Tel: 074 912 4366
57 Port Road, Letterkenny, Co. Donegal

The All-Ireland Final, Investing and Financial Planning

Like many of us watching the All-Ireland final on Sunday, I was bewildered by not one, but two, own goals within a short space of time. I wondered whether Mayo, after such a disastrous start, had the resilience and determination to remain focused – but they did. This focus on their end goal carried them through to those last few minutes of injury time when they  equalised, resulting in a replay in two weeks’ time.

And yes, I do know this is a financial column, but it did strike me and there is a financial lesson to be learned. here

As I have written before, when it comes to goal setting, the path to success is not linear. There will be bumps in the road. We will make mistakes. It is how we deal with these mistakes that will determine our end goal. This is true of all goals we set and work towards, including our financial goals.

This year got off to a rocky start with uncertainty in global markets, due mainly to the volatility in China. Following the result of the Brexit referendum in June, the markets were initially stunned, falling sharply before bouncing back. Economic commentators expect ongoing volatility in the coming months, until we have a better idea of the UK’s final exit strategy.

The important thing to remember here is not to have knee-jerk reactions and throw out the baby with the bathwater. You shouldn’t make sudden changes to your pension and other investments on the basis of this volatility. If you have made a good financial plan, like Mayo, you should keep your focus on the end goal. Sometimes this will mean adjusting your plan; at other times, you should sit tight and stay focused. Your financial advisor, like a good Gaelic football manager, will advise and help keep you on the right track.

If you don’t have a financial plan, it’s never too late to get started. Always make sure that you meet with an independent financial advisor or financial broker like me in an independent brokerage. The reason for this is that banks and tied agents are usually tied to advising on the products of just one company. They can’t offer independent unbiased advice.

Dealing with an independent financial advisor or financial broker means that your financial plan and goals will be made using the financial products suitable to your needs, rather than being restricted to just one provider.

And remember, it doesn’t matter if your financial plan has floundered a little. Like Mayo, the important thing is to remain focused on your end goal.

If you would like make a plan or indeed review your existing financial plan, get in touch to arrange your appointment on 074 9124366. The first consultation is free of charge.

 

 

Comments are closed.