Spring is the perfect time to get your finances in order. Being on top of your finances can help you feel more in control, while reevaluating your bills and purchases more often can help you stay within budget. Also, you’re more likely to think ahead and plan for the future if you get and stay financially organised.
Life events such as selling or buying a home, preparing for retirement or an insurance claim can leave you with an accompanying mountain of documents. Most people aren’t certain what papers are important to hold onto. In a pinch, they either can’t find exactly what they need or realise they never saved it in the first place.
Creating a physical and digital filing system is often the simplest way to organise your documents, making it easier to locate important papers when you need them. Sort your documents by major category like investing, insurance, retirement, estate planning, car funds and home repairs by designating a folder for each. You can then break down each category by year. Be careful to shred or delete any documents you decide you no longer need.
Check your credit report every three months for negative changes and look for any signs of identity theft. You can check with the three credit bureaus – TransUnion, Experian and Equifax – individually, or get a consolidated report from MoneySavingExpert or ClearScore who provide free access to reports.
If you find errors or negative marks such as missed payments or repossessions made in error, you have the right to dispute them with the credit reference agencies under the Consumer Credit Act 1974 and General Data Protection Regulation (GDPR) 2018. Keeping an eye on your credit report can also help protect against identity theft.
Spring is the perfect time to reassess your spending habits, income changes and financial priorities for the rest of the year. Decide what your highest priorities are and consider ways to boost your financial health. A little creativity could help you get closer to your goals more quickly.
Smart financial moves:
• Refinancing debt to a 0% interest credit card, consolidating debts or remortgaging to lower monthly payments. Seek guidance from StepChange or Citizens Advice if needed.
• Cutting unnecessary costs: Review direct debits and standing orders, cancel unwanted subscriptions and compare deals on utilities, broadband and insurance using MoneySuperMarket.
• Earning extra cash: Sell unused items on Vinted or eBay to free up cash.
You may be familiar with the saying, “transparency breeds trust.” However, the reverse is also true: when family members perceive a lack of transparency, trust can begin to deteriorate. Transparency does not necessarily mean disclosing your net worth to every family member, but it does mean including them in discussions about the intended purpose of wealth you’ll pass down. Encourage family members to ask questions throughout your family dialogs and be as open as you can with your answers.
Creating and sticking to a budget gives you the freedom to spend your money in a way that best supports your goals whilst allowing flexibility for life’s priorities. One easy way to do this is by automating as many payments as possible and being diligent with your discretionary spending.
As you take control of your finances and prioritise your goals, don’t forget to consider retirement. Most people want to work less in the future or retire altogether, and as costs rise over time due to inflation, it’s important to make sure you save enough to support the lifestyle you want to maintain. Consider boosting contributions to workplace pensions, SIPPs (Self-Invested Personal Pensions), and ISAs (Individual Savings Accounts).
Whilst organising your finances takes some time and effort, the payoff in the long run is well worth it. It gives you the freedom to save for the goals that matter most to you and enables you to have funds in place when you need them for an emergency or a major purchase.
Source: New York Life
Bear market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, forgoing pay checks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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