In this first leg of the client journey, host Max Weatherby with Mohammed Uz-Zaman, and Harry Badman discuss the essential steps in financial planning for younger clients. They explore the challenges faced by younger generations, including the rising cost of living, housing market pressures, and the importance of financial literacy. The conversation highlights the Thrive by 35 initiative aimed at providing financial advice to those under 35, emphasising the need for financial education and support. The hosts also delve into the role of credit cards, the necessity of financial protection, and the importance of having emergency funds to navigate unexpected expenses.

Takeaways

• Financial literacy is crucial for a prosperous future.
• Understanding credit cards is essential for financial health.
• Emergency funds are vital for unexpected expenses.
• Insurance can prevent financial disaster for young families.
• The 50-30-20 rule is a practical budgeting method.
• Financial advice is accessible and beneficial for all ages.
• Investing in oneself is more valuable than material possessions.

Chapters

01:05 Introduction to Financial Planning

02:15 Challenges Faced by Young Clients

06:32 The Thrive by 35 Initiative

10:17 Understanding the Housing Ladder

12:25 The Role of Financial Literacy

15:21 Credit Cards: Friend or Foe?

18:30 Budgeting and Saving Strategies

20:32 Understanding Rental Payments and Credit Scores

21:10 The Importance of Financial Protection

22:26 Life Insurance and Income Protection for Young Families

24:26 Navigating Permanent Health Insurance

28:04 Critical Illness Cover and Whole of Life Insurance

31:29 Emergency Funds: Building a Safety Net

35:06 Key Takeaways for Financial Planning

Useful links:

Connect with Max Weatherby on LinkedIN

Connect with Mohammed Uz-Zaman on LinkedIN

Connect with Harry Badman on LinkedIN

Visit the Eclipse Wealth Podcast website

Post production by Podcast First

None of the ideas expressed on this podcast constitute financial advice and we strongly encourage anyone listening to consult with a qualified independent financial adviser before making any investment decisions on their own account.

The Eclipse Wealth Podcast is delivered by Eclipse Private Office which is a trading style of Peregrine & Black Investment Management Limited who are authorised and regulated by the Financial Conduct Authority here in United Kingdom.