Financial Planning is for young people too

Lots of people believe that financial planning is for older people; people who have accumulated wealth and are getting ready to plan for their retirement. While older clients need advice, their lifestyles are usually a lot more settled at that stage; kids have moved out, debts paid off. They need advice on making sure they have enough saved so they enjoy retirement.

Young couples however have so much more going on in their lives and tons of stuff that will influence the way their lives turn out that is that they are going to achieve in their lives. Life is going to take so many twists and turns along the way that it is

  1. Marriage or whether to get married at all. What are the consequences if you don’t regarding potential passing of assets on death.
  2. Divorce – No one plans for it but it happens. How are your assets going to be divided.
  3. Children – planned and unplanned…what do you do when the doctor tells you it’s triplets! Or you may have a child that has special needs.
  4. Planning for the costs of kids – As we all know, kids are bloody expensive and nothing is as expensive as childcare costs in this country. Expect to pay close on €1,000 a month for 3 years. Then there’s school fees and college fees as well as everything else. Would it be great to have most of these expenditures planned for?
  5. Buying a home – whether it’s your first home or you’re moving house, do you know how the new mortgage regulations work and the bank’s very strict lending conditions . Are you one of thousands with a negative equity apartment? How will that affect your future?
  6. Employment – A job for life is a rare thing these days. If you work for a multi-national, you will probably be offered a redundancy package at some stage. Or do you want to set up your own business at some stage? What level of breathing space do you need before you have to start bring in an income?
  7. Emigration – are there better options for you abroad? For some, moving to the Middle East for a few years and earning a tax free income for a few years is an attractive option.

This is all in addition to Investment strategy, retirement planning, short term savings, what level of emergency fund you need, wealth accumulation and catastrophe planning.

see, there’s loads of planned and unplanned events that are going to happen in your life between now and the time you get to the stage that you need to start planning for your retirement.

If you have any questions, please contact me directly at