Introducing the Financial Toolkit for Millennials

I’m a financial planner.

“What does that mean?”

Ask my friend and he’ll probably say something like: “he helps the rich get richer!”

But what most people don’t realise is that financial planning isn’t really about money. Money is just a tool. It isn’t about being rich and sheltering assets, it’s about knowing how to use the money you already have.

Used well and it can help you build a life with solid foundations. Used poorly and things could quickly fall apart.

For our generation, there has been a shift. Responsibility for our long term financial future now lies with us, and not our employers or the government.

I have no issue with this itself. But I don’t feel enough has been done to fully educate a whole generation about managing money and our new responsibilities.

I know nothing about DIY but have often been stood in a B&Q, faced with task of picking the right tools..? I went to buy a hammer and there are a hundred different types, go for the wrong one and you may have a hole in your wall when you only wanted to tap a nail in.

But using the correct tool for the job is vital and the same is true with money. There is so much information out there that it can be overwhelming knowing where to start.

Enter the financial toolkit. All the information is already out there. My goal is to bring it together in an easy to understand way and give you the tools you might need for the job at hand.

Starting with You!

Before building anything, you need to have a plan and you’ll need to occasionally step back and check your work so far.

The same is true with money. So before you even think of shares or ISAs or pensions, think about what you are trying to build.

Begin thinking about the relationship you want to have with money in the future. By doing so, you can start to piece together what you need to get there.

A financial plan isn’t about living like a monk. You are striking a balance between your needs and plans now and your future financial confidence.

I recently heard someone say, “The best way to make God laugh is to show him your five year plan”.

And it’s true, life will inevitably throw surprises your way. Having a financial plan can act as your GPS.

It could be smooth but if it’s not it  might help you find a route through.

“How did it get so late so soon?” Dr. Seuss

I meet with clients of all ages and backgrounds and I often hear the same thing, ‘I wish I’d started sooner’.

Time is your greatest asset in more ways than one but unfortunately, it’s easy to put planning for your financial future on the backburner. Understanding and accepting that there is a cost to delay is vital in finding a balance that works for you.Therefore, realising its important to get to grip with your finances now is the first tool in your financial toolkit.

Click here to read the next in the series ‘Compounding: The most powerful force in the universe’

Disclaimer: The content contained in this blog represents the opinions of Equilibrium Financial Planning. The commentary in this blog in no way constitutes a solicitation of financial advice. It should not be relied upon in making financial decisions and is intended solely for the entertainment of the reader.  It should not be relied upon in making financial decisions and is intended solely for the entertainment of the reader.