Entrepreneurs, as you would expect, are often fantastic when it comes to developing a business from scratch, identifying a wise investment and turning around the failings of a struggling company.
However, when it comes to money-management and financial planning of a personal type, things can be quite different. Although we're often told to 'live in the moment', when it comes to money, unfortunately, we all need to look ahead and make sure we have everything in place to ensure that we won't struggle in retirement, and that our children won't encounter difficulties when we are gone.
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Pensions
Unfortunately, state pensions should not be relied upon as a sole income during retirement. The pension-age has shifted in recent years, and who knows what state it will be in another 20 or 30 years down the line, or even if it will exist at all. It is therefore important to set aside a certain percentage of your income for either a pension fund or a savings account like an ISA. Whether you are self employed, or employed, it is important to have something in place. This article from the MoneyAdviceService is a good starting point.
Writing a Will
Typical reasons that people cite for not having written a will include "it's too expensive", and "I won't die anytime soon". Amazingly, over half of UK adults have yet to write a will. This has been such a concern that Unbiased.co.uk and Certainty.co.uk even went to the extent of launching ‘Write and register a will week’, beginning 14th October 2015. According to which.co.uk the cost of writing a will can start at £80 and normally goes up to no more than a few hundred pounds.
If your business is doing well, then make sure to set aside something for the future, and don't ignore your responsibility to write a will. Once these things are dealt with, you can go back to enjoying and living in the present...
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