I’ve never been driven by money, it always features last (at one point in my life, not at all) on my values list. Having long-term wealth wasn’t something I really paid too much attention to. I didn’t start a pension plan until I was 28 and in my first postdoc position. The University has a pension scheme which looked pretty generous and the money went out automatically every month. Job done, I would be sorted with a pension when I retire.
When I decided to undergo the certification process to become a qualified coach and start my own business; in order to feel comfortable with the decision, I did a lot of work measuring our finances. I wanted to know how long we could survive financially on one wage before needing my wage through the business. I needed to protect our downside.
During this process, I also looked at our long-term finances. Inputting the details into a pension calculator, I was astounded. A pension contribution of £243 per month projected at age 68 an estimated income of £14,521 per year. It wasn’t going to be nearly enough to even meet the basic cost of living. I dread to think how much energy and food will cost in 2051! I needed a long-term growth plan for me and our children’s futures.
When it comes to finances though, you need someone who you can trust that will explain what they are doing in a way you can easily understand. When I was trying to set up trust funds for our children, my advisor would simply send me paperwork and didn’t take the time to even find out what I was trying to achieve with the money. I later found out that they were also charging top fees for the privilege.
That’s when I met, award winning author, TedX Speaker and horse loving financial advisor Rebecca. She is passionate about empowering individuals to take control of their finances, gain confidence in planning their financial future and creating structures and processes to succeed.
I was so impressed with how Rebecca helped me and handled my finances with care and attention, that I invited Rebecca and her company Evolution Financial Planning to be a partner organisation in my business. She has kindly agreed to offer 15 minute calls to my community for anyone who wants to get their financial house in order and plan for the long-term.
Book your 15 minute call with Rebecca here > >
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My gift to you this Ramadan and Easter,
PS Listen to The Wealth Trap of Academia 🎧 iTunes, 🎧 Spotify, book a call with Independent Financial Advisor Rebecca Robertson here.