Financial Matters

With Akwasi Duodu | akwasi@sterlingandlaw.com | www.sterlingandlaw.com

Five Financial “No-Brainers”

Have you ever spent a good while looking for a bunch of keys only to find that they’ve been in your pocket all along? I certainly have! Some things are so obvious, it’s hard to see them even though they may be right in front of you. Managing your finances is no different. Here are some nobrainers that may seem obvious, but are worth being reminded of.

1) Pay Down Your Debt

Driving with the handbrake on and building a castle in the sand are all good sayings describing trying to plan financially when in debt. Especially with short term debt such as a loan or credit card debt. As a rule, that kind of debt is not good. Whilst the best strategy is to avoid debt to begin with, that isn’t always possible. Paying down debt is no fun, but it’s futile trying to get a return on your investment whilst paying significant interest on your debts. Pay them down.

2) Know Where You Are

Imagine trying to get to a location on a map without having any idea of your starting point. This may seem obvious, but if you have no idea where you are now, getting to where you want to be may prove impossible. The same applies to your finances. If you don’t know where you are financially, planning where you want to be next year, five years from now or decades down the road could be extremely challenging. Calculating your net worth is the best way to start and to gauge your current financial health. This is simply done by calculating what you own and what you owe and making a note of the difference. Next, break this down further into what you earn and what you spend. Once you have answers to these two questions, you can decide whether you are on or off track and what to do about it.

3) Know Where You’re Going

Knowing what you want comes easily for some but is more difficult for others. The easiest way is to think back to where you were a few years ago and compare that to where you are now. Have you made any progress? Close you eyes and visualise yourself in the future. Think short term, medium term and long term. It’s important to be realistic – we‘d all like to win the lottery but that’s unlikely to happen.

4) What Are The Possible Ways Of Getting There?

Once you know your net worth, income v expenditure and your financial goals, you can start planning how to achieve them. Can you do this without help and guidance? Financial planning is fraught with danger and getting it wrong could be expensive. Doing it all yourself may be cheaper in the short term but what about the long-term consequences? Engaging a financial adviser to assist with your goal setting and financial planning may be a good idea, as most financial advisers have software and tools to make complex calculation on your behalf. More importantly, using a regulated financial adviser would protect you if things ever went wrong.

5) Review Your Plan

Your circumstances will change, the world will change, and markets will change – just as we’ve seen with the recent pandemic. Your financial goals may not change but your financial plan will need to adapt and evolve as you and the world around you evolves. Working with a financial planner as a mentor or sounding board will help you to remain objective and keep your plans on course. Forming a long-term trusted relationship with a financial planner will also give you the peace of mind that a qualified professional is taking on many of your financial stresses. You won’t need to regularly check the markets or worry about your wealth; your adviser will do this all for you giving you the freedom to live for today knowing your future is taken care of. Sounds like a no-brainier to me.

Run in 4

Aiming to break the silence that 1 in 4 pregnancies result in loss or premature birth through creating a running movement.

Right now, 1 in 4 pregnancies end in miscarriage, stillbirth or premature birth. It’s a similar figure to those suffering from mental ill health, a topic only just beginning to break its taboo. It is likely that someone you have spoken to today has lost a child, but they might not be willing to talk about it.

Meet David

East Dulwich resident David, a supporter of the baby charity Tommy’s, is launching a campaign to raise awareness of those 1 in 4 pregnancies and help people realise they are not alone: that losing a child does not have to define you. Back in 2017 David’s first son Harry was born prematurely at 26 weeks at Kings College Hospital and sadly died after just 3 days. Those 3 days gave him and his wife Sarah an insight into how it feels to be parents and to have that taken away so suddenly left them with many unanswered questions. “I didn’t want my grief to own me. It’s a classic coping mechanism, but I started running. I wanted to run a marathon straight away but, having spent years working at a desk, my body struggled to adapt. I jumped into it too hard - I overcame the physical injuries, but the mental struggle was harder. Now, the time spent running is time I spend with Harry and that makes it better. From being part of a running community, I have learnt how to approach running both physically and mentally and want to use something I enjoy and create a movement to help others” To launch the movement David is attempting to break the Guinness World record at the London Landmarks half marathon on 1 August 2021 by registering the fastest time as someone dressed as the number 4.

The Plan

To support the over 500,000 parents impacted by baby loss in the UK yearly, David and Tommy’s are creating a community of Run in 4 runners and supporters who will raise awareness that a great number of parents have lost a child but don’t always feel able to talk about it. We want people to feel that they can take time to remember while achieving something they may never have before they became parents. Profits from the movement will go towards Tommy’s pioneering research and support.

The Ask

Whether as runner or supporter, we want people to feel connected and not alone. Through our unique pink and blue running apparel we aim to create a sense of togetherness - for runners in a supportive community. Visit www.runin4.co.uk to buy a pink and blue runner’s sweatband and alternate pink and blue running laces. Wear these with pride on training runs, group runs and race days. Be ready to be asked why you are wearing them and help increase the awareness of baby and pregnancy loss. Join the conversation and follow @Run_In_4 on Instagram or search using #RunIn4, tagging people in your photos using this hashtag Share posts on your personal account to help spread awareness and further the movement Look to get involved in other central initiatives coming soon @Run_In_4 on Instagram and at www.runin4.co.uk.

We love to receive feedback from our advertisers and readers. Here are a selection of our Google Reviews!

"A lovely place to advertise locally. The advertising works well and the magazine is full of interesting articles and other adverts. We have been advertising with SE Magazines for many years now." Pete – The Dovetail Joint

"I have been advertising with SE Magazines now for nearly16 years. In fact, I was in the very first issue all those years ago. I have always liked the way the magazines look, always fresh and inviting. Without a doubt, advertising in the mags has helped increase my business. Correspondence has always been extremely professional and helpful at very reasonable prices. Highly recommended." Daren– The Clipper & The Little Clipper

"There are a few local publications but SE22 is the best. We have advertised in the publications for many years and feel we have received a good response. We also enjoy reading about local events and information." Jackie - Quickprint

"I have been advertising with SE Magazines pretty much from day one, so every month for well over 10 years now. It represents exceptional value for money, gets seen by a huge number of local people, both residents and businesses which is perfect, and monthon-month I have always had an excellent response to my advert. If you a running a local business and want to reach out to local people look no further." Chris - Mac Support

"SE Magazines continues to be a great place to advertise our products and we would highly recommend. Angela is always very responsive and is a pleasure to work with!" Robert – Ayrton Windows

"SE Magazines have always been longstanding supporters of the work of Link Age Southwark. From holding an annual Christmas lunch raising funds to enable our work to support older people in the community to promoting our "I love SE Magazines. They are full of useful volunteering opportunities. We really value information and contacts of local businesses the professional and high quality service they and events. My business, Pianolobby is happy provide to the community."to advertise here and Angela is helpful and supportive." Link Age Southwark – Local Charity Why not give Angela a call on 020 8693 9040 & see what the magazines can do for your business! Julian – Pianolobby