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Informed Decisions Independent Financial Planning & Money Podcast

If you are looking for Independent voice on Investing, Retirement Planning & Financial Planning Podcast in Ireland, you may have just found it! Join me, Paddy Delaney as we talk straight and steer you towards a better financial future. Take control of your financial future and develop successful habits with your money. Join Paddy Delaney on Ireland's award-winning Personal Finance & Financial Planning Podcast & Blog. He aims to cuts through the sometimes confusing jargon of financial products and services, to help you make informed financial decisions, for you........No nonsense, straight up fact, and a little bit of a laugh at the same time! The Podcast is on a mission to enable it's listeners provide themselves with better financial futures, and ultimately to make a positive difference in the lives of listeners. Thanks so much for checking out the show! You can get in touch by email: admin@informeddecisions.ie Paddy Delaney Qualified Financial Advisor Qualified Retirement Planning Advisor Qualified General Insurance Practitioner Qualified Executive Coach
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Now displaying: July, 2017
Jul 30, 2017

When It Comes To Pension Planning We Will Get Our Just Deserts:

Deserts is apparently the plural of 'desert' which is 'that which one deserves'....honestly I always assumed it was to do with the jelly & ice-cream type of desserts.....but had never given it much thought in fairness! The same is most certainly true of Pensions. It would be hard to put it any more simply than I am about to now; You will only get a lot out if you put a lot in. If you are haphazard about your approach to funding for retirement then it is quite likely that the benefits you get from yours may be haphazard too.

Coming at you 'live' (and sideways) from Kenmare!

 

Blame Your Advisor:

It may seem a bit pomp of us but your advisor (assuming you have one!) is absolutely at the coal-face of ensuring you know exactly where your level of income in retirement is headed. As we like to harp on about here 'begin with the end in mind' , otherwise what's the point in beginning!

If you find out upon retiring that your income is a million miles (or euros!) off what you were expecting, then much of that blame falls on your advisor. Now, if your advisor had been trying and trying to get through to you that you need to x,y & z in preparation for retirement yet you were only willing to do a,b & c then it's on you unfortunately!

So I Have A Pension, What Could Possibly Go Wrong!?

Imagine for a second that you are all of a sudden telegraphed onto a perfectly good aircraft. You are sitting beside an open door of the aircraft at 12,000 feet with a parachute strapped to your back. Yer man is shouting at you to jump out the door and to pull the parachute chord in 15 seconds. What is your first thought right now......................? While I have yet to test it in clinical studies I guess a lot of us think about that life-saving piece of equipment strapped to our back......will it open, will it work right, was it packed right, how fast will I descend......a whole host of concerns might enter our minds.....

Learn more about trivial pensions, and how to avoid some key mistakes when it comes to pension planning & financial planning in Ireland.

Thanks for checking it out.

Paddy Delaney

QFA | RPA | APA | Qualified Coach

Jul 23, 2017

The noun Faff has been defined by the Oxford Dictionary as 'A great deal of ineffectual activity'.......most financial plans are absolute faff!

So there, I said it! I said it, and the fact of the matter is that it is pretty true. Any plan worth it's salt with regards to pretty much anything will be mostly faff, in hindsight. Bear with me and we'll explain!

(You can read the full blog here)

We really want to thank Carl Richards for writing the book 'Behavior Gap' which I have re-read (again!) recently. This book looks at how to help people stop doing silly things with their money. It also inspired my thinking for this episode, about Financial Plans, and how seldom they see the light of day!

in this episode you will get an insight into:

How Do I Create A Financial Plan?

What is A Financial Plan?

Why Do I Need A Financial Plan?

Why DO Financial Plans Go Off Course?

Among others!

Thanks for listening...

Paddy Delaney

QFA | RPA | APA | Qualified Coach

 

Jul 16, 2017

Hey, and welcome to another episode of Informed Decisions Financial Planning podcast here in Ireland.

If you have ever asked yourself:

What are ETFs?......

How Do I invest in ETFs?.......

How Do ETFs actually work?.....

Are ETFs Risky?..................Then this episode will hopefully give you some useful information.

