Can you rely on the newspapers?
For guidance on planning your money?
Watch the video above to learn why you can’t rely on the newspapers for guidance about money.
Of course, it’s not just the newspapers who are unable to help you plan your money.
No magazine, no blog article, no App and no book – including my own, and that’s one of the best – can give you a ready-made plan for your money.
And knowing this is really good news because it could save you hundreds or thousands of hours of wasted time – searching for the answers!
This is the nature of personal financial life planning.
The clue is in the name, it’s personal – and you need to learn a solid process if you’re to build a plan that will work for you.
Want to learn more?
If this is of interest, you can start to learn more about the basics of financial planning here
And you can, (indeed most people probably should) use a financial planner or adviser to help you with this.
But even if you do get some help from an ‘expert’, you still need to know the basics about investing and pension planning, in order to check the quality of the advice you get – and to check that the fees you get charged are fair!
Here’s the transcript of the video above
Wouldn’t it be wonderful if the newspapers could help us to spot a Scam or Financial Scandal before it hits us?
But they can’t do that, they can only tell us the bad news after it’s happened.
I wonder, though… surely they can help us to plan for our future?
Well, I guess if you look hard enough, you might find the odd article that’ll help you with that. But you’ll need to check it for accuracy because they often get the facts wrong – especially with tax and pensions.
Some newspapers focus only on scary stories and financial scandals – which might help them with their circulation but they only add to our confusion.
And you’ve probably seen their favourite ‘scary’ headline, about the impossibly high cost to fund a decent pension.
This is the one where they show you a table which tells a 30-year-old (for example) that they need to save £10,000 a year, or more, to build a modest pension.
Yes, that’s right £10,000 a year
That’s what we’re told, week in week out, in the money sections of the newspapers.
Which is one reason why lots of people save nothing at all, but here’s the really scary thing about these scary headlines.
You really don’t need to save that much to build a decent fund for your later years.
In fact, that 30-year-old could build a fund of £250,000 – just by saving £3.30 each day.
That’s the price of a cappuccino.
Want to learn how to build your own financial life plan?
If this is of interest, stay in touch via Newsletter or the Facebook Group – links below.
You never know, this could be one of the best connections you ever make.
Thanks for dropping in,
PS to my good quality financial journalist friends
Obviously, I don’t wish to undermine your work. This is about the others, and I do understand the problem you face in this complex area – especially if the notes and numbers you receive from the ‘experts’ are not always ‘balanced’.
So, if you need help getting more balance in your articles… from someone qualified on financial planning matters – with deep knowledge and experience of the financial services industry… but who doesn’t sell financial products, so has no axe to grind, drop me a line at firstname.lastname@example.org and I’ll help if I can.
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As a thank you, I’ll send you my ‘5 Steps for planning your Financial Freedom’ and the first chapter of my book, ‘Who misleads you about money?’Also, for more frequent ideas – and more interaction – you can join my Facebook group here
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