Wealth is something that many of us would like to develop or, at least, preserve; however, doing either can seem tricky at times. After all, if you have hefty financial responsibilities such as a mortgage, children to look after and cars, you might feel economically stretched, with no obvious signs that relief will soon be on the way. How can you get out of such a rut?
Here’s a short answer: with discipline, patience, and a little extra help from experts. Below, we detail how you can tap into all three of these things for a more promising financial future.
It’s worth applying discipline with your lifestyle
One simple way in which you can boost the amount of money at your disposal is restraining how much money you spend in the first place. How to start? Save, per month, at least 5% of your take home pay, InvestorGuide advises. If you are single and, therefore, have fewer financial obligations, you could up that percentage to as much as 20%. Also set aside a reserve for use in emergencies.
Where possible, use coupons instead of money whenever you undertake your weekly shopping. You could amass many coupons simply by regularly using a loyalty card such as Tesco’s Clubcard. Be careful what items you buy, too; you could stick to store-brand products and on-sale clothes. Petrol could also be saved when you complete numerous errands in one trip instead of several.
Exercise patience as you take a long term view
“Rome wasn’t built in a day”, so the saying goes – and it’s worth heeding when seeking to develop your wealth, as this process could bear fruit only gradually. Looking at investment charts can bring home how unpredictable and volatile many markets can be in the short term. However, it’s not the short term that you should be primarily considering as you aim to add to your nest egg.
Instead, you should learn not to overly fret about fluctuations that might suddenly hit the market from day to day. In fact, once you have made an investment, it could be a good idea for you to check its health and progress only once monthly. While you might need to adjust your portfolio occasionally, do this only every six months to a year.
Turn to a wealth management service
While discipline and patience are good things to extensively draw upon right throughout your mission to boost or preserve wealth, you could benefit from more than blanket advice. For maximising unique opportunities that land before you, outsourcing your wealth management can help.
The chartered financial planning company Partridge Muir & Warren offers an advanced and ongoing wealth management service. Delivered by experienced professionals, this service will be bespoke when you choose to utilise it. The company can handle assets of clients spanning many different wealth levels and will consider supervising portfolios starting at £100,000 in value, provided that additional assets will likely be later added. For transparency, most eventualities will be covered by an all-inclusive charge.