This time around we are taking a look under the bonnet of Exchange Traded Funds (ETFs) in Ireland and determining how they may or may not be something you want to get behind the wheel of as part of your portfolio.

ETFs are well documented at this stage, having grown in popularity for investors over recent years. They now estimate that ETFs account for 25% of all stock market transactions (in the US anyway - Ireland is a little behind those guys!). Whether you do or don't know about them there is no doubt they are popular and more and more of us regular folk are asking about them here in Ireland!

Thanks for listening. Full written version here.

Paddy Delaney

QFA | RPA | APA | Qualified Coach

 

Jul 9, 2017

If you are a new visitor, welcome! Please do pop over here to find out why we exist, what our purpose is and why we are Ireland's first Financial Planning & Money Podcast. Also, if you have any questions or comments we'd love to hear from you, just drop a message to us here.

Apparently Noah's Ark was made of 'cypress wood' and was in the region of 500 feet long. It was said to have been quite a boat, large enough to hold  125,000 sheep if those were his orders! Anyone familiar with the story will know however that he was instructed to bring on only 1 mated pair of every animal that walked along the ground, and his own family. Poor Noah was given only 7 days in which to build this behemoth, and to ultimately save the animal kingdom, before the great flood arrived, no pressure!

If we were to relate this to our own financial lives it's fair to say that, unless you yourself are on the cusp of retiring, you have more than 7 days to build your own ark and save yourself from the flood when you stop working!! Let's discover a little more about Approved Retirement Funds (ARFs), and how they might be your ark when your own great retirement flood comes! There is no doubt it can be a really useful tool in your retirement and pension planning here in Ireland. Indeed anyone I have met with Pensions here in Meath has been a big fan of the ARF!

If you are a new visitor, welcome! Please do pop over here to find out why we exist, what our purpose is and why we are Ireland's first Financial Planning & Money Podcast. Also, if you have any questions or comments we'd love to hear from you, just drop a message to us here.

What is an ARF (Approved Retirement Fund)?

Other than sounding similar to an ARK, it too can be a real saviour when you do stop working and your income from employer/business stops! Ultimately an Approved Retirement Fund is a vehicle in which you can park some or all of your pension fund into when you decide to retire.

How Do I Get Into An ARF?

We outlined in blog 15 & blog 16 exactly how you can get access to an Approved Retirement Fund when you decide to retire. Broadly speaking if you are in a pension which you have set up and contribute to yourself (Personal Pension or PRSA) or are part of a pension through your employer (Occupational Pension Scheme) then you typically will have access to a glorious and lifesaving ARF. Check out blog 15 & 16 for the low-down!

How Much Do I Need To Get Into An ARF?

Providing you meet the basic income requirement as outlined in Blog 15&16 you can invest funds in an ARF. Imagine you are 35 years of age, with no pension put in place up to this point, you have always felt that pensions were for old people, they are a crock, the charges are outrageous or that you will never retire! Whatever the reason you haven't done one previously. Having listened to the Informed Decisions Financial Planning Podcast you decide that the time is nigh, you don't want to be left out in the flood!

For illustration if you were to manage to invest €400 per month into a pension plan for yourself. We will assume you increase this by 3% per year in line with headline inflation rate. So in year 1 you pay €400 per month, in year 2 you will pay €412 per month and so on and so forth!

If you were to achieve a net return of 7% per year average growth (you will need to find a pension with low charges and go heavy on equities- staying invested when things get rocky- which they will- see here!).

If you were to do that, and to achieve that long term plan, you would have €796,681.27 of a fund when you get to 68! The bones of €800k!

Under current rules you could take €200,000 of that tax free for yourself and go nuts! You would have an option to put essentially the remaining 600k into an ARF and access it as you need it. How bad!?

You could then take funds from this 600k as you wished! Imagine you took the minimum 4% of this per year, equating to €24,000 per year, which in addition to the State pension would bring your total income to the €36,000 territory. This would mean you pay essentially minuscule tax on your total income....all totally above board and legitimately done.....so if anyone is telling you that pensions are a crock just tell them this!

Please check out our full blog here if you would like the show notes!

Thanks for listening...You're a Legend!

Paddy Delaney 

QFA | RPA | APA | Qualified Coach

 

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