life balance. People need a plan to flex with their changing aspirations – it has become more about living life rather than going through the motions of the daily grind.

With earlier retirement a serious consideration for many seeking balance, a quarter of those sampled who aspire to retire early feel that age 60 is the optimum time to do so1.

Embracing a New Lifestyle

What really makes you happy? If you are planning to celebrate your 60th birthday by saying ‘goodbye’ to working life, it’s good to know that 68% of people report an increase in overall happiness as a result of retiring early, with 44% of early retirees reporting their family relationships improved and 34% citing improvements in their friendships. From a health perspective, 57% of early retiree respondents report a boost to their mental wellbeing, with 50% believing their physical wellbeing has improved.

Driving Force

Nearly a third (32%) of people who retired early or plan to do so are driven by the desire ‘to enjoy more freedom while still being physically fit and well enough to enjoy it.’ Other factors driving people to pursue early retirement include financial security (26%), reassessing priorities and what’s important to them in life (23%), wishing to spend more time with family (20%) and finding they are either ‘tired or bored’ of working (19%). Stress is also a contributing factor that 19% of respondents are keen to eradicate.

Pause for Thought

With a sizable 24% of people returning to work after retiring because they experience financial issues, careful planning is essential. Interestingly, 47% of retirees found that their finances worsened and only 22% felt they benefited financially from their decision to retire early.

Positive Steps to Financial Freedom

People cited steps toward making early retirement achievable like paying off a mortgage (30%), saving little and often (29%), saving extra when they receive a pay rise or bonus (19%) and receiving an inheritance (14%).

We are here to reassure you that happiness does not need to come at a cost when retiring early. Although it is very important to be realistic, with meticulous planning and careful consideration, we can assess and develop a robust plan to align and flex with your changing requirements and priorities.

Financial freedom is what many strive to achieve, though not all of us know how to get there. This is where we come in.

Contactez-nous today and book your initial, free, no-obligation meeting so we can show you the way. You have nothing to lose and potentially lots to gain! Send us an e-mail to charles@pattersonmills.ch, call us direct at +41 78 214 84 32, or fill in our contact form

1Aviva, Dec 2021

Catégories
Investments

Springing Into Action

Springing Into Action

Most people don't plan to fail, they fail to plan

John L. Beckley Tweet

2 min read

Spring is very much a season of hope; a time to look forward and plan. While that’s not always easy amid a flurry of headlines concerning the cost-of-living and immense global political tensions, it’s important to look beyond short-term bouts of market volatility and ensure your financial objectives remain firmly aligned to your life goals – which may well have shifted or flexed over the last couple of years.

Investing is for everyone

At times like these, the fear of losing money can be a powerful deterrent to investing. However, in reality, most of us have been investors throughout our lives – if you own your home, for instance, you’ve invested in the property market; if you own jewellery you’re effectively investing in precious metals. With inflation factors at play, some may consider holding too much cash as a risky move at present.

Diversification is key

While it’s easy to understand potential unease in the current climate, it’s also important to appreciate markets have always experienced short-term bouts of volatility. The key to managing this risk is by diversifying your assets. By holding a balanced portfolio with a mix of equities, bonds, property and cash, this aims to effectively mitigate risk by ensuring ‘all your eggs are not in one basket.’ By building safety nets as well as opportunities for returns into your plans you will end up with an optimum mix of investment, protection and saving instruments, allocated according to your circumstances, objectives and risk tolerance.

Plan, plan, plan

Recent research1 also vividly highlights the importance of investing in relation to retirement planning. The study found that less than 40% respondents are currently on track to receive a moderate level of income in retirement. In other words, if most people don’t take action now, they face living on only the most basic standard in later years.

Regular reviews paramount

One way to ensure your financial plans stay on track is by arranging regular reviews. This will help to identify any areas of concern and ensure you avoid any untoward financial surprises at a later stage in life. With meticulous planning and careful consideration, we can assess and develop a robust plan to align and flex with your changing requirements and priorities. We’ll help you spring into action and ensure you can look forward to a sound financial future.

Get in touch today and book your initial, free, no-obligation meeting.

You have nothing to lose and potentially lots to gain!

Send us an e-mail to charles@pattersonmills.ch, call us direct at +41 78 214 84 32, or fill in our contact form below.

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1HL, 2022

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