2024 is here, and while you may have vowed to exercise more, eat clean or book that bucket list holiday, there’s no better way to start the year than getting your finances in order.
Doing so now will put you in good stead to achieve your financial goals. This year, next year, and for plenty of spins around the sun to come.
Right on cue, we’ve asked a handful of CPW’s finest to share their top tips for starting 2024 on the right foot. Check out what they had to say below.
PETER WICKS, RELATIONSHIP MANAGER
“2024 is an election year in the UK and US. So, try and separate your thoughts around these events and any potential impact on your portfolio.
Optimism or pessimism based on events at a ballot box is entirely separate from what your portfolio will do. Be engaged in democracy, sure, but treat your investments with cool detachment.
There might be more precise things from a planning perspective that come up, like changes to IHT, or introducing VAT on school fees. If so, and you think they might affect you, a caring, competent planner like those at CPW can help you decide what to do, if anything.
When it comes to investing, ignore any predictions about what will/won’t work or be the next big thing in 2024. They’re consistently wrong, but it helps sell newspapers and fill airtime.”
MARIE SMITH, ASSOCIATE PARTNER
“The start of a new year is the perfect time to redefine and refresh your goals. What would make the biggest positive difference in your life?
Do you want to retire? Do you want to help your family get on the property ladder? Perhaps there’s something specific you want to achieve in business?
Once you’ve set a goal, you can then pinpoint what you need to do to get there.”
SIMON WILLIAMS, RELATIONSHIP DIRECTOR
“I always suggest revisiting your numbers at the start of the year. Do you really understand how much you’re spending? Without knowing this, everything else is guess work.
People often concentrate on investment risk, but I’d argue not knowing the answer to the above question carries a far greater risk.
Specifically, the risk of running out of money. The risk of not spending what you could. The risk of missing out on doing things when you can. And the risk of paying too much tax on your income.”
NICK TAYLOR, RELATIONSHIP DIRECTOR
“For me, the most important thing you should do is block out your 2024 diary for all the days that you’ll be on holiday. Even if you don’t know where you’re going, you should hopefully know when. That includes ad hoc days, long weekends and longer trips too.
This way you’ll commit to that all important time away before diaries get booked up.”
FANCY A CHAT?
As always, if you have any questions about preparing for the year ahead and making the right moves to achieve your long-term financial goals, let us know.
Best Wishes for 2024 from all at Cooper Parry Wealth
This communication is for general information only and is not intended to be individual advice. You are recommended to seek competent professional advice before taking any action.
Tax and estate planning advice are not regulated by the Financial Conduct Authority.
