-
Compare
Independent, no-nonsense ratings and reviews
- Tools
- Money Guides
- Money Goals
- Money Tribes
- Articles
- Ask an Expert
Financial Adviser Ruth Sturkey shares her list of ten top tips which everyone should think about to secure a better financial future.
In an ideal world we would all be able to afford to engage a Chartered and Certified Financial Planner to help us identify what is really important in life, both monetarily and spiritually. In reality many people at the start of their personal journeys or on more average incomes cannot afford to do so. I therefore thought it would be useful to distil my learning into a Ten Point Financial Guide To Secure The Life You Desire (snappy I know!) to help you manage your personal planning more effectively.
The short term pot should be limited to cash as you do not wish to risk a fall in the value of your money just when you need it. You should consider notice accounts or 1 to 2 year term deposits.
The medium term pot should be cash ‘like’. That is, longer term cash deposits or very high quality short dated investment bonds. You would generally expect to get a higher return in these savings types because you are either locking the money away for longer (in the case of term deposits) or exposing the capital invested in bonds to the risk of moving down as well as up particularly over short terms.
The long term pot is where you should accept some investment risk by investing into low cost, broadly diversified funds made up of company shares (equities) and bonds (money lent to companies and governments). The aim is to make sure that your long term savings provide a return over inflation. You should expect investments into these types of funds to go up and down in value hence the reason why we are calling them ‘long’ term.
I hope this short note helps. Good luck”.
PS We asked Ruth what the least Boring thing she has ever done is. She told us about a tandem parachute jump, resigning from a job to set up her own business (“to provide advice to people and not sell products!”), running the marathon twice (RESPECT!), doing the London Triathlon which involves swimming in the Thames at Docklands and doing a surfing course in North Devon. Exhausting stuff.
Ruth is the co-owner and Managing Director of The Red House. She is one of the highest qualified financial planners in the UK holding Chartered and Certified Financial Planning (CFPcm) accreditation as well as being a Fellow of the Personal Finance Society (FPFS). She is a regular speaker at various financial planning and business development events.In response to a belief that there was a better way of providing financial planning services Ruth and her business partner set up The Red House Consulting Ltd in 2007.The Red House is a boutique Chartered and Accredited financial planning firm providing a full financial planning and investment service to its small number of wealthy client families. Ruth lives in North London and spends her free time living a ‘very fortunate life’ surrounded by friends and family with an emphasis on fine wine and laughter.
See what sort of shape you're in. Get specific no-nonsense tips and pointers on how to get financially fitter.
Create your financial fitness plan