Do you spend more time planning your holiday than your financial future?

by Infinity

Holidays are a big deal – not only do we love travelling and the new experience it brings, but time away as a family far from the pressures of work and the humdrum routine of everyday life is so unbelievably precious that we want it to be absolutely perfect. Hence the hours spent researching and poring over travel agent and airline websites working out how to get the best possible deals and make the most of the two weeks we have at our disposal.

I suspect we're not alone either in prioritising vacation planning over financial planning. The to do list for the latter is pretty lengthy – an appointment for a regular review with a financial adviser is well overdue, we’ve been meaning to officially nominate guardians for the children for donkeys years, our wills need updating and I have long held good intentions to shop around to check that the health insurance we’ve had for a decade is still competitive…and on it goes. Yet still I sit down at the computer and rather than logging on to insurance provider websites my fingers are googling potential holiday destinations and, before I know it, an hour has passed in pleasant reverie as I imagine myself strolling on golden sands lapped by clear blue seas and I’m no closer to knowing whether I’d be better switching to a new insurer!

As the entrepreneur and author, Jim Rohn, once said ‘I find it fascinating that most people plan their vacations with better care than they plan their lives. Perhaps that is because escape is easier than change.’ I’m certainly guilty as charged because, let’s face it, planning a getaway is far more pleasurable than facing up to unpleasant truths about your financial future.

The problem is that you can’t escape those unpleasant truths forever. At some point avoiding key financial planning tasks will catch up with you and/or your loved ones. Imagine how terrible it would be if I died without having nominated guardians for my children or updated my will?

Whatever the holes are in your financial plan, the consequences could be disastrous – dying without ever having got around to arranging life insurance could leave your family in severe financial trouble, getting seriously ill before signing on the dotted line for critical illness cover could cause similar hardship. It just makes sense to prioritise these tasks and get yourself some peace of mind.

I’ve resolved to spend time each week sorting out those financial planning tasks that have been put on the backburner and I urge you to do the same. If you need assistance with retirement savings, peace of mind insurance or other financial matters, drop Alex a line - he'd be happy to help.

Get in touch with Alex here or at [email protected]

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Tilney (now rebranded as Evelyn Partners) is an award-winning financial planning and investment company that builds on a heritage of more than 185 years. They have won numerous awards and their clients include private individuals, families, charities and professionals. They presently look after more than USD70 billion.

At Evelyn, your personal wealth is their personal responsibility.

Evelyn's award-winning services are now available in Asia exclusively through Infinity, and can be applied to new and (probably) existing investments.

To learn more, drop Alex a line.

Click on the 'play' button above to see one of Evelyn's/Tilney's adverts.

Get in touch with Alex here or at [email protected]