Welcome to our fifth podcast in our Financial Expert series.
Here we focus on the big personal finance issues – investing and pensions !!
We look at all the questions you have about your money and finances – household finances, managing saving and investing, and the topical issue of planning your retirement.
#financialfreedom #pensions #savings
Welcome to our fourth Podcast in our Financial Expert series.
In this podcast the focus is on savings and how to make the most out of your hard earned money!
We will cover interest rates and the need for a financial buffer to cover those unexpected financial
events.
Having a savings strategy is important as it will allow you to achieve your long term goals – buying
a house, saving for your children’s education as well as saving for your retirement.
We also cover how to choose the right savings for you.
Welcome to our third Podcast in our series.
This podcast which is all about managing your Household Finances and deals with the basics of money management. It will cover areas such as – Understanding and Signing Contracts – Financial Records – Monitoring income and expenses – Drawing Up a budget – the Basics of managing income and expenses as well as managing the unexpected income / expense.
You can listen here on the link below to soundcloud ….
Welcome to the Expert Financial Advice Podcasts where we continue with Podcast no 2 – the three Ps of Price, Purchases and Payments.
Podcast Summary
Here the podcast touches on areas such as making sure you’re not getting ripped off, keeping track of payments, and different methods of payments. We’re also going to talk about buying responsibly and considering the environmental and social impacts when purchasing goods or services.
This is the first of the Expert Financial Advice podcasts that we intend on sharing. These podcasts, produced by the Irish Broker, will cover a range of topics which will help you feel more comfortable around all things financial. This series of podcasts aims to answer questions about money and personal finances and cover a broad range of topics including the likes of managing household finances; purchases, pricing and product; saving & investing; planning your retirement; taking on debt and keeping yourself financially safe and sound. Its ideal for financial beginners and this is the first of 6 episodes.
Tune in now and listen to the first podcast which focuses on money and the different forms of money, the meaning of legal tender, and how to use and store money safely. It will also cover currencies/foreign exchange and some things to watch out for here. It delves into the whole area of income, payslips and keeping yourself on the right side of the Revenue Commissioners and understanding your rights and obligations.
A new Code of Practice for Cancer Survivors seeking mortgage protection insurance has been introduced – known as the Right to be Forgotten!
We all know someone who has been affected by cancer. Thanks to advances in screening and treatment Ireland has up to 200,000 cancer survivors, and each year there are approx. 44,000 new cancer diagnosis in Ireland.
Apart from the physical, psychological, and financial burdens placed upon cancer patients and survivors, there are other long-term consequences – one of these meant that people were unable obtain life cover to secure their mortgage.
A recent change in the code of practice (Cancer Survivors Right to be Forgotten) brings good news for Cancer survivors looking to put mortgage protection cover in place when purchasing their principal primary residence. Mortgage Protection is life cover which decreases in line with the term of your loan and is one of the requirements when taking out a mortgage.
The new code (effective from 6th December 2023) means that the insurance companies will not consider a cancer diagnosis if:
– the person is in complete remission and active treatment ended more than 7 years before the application
– or 5 years if the person was under 18 at the time of diagnosis
Cancer survivors can get up to €500,000 in mortgage protection cover for their principal
private residence.
Even better news – the major life companies in Ireland have signed up the new code of practice including Acorn Life, Aviva Life & Pensions, Irish Life, Laya Healthcare, New Ireland, Royal London and Zurich Life.
Need help securing Mortgage Protection cover? Or want to find out more?
Contact our office for assistance on 061 – 412388.
Really enjoyed Standard Life’s webinar this morning – Inspiring a Conversation. It’s aim was to inspire more conversations with women on retirement planning. It was an energetic and thought provoking conversation.
We need to help women plan for their “Second Life” – not Retirement! How do we do this without using the P word? 😉
We need reframe the language we use to make it easier for women to engage in planning for their future.
It is hard to envision your future you. Life is so busy for many of us, it is often hard to find the head space. It can be hard to plan for tomorrow let alone in 20 years time!
The Second Life questionnaire is a good starting point to help think about the life you want to live.
If you want to start a conversation around your Second Life contact me grainne@sunrisefinancialplanning.ie
As we are well into the New Year now is a good time to look at your budget and review your finances for the coming year. Budgeting will help you understand if you are living within your means or it can help you make your money work harder for you. It’s a great way to track overspending and get a handle on your expenses. We recommend you review your budget 3 to 4 times a year, or more frequently if money is tight.
When reviewing your spending, one of the simplest rules you can adopt is the 50 / 30 / 20 budget rule which is a good guideline. It works by splitting your after-tax income into three categories as below.
Allocate 50% of your income to your essential needs – your fixed costs – such as your rent/mortgage, groceries, transportation and utility bills.
Use 30% of your income on your non-essentials – your variable costs. For example, items such as takeaway coffees, dining out, gym membership and subscription services.
Save 20% of your income to savings including emergency savings as well as your retirement plan. Savings can also include clearing debt. So if you make €3,000 a month after tax, this would mean you can put aside €600 a month. In just a year, you’ll have saved €7,200.
Recently we reviewed a clients’ spending habits using this rule of thumb as a guideline. Although on a modest income they were saving 35% of their net income to their savings. Being intentional with how they spend and save their money is helping them to work towards their goals – both short and long term.
Below find our top three Apps that will help you track your spending!
If you need help putting your own Financial Plan in place, contact Grainne on 061-412388, or by email on grainne@sunrisefinancialplanning.ie.
Sunrise Financial Planning is regulated by the Central Bank of Ireland.
We had a lovely lunch yesterday at the French Table, just around the corner from our new offices. Great to have the time to catch up outside the office and fabulous food. Highly recommend a visit to this fab restaurant.
Volatility in the markets causing you worry?
We tend to forget that volatility is part and parcel of investing. Changes in values will happen over time – both upwards and downwards!
Investors often ask what they should do when the markets experience a period of uncertainty.
Simply sticking with your long-term financial plan is the best advice!
Often as investors we have the urge to do something, but this can result in a poor long-term financial consequence. Remember your financial plan has been put in place with the long-term in mind and to avoid emotional decision making.
Take the example below which compares four investors, all of whom started their journey on the same date in early 2000.
Each investor saved €200 per month along with a lump sum of €15,000 each October and all invested in the same fund (i.e. Zurich Life’s Balanced Fund) with the same charging structure.
Each investor continued on the same course until the market crash in October 2008. However
each investor had a different reaction and only one stuck with their initial plan!
Investor 1. Investor sticks with their plan and makes no changes.
Investor 2. Investor moves their investment to cash and stops paying in premiums.
Investor 3. This investor remains invested in the fund and pays no premiums for 3 years.
Investor 4. This investor moves to cash also and does pay premiums for 3 years.
The result is a stark difference in financial outcomes for each investor. Investor No 1 who stuck to their plan is €785,249 better off than Investor No 2 who moved into cash and stopped paying premiums.
Remember you cannot control the markets, but you can control how you react to them.
If you want to get on the right path for your future get in touch today!
Grainne@sunrisefinancialplanning.ie
