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Finding Tailored Financial Advice for the LGBT Community

Charitable | Articles | Advisers


Identify Your Financial Goals

One of the first things an IFA will try to do is to identify what your short, medium and long term aims are. This helps to focus on what's really important for your finances.

financial goalsA common set of long term goals might be: to always keep your head above water; to never run out of money; or indeed, outlive your money. Add to that: to have a roof over your head; food on the table; and to have enough money to enjoy the good/finer things in life. Specific goals might focus on needs: your education or that of your children; retirement care for an elderly relative, partner; or even yourself.

In the short term there might be: buy that sofa; study for a degree. Lots of us know that we would work better and be happier if we were self-employed; but have little idea how to take steps towards self-employment.

Set your financial goals

Personal goals are a part of life.  You might run five miles a day. A businessperson might set a target float-price.  Financial goals are among the most common of all life goals, because a roof over head, food on table and clothes on our backs are our primary needs.   What takes a roof to Penthouse, clothes to Gucci and food to /Fairtrade ethical instead , is applied personal choice, facilitated by the successful fulfilment of our goals.

Knowing precisely what one wants to achieve makes clear what to concentrate and improve on. It doesn’t need to, although it can involve long-term vision, but it does require short-term motivation. It focuses intention, desire, acquisition of knowledge, and helps to organise resources. By setting clearly-defined goals, one can subsequently measure and take pride in their achievement.

In adopting a strategy you pinpoint your goals, prioritise them and put a time frame around them. The upside is at the very least that the stress of ignoring it is removed. There are no downsides. If you would like to speak to an LGBT-friendly financial adviser about your financial goals, please enter your postcode under the map on the right to find an adviser near you.

Additional Reading

  • Long Term Illness

    Read about how you can reduce the financial impact of sickness with long term illness insurance. We can put you in touch with LGBT-friendly financial advisers to discuss your options. i
  • Short Term Savings

    For short term savings when you need instant access to your money, the returns will be lower. Read our guide to find out more.
  • Medium to Long Term Savings

    Do you have long term savings plans in place? Why not check out our guide to the best ways to save money, get the best returns, but not lock it away in a pension.
  • Group Money Purchase

    Your employer may offer a Group Money Purchase pension scheme. Read our guide to find out more and what they mean for the LGBT community.
  • Assess the Need for Long Term Health Care

    If you assess the need for health care properly, you can ensure you are prepared for each eventuality. Call us for more advice and guidance.

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