Burns Wealth Planning

📢 We (Burns Wealth Planning) are delighted to announce we will be stallholders at the St Margarets Fair again this year. 🤘

We had such a blast last year; we have decided to pitch up again in 2024. 🎉

Prior to launching my business and becoming a stallholder, we as a family would attend this event every year. It is always such a great day, and so well organised.

There is nothing quite like your children being hyperactive on sugar and covered in face-paint, while you enjoy a drink and listen to live music….awaiting the sugar crash and inevitable tantrums! 📉

An opportunity to support local businesses, engage with the local community, and have a great time. What is there not to like?!

Swing by for a chat with me (or take the mickey), but either way; come and say hi!!!
I doubt any other stall will have the ability to change your life through a conversation!!! 😄

👀 At our stall you can expect:

• Free to enter prize draw (18+)

• ‘Money Doesn’t Grow on Trees’ game (for all ages) ⚽

• Financial expertise, and guidance (anybody with a pulse)💓

• Me, pretending to know what I’m doing! 🤣🤷‍♂️

Join the fun on Saturday 6th July from 12:00 @ Moormead Park [TW1 1JS].

Let’s make this fair unforgettable – or at least Instagram-worthy! 📸🤣

🎉 Ready, Set, St Margarets Fair 2024!

Tonight, I'm attending the prestigious Professional Adviser Awards 2024 as a finalist in the 'Newcomer of the Year' category.

It's hard to put into words the personal significance of this moment. It’s incredibly validating, marking a significant milestone in my journey.

Launching a financial planning firm with no prior business experience or significant assets was a leap made by the bold and the spontaneous (or stupid) — I guess I embody a bit of both characteristics.

This nomination is not just a personal triumph but a testament to the idea that with enough determination, even the newest players can make substantial waves in the industry. It’s about celebrating the fresh perspectives and innovative strategies that newcomers like me bring to the table, striving to redefine what it means to be a trusted advisor in today’s dynamic landscape.

My journey has been peppered with fear, stress, and doubt, accompanied by intense dedication and significant personal sacrifice. Occasionally, you need a milestone to motivate you and justify those relentless 60-hour weeks and the single-minded focus that leaves room for little else besides your business.

Being nominated for a national award for something I am so passionate about is eff’ing amazing! No matter the result, I'm committed to delivering what we consider exceptional advice and our comprehensive suite of services – full fat financial planning! We gauge our success by our ability to meet our clients' needs effectively.

I hold myself accountable for our clients' outcomes and the quality of service we provide, and I firmly believe I embody the spirit of the 'Newcomer of the Year' category we're nominated for.

I am immensely grateful for the support, encouragement, and love from my family, friends, mentors, peers and clients. There are too many to thank, but a big shoutout to everyone who’s been part of this journey.

Take our Wealth Builder Quiz to assess your current financial habits and learn how to build long-term wealth! Are you on the right track? Find out now:

https://dave-jwko3l28.scoreapp.com

Wealth Builder Quiz

👑💸 𝑰𝒔 𝑪𝒂𝒔𝒉 𝑺𝒕𝒊𝒍𝒍 𝑲𝒊𝒏𝒈 𝒊𝒏 𝒂𝒏 𝑨𝒈𝒆 𝒐𝒇 𝑹𝒊𝒔𝒊𝒏𝒈 𝑰𝒏𝒇𝒍𝒂𝒕𝒊𝒐𝒏? 💸👑

In the general populations opinion, cash has long sat as the undisputed monarch, offering security and stability. To the point, the saying ‘Cash is King’ was commonplace. So why do us Financial Planners this otherwise?

As inflation ticks upwards, the crown begins to wobble. With each passing year, inflation silently gnaws away at the purchasing power of our hard-earned money. What once bought an entire trolley of groceries now barely fills a basket.

That money you have sitting in cash because the bank offered a "good" interest rate has fallen in value* by about 20% since 2020!!!

*Purchasing power

📉 The eroding effects of inflation mean that what sits in your savings might not take you as far tomorrow as it does today. It's a silent challenge to the throne of cash, prompting a pivotal question: How risky is cash? Cash is one of, if not the riskiest asset of all.

