Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
This is not what I would call financial planning, for example, if you win a large sum of cash, or inherit the money and lost it is all the next day could you recreate the wealth?
If you could not then you do not deserve that money and you will soon be parted with it in any event.
Every financially successful person knows the name of every pound which they have earned. Whereas lottery winners and those who inherit it the money is just visiting, and that money will soon be going to its rightful owner. Always remember that money attracts money.
If you do come into a large sum of cash, first, well done, second of all why are you reading this? ?
Seriously, before you go down to the lambo showroom or buy a palace in the country you will need not want but NEED to get sound financial advice.
Remember up until now you have not had to deal with large sums of the money and when we are dealing with hundreds of thousands or millions of pounds the rules are different and new doors and opportunities will present themselves. Money is the key and so is professional advice.
Some rules to keeping a cool head when making decisions involving money
Don’t rush, take your time: Don’t let anyone push you into deciding. What I do is to picture an arrow that points in the direct of the person who will benefit the most from the deal. If the arrow is pointing away from me then I have control, don’t let anyone take that control from you.
Ask Questions: This is something that people just won’t do for fear of looking stupid. Fine, let me look stupid, I’d rather look stupid and have the money in my pocket. A little caution is better than a great regret. Do your research. If you want to know then ask the question. If the point is not clear, again ask the question again until you understand what is happening, once the money has exchanged hands then you have lost control.
Ask the Pros: Ask people who have been there before you, don’t be afraid to ask for advice. Speak to the professionals and get that advice.
Park Your Emotions: When making a deal, when negotiating for anything you must take the emotion out the deal, once the deal is done then you put your emotion back in.
Remember your lessons: Remember your mistakes of the past, put them to good use. Those were not mistakes; those were learning experiences.
Debt management agencies are regulated by The Financial Conduct Authority
Many people in the U.K struggle with debts and many do not know how to start to repay them speaking to a debt advisor is one of the best things you will do along with taking action yourself by speaking directly with your creditors.
https://www.nationaldebtline.org/ and https://www.moneyadviceservice.org.uk
You should always seek professional advice when handling debt problems. Cashute are not licensed debt advisers and any information contained in this article should not be taken as legal advice. It is your Responsibility to seek out correct legal advice