The 29th of June saw the country move into Phase 3 of our COVID 19 environment and for most of the community it has probably been a unique period in all of our lives. Think of some of the phrases that are now part of our everyday vocabulary. Reproduction rate, social distancing, flattening the curve and PPE will all now be considered as potential entrants into next year’s Oxford Dictionary. Most social analysist will agreed that in terms of priorities in Life, our views have changed. We have had time to reflect and take a breath.
One of the area’s that people are now content to assess is establishing a ‘Goal Mentality’ where savvy long-term goals become a focal point of planning. Both in terms of our personal lives and when financial planning needs to be evaluated. Every 5 years you delay in providing for a pension, potentially your pension fund will be half the value. This is due to the effect of investment returns, compound interest and the longevity of the term to retirement. Remember, a Pension is still one of the few financial products that tax relief is available on your premiums invested. Now could be the time to start setting aside some funds for either saving or Pension funding. If your family have a potential college fee situation in the next number of years; don’t hesitate, start now and have a nest egg for fees, accommodation and everyday living of your student. Private accommodation can cost between €8,500 and €10,000 p.a. It may be time to advance this savvy Goal mentality into a take ‘Control Mentality’ and give you and your family more control in terms of your financial planning.
In recent months, the Economist magazine highlighted another new COVID phase and underlined the fact that ‘Slowbalisation is now the new form of Globalisation’. Now has been a time where we have seen the benefit of returning to local services and providers. That’s not to say that we all have indulged in on-line shopping which is a great facility in itself. But most of us realise the benefit in local service and products. The economy benefits, carbon footprints are reduced, and your community is enhanced. Remember, most local business have websites and can of course deal with you in the same capacity as a world brand. In this new world maybe it’s time to establish new business relationships that will meet your needs and requirements. This should be based on fundamental exchange of Trust, information exchange, quality and service. A new phenomenon in the marketplace is ‘merchandised truth’, where transparent transactions and visible content is available to the consumer as a given. The presence of Block chain technology is the most likely clear example. Remember the phase, ‘Stay at home, Stay local’. Why not do the same for either online services from retail or professional services in your locality or simply shop with confidence locally where all Covid 19 requirements are being adhered to.
Please do feel free to contract Sandra, Aine or myself on any life assurance, Pension or investment issue that may be of interest to you.
Continue to keep safe and well