The power of persistence with savings
Advice from Station Financial in New Milton about how goal-based investing can help you plan for the future
To launch our new regular feature on financial matters to which we should attend, Station Financial explains why and how the power of persistence will pay off in the long run. Retirement may seem a long way off right now for many, but careful goal-based investment planning can help you structure your savings and investments around your unique financial aims.
The Power of Persistence
"Recently I read an article that made me reflect on the fact that a lot of the time, persistence pays off.
"This article was about one documentary-maker’s 17-year hunt for French art-swindler, Michael Cohen. Cohen, having swindled the New York art world out of $50m back in 2001, disappeared into thin air. When she caught wind of this story, documentarian Vanessa Engle was keen to investigate, but she found nothing….until 17 years later!! Her documentary ‘The $50m Art Swindle’, recently aired on BBC Two and can be found on BBC iPlayer.
Aspire to reach a goal
"So, what does any of this have to do with your finances? Well, the lesson here could simply be about the power of persistence, in any sphere of life, including your savings and retirement planning.
"Being persistent, and consistent, is hard and according to the Office of National Statistics the UK is losing its saving habit. Perhaps this is because it feels hard to be consistent in a saving pattern: unexpected things crop up, new temptations arise, tomorrow is just around the corner.
"However, there are new technologies coming on the scene aimed at helping the UK get back on track when it comes to saving, and it’s all about aspiration and goal-setting.
"Goal-based investing is designed to structure your investment around your unique financial aims.
"Are you aiming to save for a deposit on your first home, your child’s wedding, or perhaps you are thinking about saving for a comfortable retirement?
See the bigger picture
"Retirement may seem like something too far down the line to think about now, especially if you’re young or have a lot of financial responsibility right now, but one savings app hopes to help people see the bigger picture.
"The idea is to upload an image of something you aspire to, the reason for saving. Maybe it’s a picture of a cruise ship you hope to go on during retirement or a dream garden you hope to create and enjoy when work no longer takes your time.
"The more money you transfer into your savings account the clearer your dream image will become, withdraw money however, and the image will start to disappear!
Let’s get motivated
"Having a vision and a goal, just like Vanessa Engle who was determined to catch her man and get her story, means that motivation will increase, and persistence will get easier.
"If you would like to change your habits and start thinking about financial planning, then we would love to talk to you about your goals, strategies and attitude to risk.
Book a free initial consultation with Station Financial today!
Based in New Milton, Station Financial are Independent Financial Advisers (IFA), providing a wide range of financial services from savings to pensions, mortgages to estate planning.
Their independence enables the team to research and recommend the most appropriate solutions from the whole of the market. Your advisor will work with you to create a bespoke and clear financial plan for the future, based on appropriate solutions to help you achieve your financial objectives and on a holistic view to cover all areas of your financial needs and ensuring that one area of financial planning doesn't compromise another.
With Station Financial, you can expect a high level of knowledge, expertise and integrity as well as care and courtesy from our experienced support staff.