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MASON WEALTH MANAGEMENT BLOG

admin, Feb 17, 2019

Income Protection is sometimes described as the glue in a financial portfolio. The most devastating impact on your financial situation is likely to be caused by a loss of your income, and the inability to replace it.

Unfortunately, people lose their jobs from time to time. However inevitably what tends to happen is that these people pick up new roles elsewhere or take a new path in their careers. As a result, their income may drop for a period of time, but will usually pick up again before too long. These people are in the fortunate position of being able to work.

Being unable to work because of illness or injury is a whole other matter. Little or no costs are moved from your life, in fact new costs may emerge such as medical expenses, care fees etc. On the income side, there are social protection benefits available, but in reality these deliver no more than basic subsistence payments. So there is often a lot less money coming in, with sometimes more going out…

Income protection protects your most important asset in…

Income Protection is sometimes described as the glue in a financial portfolio. The most devastating impact on your financial situation is likely to be caused by a loss of...

What does retirement mean?

Retirement really means being financially independent. It does not mean being able to stop working on a given day and then doing nothing. It is the date when you can stop working because you can afford to. You only work because you want to. Retirement is now a bit more flexible than it was in the past. It could mean reducing your hours to a 3 day week. Perhaps even remaining on in a part time capacity. This could work for you especially if your pension funds are insufficient for a complete exit.

Time to take Action

Up until now you have had lots to think about – building your career, educating your children, paying down debt. These were important, however, its probably fair to say not as important as building an income for the rest of your life. If you are within 10 years of retirement, its time to take action. If you don’t take advantage of the last 10 years of your working life, you will miss a valuable opportunity.

You need to know the following before you can make any decisions:

  • How much will you need…

What does retirement mean? Retirement really means being financially independent. It does not mean being able to stop working on a given day and then doing nothing. It is the date...

admin, Jan 08, 2019

Have a Financial Plan

Most successful investors have a plan.  They know exactly where they are going and how they are going to get there.   Without a financial plan you don’t really know where you are going.  We know that short term volatility will happen at some stage.  If you have a long-term plan that is reviewed annually, you will not be concerned when things get a little bumpy on the investment journey.  Any decent financial planner can incorporate a number of “what if” scenarios in the plan which will take account of market fluctuations.

Stay in the market long term

There is a famous saying that the stock market is a place where impatient people simply give their money to patient people.  People that enter the market looking for a quick return generally get badly burned.  In order to maximise returns, you must remain in the market through thick and thin.

Do not try and time the market

Timing the market is a futile exercise.  It simply does not work.  J&E Davy Stockbrokers recently published an article that makes interesting reading.  If an…

Have a Financial Plan Most successful investors have a plan.  They know exactly where they are going and how they are going to get there.   Without a financial plan...

admin, Dec 18, 2018

Spend less than you earn 

This may seem like an obvious statement.  Many people have no idea how much they are spending each month and then they wonder why they are getting further into debt.  Spend no more than you are earning.

A simple money management technique is to open 2 separate bank accounts. A spending account and a bills bank account.  Add up all your fixed costs that have to be paid each month (include utility costs, direct debits, bank loans, mortgage, life assurance, sky sports etc).  Lodge your salary into the “bills” bank account.  Total up all the above known monthly outgoings.  The remaining balance of your net income is what is left to spend each month.  That amount should be transferred to your “spending” account.  At any given time, you can see clearly what you have left to spend before the next payday.

Pay yourself first

In the New York Times bestseller, The Automatic Millionaire, the author David Bach explains that people should ‘pay themselves first’ every month. By this he means that everyone should set aside savings every month…

Spend less than you earn  This may seem like an obvious statement.  Many people have no idea how much they are spending each month and then they wonder why...

Alright so it’s Christmas, the season to be jolly and everyone is ecstatic. One thing which isn’t so jolly is the financial burden on your wallet with the various gifts you have to buy for loved ones.

The fact of the matter is Christmas can be a stressful time financially for the majority of people. Unless you have a comfortable amount of money set aside for presents the gift shopping will take its toll.

Make the holiday season less financially stressful with the following tips.

1 . Make A Budget

At Christmas time it’s easy to get carried away with Christmas shopping. You’ll want to treat your loved ones to the best of the best just to see those looks of excitement on their faces when they open their gifts on Christmas Day under the Christmas tree and frankly, because they deserve to be spoiled.

All things considered, you need to set a budget on the amount you can realistically spend on presents. There’s no point going overboard if this eats into the money required for food, rent, house bills, money you will need…

Alright so it’s Christmas, the season to be jolly and everyone is ecstatic. One thing which isn’t so jolly is the financial burden on your wallet with the various...

retirement planning

admin, Nov 30, 2018

At some point in time we all have to retire. We cannot work forever, a sad fact for all you workaholics out there. Many people don’t give much thought to retirement until much later in life but you should give it thought sooner rather than later.