💰 Diversification is key. While having cash for immediate needs is non-negotiable, it’s essential to consider other investment vehicles that can potentially outpace inflation and grow over time.

🔍 So, let's talk strategy. Are you adjusting your financial plans to overcome the effects of inflation? How do you balance the need for liquid cash with the quest for investment returns that can keep up with or beat inflation?

Share your thoughts in the comments below! 💬

Consistency in financial plans is crucial, playing a key role in achieving financial stability and long-term financial goals. Here are some of the main reasons why consistency is important in financial planning:

𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝 𝐆𝐫𝐨𝐰𝐭𝐡: Consistent investments and savings contribute to compound growth over time. The power of compounding means that even small, regular contributions to a savings or investment account can grow significantly due to the interest or returns earned on both the initial principal and the accumulated interest over time.

𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: Consistency in financial planning allows for better risk management. Regular reviews and adjustments of your financial plan help mitigate risks associated with market volatility, economic downturns, and unexpected personal circumstances.

𝐆𝐨𝐚𝐥 𝐀𝐜𝐡𝐢𝐞𝐯𝐞𝐦𝐞𝐧𝐭: Financial goals, whether they're short-term (like saving for a holiday) or long-term (like retirement savings), require consistent contributions and disciplined planning. Irregular efforts make it difficult to achieve these goals within the desired timeframe.

𝐇𝐚𝐛𝐢𝐭 𝐅𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧: Consistent financial behaviour fosters good financial habits, such as saving a portion of your income each month or regularly reviewing your financial plan.

𝐀𝐯𝐨𝐢𝐝𝐢𝐧𝐠 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐫𝐞𝐬𝐬: Regular and consistent financial planning helps in managing and avoiding financial stress. Knowing that you have a plan in place, and are working towards your financial goals steadily, can provide peace of mind.

𝐀𝐝𝐚𝐩𝐭𝐢𝐧𝐠 𝐭𝐨 𝐂𝐡𝐚𝐧𝐠𝐞𝐬: Life circumstances and financial markets can change unpredictably. A consistent approach to financial planning includes regular reviews and adjustments of your plan to adapt to these changes, ensuring that your financial goals remain achievable.

𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐖𝐞𝐚𝐥𝐭𝐡: Consistency in saving, investing, and managing debt is key to building and accumulating wealth over time. It allows for strategic asset allocation and diversification, which are important for optimising returns and managing risks.

𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐃𝐢𝐬𝐜𝐢𝐩𝐥𝐢𝐧𝐞: Consistency helps in maintaining financial discipline, preventing impulsive decisions and erratic financial behaviour that can undermine your financial objectives.

𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠: Consistent financial planning provides a more predictable framework for making future financial decisions. It helps in planning for major life events, such as buying a home, funding education, or retirement, with greater confidence and clarity.

Consistency in financial planning is about making steady progress towards your financial goals, irrespective of the market conditions or personal life changes. It embodies the principle of staying the course, ensuring that your financial actions today align with your long-term objectives, ultimately leading to financial success and security.

January is a perfect time to reset your money habits for the year ahead – and start with a clean slate. These are my top five resolutions to set you on the path to financial wellbeing.

1. Work out how much you’re really worth

Working out how much you’re worth can be surprisingly reassuring. Tot up all your assets, then think about whether each one is working hard enough for you.

2. Downsize your debts

As important as it is to know how much you’re worth, it’s even more important to know what you owe. That way, you can recognise when normal debts become problem debts.

This is part of ‘cashflow modelling’, giving you an accurate snapshot of all your outgoings and income. You can see if you’re still paying for subscriptions that you thought you’d cancelled, or how much you’re actually spending on food each month.

If your finances are healthier, you could think about downsizing a bigger, long-term debt, such as your mortgage. It’s surprising how much you save in interest by paying off an extra £100 a month.

3. Keep using your tax allowances

Are you making the most of your tax allowances, so you pay less tax? Be aware that tax rules can change, and those like ‘carry forward’ can be complicated. So, it’s always worth speaking to your adviser about the most tax-efficient way to invest, save or gift.

4. Keep your retirement plans on track

Retirement may seem a long way off when you’re busy balancing family budgets. This year, don’t let your personal long-term plans take a back seat. It's never too late to start saving for retirement.

