Early Life Financial Planning

When you leave school or university and enter the world of work, it’s understandable that you will want to enjoy the rewards straight away. You have spent a number of years working hard on your studies and now it’s all too easy to focus on starting your career and making the most of your hard-earned money while you have it.

However, at the same time, you’ll also have dreams you want to fulfil, such as buying your own property, going travelling or even starting a family. And in most cases, you will need to balance your priorities, so you have the finances available to achieve your ambitions. This means the earlier you can start to develop a personal financial plan, the more time your investments will have to grow, so you will have the funds you need, when you need them.

At Grosvenor Wealth Management, our approach to financial life planning means we will work with you to understand your personal dreams and ambitions, so we can make a plan that helps you to achieve them. One of our expert independent financial advisers (IFAs) will sit down with you to work through all your short and long-term needs. By finding out about your individual priorities and helping you to identify potential future costs that you may not have thought of, we will help you to create a personalised financial roadmap, which could cover some of these areas:

Your career

We will talk to you about your job, the potential for career growth and what that means for your future income. We will also go through all of your day-to-day costs, so we can build up an overall picture of your current financial standing and develop realistic savings plans that you can afford.

Buying your first home

This is one of the biggest purchases you will ever have to make, so we will help you to develop a workable financial plan that helps you to save for a deposit and pay any legal fees. When the time comes, we will also advise you on finding the most appropriate mortgage to meet your needs.

Starting a family

The estimated cost of bringing up a child can vary, depending on who you ask. But the one thing everyone agrees on is that it’s expensive! So, no matter when you plan to start your family, the sooner you start to plan your finances, the better. For example, you may need to invest in a larger home and vehicle. When your baby’s born, depending on maternity or paternity leave arrangements, you may need to live off reduced income for a period of time. And as your child grows, there are everyday costs, from clothes and toys to childcare costs, school fees and even further down the line, university fees. Creating your own personal financial plan now means you will be as well-prepared as possible to meet any potential costs when you need to.

Setting up a business

We regularly advise owners of small and large businesses on all aspects of their personal and corporate finances. So, if you are ambitious to start up your own business, we will help you assess all the financial implications, from choosing the right kind of insurance, to earnings protection plans.

Buying a car

Having your own transport may be a priority, but buying and maintaining your own vehicle can involve costs you may not have considered. For example, car insurance can be costly, particularly if you’re aged under 25. And if you can’t afford a new vehicle, there may be other financial considerations such as MOT and on-going servicing to consider. We’ll help you find the right investments where your money will grow, but you can still access it easily when you need it.

Holidays and travelling

We recognise that you still want to enjoy life now, as well as in the future. That is why we will sit down with you to work out your priorities. Then we will look at the most appropriate investment opportunities, so your money will grow, but you will still be able to get hold of it so you can give yourself the occasional treat.