Speaking to Sue Gee, Managing Director of TLC Business Solutions, the Islands leading Training Company and Sharon Sutton, Managing Director of Thornton Associates, the only firm of Chartered Financial Planners on the Island, they believe financial planning is absolutely vital for everyone, whatever their financial circumstances. They say that what we do today will absolutely impact on what we have in the future. With this in mind Sue and Sharon will be delivering a talk on the 15th November at the Claremont Hotel on Douglas Promenade to educate and help some of the island’s population understand what steps they can take in order to take control of their finances. The talk will be free of charge and open to absolutely anyone. Sue says ‘It is a myth that only affluent, high net worth or rich people need to plan financially for the future. In fact it’s probably more important for those of us who have less disposal income or who have a daily balancing act with money – we need to make this money work harder, find a way not to carry debt, save for the future etc, as otherwise we won’t have a pot of gold to help out in later life, unless we plan to make one.’ Sharon goes on to say ‘yes, it’s a well known saying; “Don’t run out of money before you run out of life”. It is estimated that up to 70% of the population do not seek financial advice and that’s for a variety of reasons such as they think they can’t afford it, or it is not for them and the state will provide for them when they retire. Sadly, whilst there is likely to be some form of state provision in the foreseeable future, it is most unlikely to keep us all in the manner we would like to become accustomed to! I see clients from all walks of life. Nobody ever has exactly the same circumstances although what we have in common is that we all face greater challenges in such a tough and uncertain economic climate and a responsibility to live up to them for the sakes of our families and our community.’ The Department of Economic Development are fully supporting this talk, as they also believe that the better educated people are about their financial circumstances can only be a bonus for the island. Sue continues to say ‘The subject of financial planning or money management (if you prefer that term) has to be a key issue for all individuals because we know that Government funding is becoming tighter year on year and therefore we need to be planning how we can fund our later life’. As Sharon explains ‘UK projected statistics indicate that in 2031, 700 women out of 1000 will live to beyond age 90. This compares to actual statistics in 1971 when only 100 women out of 1000 reached 90+. For men the statistics are projected to be 500 versus only 30 in 1971. This means we need to fund for those extra years or indeed work longer’. The aim of this one hour talk is to give people the opportunity to learn the key facts of financial planning, simple things that they can review, why, how, when, by whom and so forth – sometimes it is the small informed decisions that make the difference. We only live once and our aim has to be to build, manage and protect our wealth. For this we need to find a way to cover our monthly costs, protect our family against death, accident or illness and save for short term goals, for the future and old age to name just a few key areas that we look at when talking about financial planning. Sue says, ‘I honestly had no idea what the term financial planning meant when I turned 30. Like most people I lived for today and just tried not to get into debt. Fortunately I entered the finance industry which helped educate me, and I now spend a percentage of my time training others in this subject. This talk is a way for Sharon and I to offer those that do not have access to this training, that chance! We’d like to open the eyes of everyone to the fact that with a little bit of knowledge such as; what questions to ask, who to seek help from, what areas to look at and why, what a massive difference it can make today and in the future.’ This talk is open to anybody over the age of 18. Sue & Sharon go on to explain that they are not selling anything, they are not being paid and it is their way of offering help, guidance and understanding to those that have an interest in taking control of their finances and gaining more understanding of financial planning. The talk will be at The Claremont Hotel, Loch Promenade, Douglas on Monday 15th November at 5.45pm finishing at 6.45. There is NO COST to attend. Spaces are limited so you need to reserve a space by calling Janet at TLC Business Solutions on 664789. It is on a first come first serve basis and only those booked will gain access as we expect this talk to be fully subscribed. The good news is if they are overwhelmed with those wishing to attend they hope to deliver this talk as many times as to accommodate those wishing to learn more. Sue and Sharon’s final comment ‘don’t miss this opportunity for whatever reason. Taking one hour out of your life today may be the most important thing you have done for your future.’ Ends