Pay attention to your pension – if you’re not in the company pension scheme, join it.

5. Make a Will and Power of Attorney

Possibly not top of your new year’s to-do list, but making your Will is one of the most important pieces of financial planning for your family’s future that you’ll ever do.

It's easy and straightforward to set up a Power of Attorney or make a Will – it’ll put your mind at rest.

WHAT A WASTE OF TIME!!!

Sound familiar? How many of you make New Years resolutions that you never follow through with. You start off well in January and then it all falls by the wayside.

Goals should start at a time of change or need for change. So many resolutions are set because it is tradition. Goals are your vision of what you would like the future to look like. If you are setting a resolution for tradition's sake, then your motivation will be lacking compared to a goal set because of a need.

In the same way a financial plan without implementation, is like building a house and never moving in!

2023 was a year fraught with financial challenges and I have no doubt 2024 will be similar. Those who had a resilient financial plan in place were no doubt better positioned to cope with the changing landscape, than those who didn't.

Money is a subject constantly discussed throughout the year and is the cause of most people stresses, yet they do not act or put a plan in place to manage that stress. Why?

If I had something that worried me everyday or even twice per week, I would do something to address it.

Why not make 2024 the year to make a plan you actually stick to?

Working with a finance professional can help bring clarity and guidance in all aspects of your financial wellbeing.

As we bid farewell to the final day of 2023, anticipation builds for the unfolding narrative of 2024, a year brimming with possibilities that may shape our financial landscape. There has been much speculation on the potential events and shifts due in 2024!

2024 is a year packed with opportunities:

📈 Market Outlook: What trends will characterise the stock market in the coming year? Will specific sectors experience a surge, or will investors adopt a more cautious stance?

📉 Inflation Dynamics: After the noteworthy discussions around inflation in 2023, will we witness stabilisation, or are there indicators pointing towards a different trajectory?

❓ Interest Rate Speculations: How might interest rates ebb and flow throughout 2024? Will they persist at elevated levels, or is there a potential shift towards lowering them to stimulate economic growth?

🤡 Political Events Impact: Given the substantial influence of politics on economic policies and market sentiments, the outcome of upcoming elections holds significance. What implications might these events have on global markets and investment strategies?

Amidst the uncertainties of 2024, there will undoubtedly be interesting opportunities. Crafting a resilient and well-positioned financial plan is essential to navigate the evolving landscape successfully.

Is your financial plan poised to meet the challenges ahead? Consider making a New Year’s resolution that involves a comprehensive review of your current and future financial goals. Book a meeting with a Financial Planner to ensure your plan remains pragmatic and ready to adapt to whatever 2024 may bring.

Your proactive approach now could pave the way for financial success in the year ahead. 🚀

Wherever you decide to pay tribute this Sunday, just remember we live in direct relation to the heroes we have. The men and women who without knowing our names or recognising our faces, risked and sometimes gave their lives to support our country and our way of living. We must say thank you.

“At the going down of the sun and in the morning, we will remember them”.

🙏 Grateful for the Kind Words 🙏

I wanted to take a moment to express my gratitude to this client for their thoughtful review. Working with this client and being able to provide clarity was an absolute pleasure, and their feedback demonstrates the power of advice.

It's incredibly rewarding to know that our collaboration has made a positive impact. The review further highlights the value we were able to create together and the strong partnership we formed along the way.

At the heart of every professional journey are the relationships we build, and I feel fortunate to have had the opportunity to work with such an exceptional client. Their words inspire me to continue striving for excellence with every client’s plan.

The effect of inflation on your savings!!! 📉

Inflation is a topic that has been making headlines lately, and it’s important to understand how it can impact your investments. Simply put, inflation refers to the increase in the price of goods and services over time. It means that your money may be able to buy less in the future than it can today.

Inflation can also have an impact on the real value of your cash savings over the long term. In fact, if inflation continues at a rate of 4% over the course of two decades, the purchasing power of your savings could decrease by more than 50%.

Chart for illustrative purposes only and values aren’t guaranteed. Inflation rates rise and fall over time. This chart assumes a flat rate of inflation of 4% over a twenty-year period.

If you have read this far, why not get in touch and learn more about how to combat the effects and your options.