Retirement planning should start early to enable smooth sailing when the time comes. You want to make your retirement as easy as possible but what does retirement planning consist of?

Retirement Planning As A Broad Term

Retirement planning is an extremely broad term. It can involve different aspects at different stages of your life. For young people it can centre around saving for retirement as time is on their side.

More than 15 years from retirement and you might want to start planning what you are actually going to do when retired. What are your hobbies and interests? Are you going to volunteer? You will begin to think about how you are going to spend all your free time. But also consider how much income you will need in retirement to support your desired lifestyle.

Fast forward to…

At some point in time we all have to retire. We cannot work forever, a sad fact for all you workaholics out there. Many people don’t give much thought...

admin, Oct 26, 2018

Come and get professional personalised advice in a friendly atmosphere regarding among others:

 

– Retirement Planning Ireland

– Financial Advice

– Investment Advice

 

Retirement Planning

Sooner or later you will have to start thinking about your Financial Future and retirement planning.

Do you think retirement is boredom? Nothing similar! If you think that ending work means the end of challenges, and all that remains is knitting and napping in a rocking chair – you are wrong! Retirement is unavoidable, but it will be what you plan.  Here’s how to do it wisely with Financial Planning Ireland!

Start with yourself – take care of your attitude!

When we are very young we do not think about long distance future financial planning.

It is best to start the planning process from scratch, it means to realise that retirement will come one day. No matter what stage of life you are in today, the day will come when you will not have to go to work. Instead, you will gain a lot of free time.

Pension and Retirement Plans are, unfortunately, being postponed more and more frequently. The longer you…

Come and get professional personalised advice in a friendly atmosphere regarding among others:   – Retirement Planning Ireland – Financial Advice – Investment Advice   Retirement Planning Sooner or...

admin, Oct 11, 2018

It’s that time of year again for the self-employed and professionals when tax bills are due for payment. Attention naturally turns to pensions and the great opportunities they present to reduce these bills. Indeed it is also the time when many PAYE workers take stock of their own pension situation and look at the benefits of paying Additional Voluntary Contributions (AVCs).

 

While saving tax is one very important reason to review your pension, it’s really only one of a number of reasons. So here goes on five reasons why we think it’s a good time now to do so.

<h3><strong>The State Pension picture is far from rosy</strong></h3>

Where do we start on this one! There is a lot of uncertainty over the long term viability of the state pension due to the fact that the ratio of people working compared to retired people is reducing from 5 to 1 today, to 2 working to 1 retired by 2050. As the numbers of those working reduces in relation to the numbers of pensioners receiving benefits, there will be less money coming in to…

It’s that time of year again for the self-employed and professionals when tax bills are due for payment. Attention naturally turns to pensions and the great opportunities they present...

This month it’s time for the latest in our series of age related articles – welcome to the world of the sixty-somethings! As you (potentially) approach the end of your working life, you are at a really important stage in your financial life. We hope to give you some food for thought to ensure you make the wisest financial decisions to see you through the next phase of your life.

Plan carefully for the end of your working life

It is really important that you are getting the best financial advice at this stage – there are so many significant decisions that need to be taken. You want to work with somebody who can confidently confirm to you the lifestyle that you can afford into the future, who can help you plan your financial life for the rest of your life.

Your adviser needs to have their finger on the pulse too in relation to all of the pension related opportunities that are available for you – maximising tax-free cash opportunities, carefully planning your post-retirement strategy and deeply understanding the various tax reliefs…

This month it’s time for the latest in our series of age related articles – welcome to the world of the sixty-somethings! As you (potentially) approach the end of...

admin, Sep 30, 2018

When people think of financial planning they often relate it to retirement. Of course, it’s very important to make sure you have enough money to live comfortably once you finish work. However, there are other things all throughout life you might want to plan for, some of them happen long before you reach retirement age.

Important milestones throughout life should be pleasurable occasions and not fraught with concerns over money.

Financial Planning Ireland For Children’s Weddings

The increasing cost of weddings has seen the old tradition of the parents of the bride paying for the whole wedding seems partly disappear, the average cost of a wedding in Ireland being 21,000 euros. These days, the expenses are usually shared by both sets of parents and the happy couple. That does not mean you will not face a hefty bill that could amount to thousands of pounds.

If you have two or more children you could be in for a very expensive time, and financial planning Ireland can help you be prepared when this time arrives. Investments and savings plans started when your…

When people think of financial planning they often relate it to retirement. Of course, it’s very important to make sure you have enough money to live comfortably once you...