Back to (financial) basics
In the seventh episode of the Free Like Me podcast from FLM Wealth Management, Mimi Corden-Lloyd, Associate Adviser at FLM, and JP, Associate Adviser, join host Ben Smith, Senior Adviser. In this episode, the trio discuss financial planning basics and what everyone needs to know about getting started. The Free Like Me podcast aims to help people just like you navigate the complex world of financial planning.
Ben starts the episode with a quick introduction to Mimi and JP. He then asks them to consider why right now might be a good time to think about your finances. Both Mimi and JP reflect on the significance of starting the new year with new goals and touch on the third lockdown which means individuals may have time for more life admin now. In addition, the pair agree that there is no time like the present.
The three then go on to talk about how to get started for those who haven’t yet begun their journey to financial freedom. An important first step is to assess what you have and what you spend right now to gain clarity about your direction going forward. One area that can be overlooked is lost workplace pensions. Mimi shared a figure suggesting there is a whopping £19.4 billion in unclaimed pensions in the UK.
From there, the team touch on how to tackle your goals, from getting started to staying motivated. JP and Mimi suggest combining short-term wins with longer-term goals. They explain that it’s all about behavioural change and creating a longer view of the future. They also explore a few of the budgeting solutions that you can use to kick-start your savings.
Before wrapping up, the team cover both the difference between savings, easier access for short- term goals, and investing, for longer-term goals and growth over time. Then they move on to the existing taboo of talking about (and lack of education about) finances, encouraging all of us to have more open discussions with the people in our lives.
If you’d like to hear more about navigating the world of financial planning and wealth management for people like you, tune in again for our next episode of the Free Like Me podcast.
Intro 0.00 - 0.22
Intro to Mimi and JP
Why you should be thinking about your finance goals now
How to get started
How to tackle goals
Overcoming the taboo of talking money
The difference between saving and investing
A wrap up of the key themes