Spectrum Wealth Group

Curious about how you could secure your dream retirement?

Here are just a few steps you should consider 👇

1️⃣ Review your pension now

2️⃣ Set out when you’d like to retire

3️⃣ Understand the potential cost of your retirement lifestyle

4️⃣ Consider how to prepare for the unexpected

5️⃣ Contact us

☎️ 0141 732 1237
📧 [email protected]

If you think about the UK’s most popular retirement dreams, an adventurous cruise or having time to put your feet up might come to mind.

But…

According to a “retirement dreams” survey by Legal & General:

👨‍👩‍👧‍👦 90% want to spend time with family.

💸 81% want to be able to afford care or assistance if needed.

🎉 73% want to be able to afford major life events.

✈️ 72% want to travel.

💰 69% want to be able to support their families financially.

If you find yourself nodding your head at these, come back tomorrow. We will share ways you can secure a great retirement.

You're invited 🎉

Our first educational seminar is taking place on the Shetland Isles at The Lerwick Hotel, 15 South Road, Lerwick on Thursday 12 September.

Presentations will begin at 4 pm and 7 pm, with refreshments provided.

Our expert guest speakers will be covering topics including:

👉 Key aspects of financial planning
👉 The emotional rollercoaster of investing
👉 The importance of having a financial plan
👉 Key considerations when preparing your will
👉 Options for the next generation to inherit efficiently

If you would like to attend, contact us today 👇

☎️ 0141 732 1237
📧 [email protected]

Want to broaden your financial knowledge? Then we have 2 books we want to share with you 👇

🏫 𝗪𝗵𝘆 𝗗𝗶𝗱𝗻’𝘁 𝗧𝗵𝗲𝘆 𝗧𝗲𝗮𝗰𝗵 𝗠𝗲 𝗧𝗵𝗶𝘀 𝗶𝗻 𝗦𝗰𝗵𝗼𝗼𝗹?: 𝟵𝟵 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗠𝗼𝗻𝗲𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀 𝘁𝗼 𝗟𝗶𝘃𝗲 𝗕𝘆 - 𝗖𝗮𝗿𝘆 𝗦𝗶𝗲𝗴𝗲𝗹

This book breaks down 99 principles of money management into 8 broad lessons, including budgeting, saving, spending, debt, and investment.

🌎 𝗛𝗼𝘄 𝘁𝗼 𝗢𝘄𝗻 𝘁𝗵𝗲 𝗪𝗼𝗿𝗹𝗱: 𝗔 𝗣𝗹𝗮𝗶𝗻 𝗘𝗻𝗴𝗹𝗶𝘀𝗵 𝗚𝘂𝗶𝗱𝗲 𝘁𝗼 𝗧𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗚𝗹𝗼𝗯𝗮𝗹𝗹𝘆 𝗮𝗻𝗱 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗪𝗶𝘀𝗲𝗹𝘆 - 𝗔𝗻𝗱𝗿𝗲𝘄 𝗖𝗿𝗮𝗶𝗴

This book will teach you how to make the most of your money, turn your financial fortunes around, and “change your life”.

What helpful books would you recommend?

Nail the basics 🔨

Don’t overcomplicate it when it comes to your finances.

Here are 4 key things you should make sure you are doing 👇

➡️ 𝗦𝗽𝗲𝗻𝗱 𝗹𝗲𝘀𝘀 𝘁𝗵𝗮𝗻 𝘆𝗼𝘂 𝗲𝗮𝗿𝗻 - Are you aware of what’s coming in v what’s going out?

➡️ 𝗕𝘂𝗶𝗹𝗱 𝗮𝗻 𝗲𝗺𝗲𝗿𝗴𝗲𝗻𝗰𝘆 𝗳𝘂𝗻𝗱 - How long could you sustain your lifestyle if your income stopped?

➡️ 𝗣𝗿𝗼𝘁𝗲𝗰𝘁 𝘆𝗼𝘂𝗿𝘀𝗲𝗹𝗳 - Do you know what insurance you have and need?

➡️ 𝗠𝗮𝗸𝗲 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗮𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲𝘀 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝘁𝗼 𝘆𝗼𝘂 - Are you using your personal, ISA, pension & capital gains allowances each year?

Have any questions? Drop us a DM 💬

Planning for retirement?💰

It’s not just about saving, it's about structuring a tax-efficient retirement income once you stop working and are no longer earning an income.

To help you make the most of your retirement income and minimise the amount you have to pay to HMRC, here are 3 key strategies for a tax-efficient future 👇

1️⃣ 𝗣𝗹𝗮𝗻 𝗮𝗹𝗼𝗻𝗴𝘀𝗶𝗱𝗲 𝘆𝗼𝘂𝗿 𝘀𝗽𝗼𝘂𝘀𝗲 𝗼𝗿 𝗽𝗮𝗿𝘁𝗻𝗲𝗿

You’re taxed individually. So, if you’re married or in a civil partnership, you can effectively double the amount you can receive tax-free and pay a minimal amount of tax.

2️⃣ 𝗠𝗮𝘅𝗶𝗺𝗶𝘀𝗲 𝘆𝗼𝘂𝗿 𝗜𝗦𝗔 𝗮𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲𝘀

ISAs are a highly tax-efficient way to save and invest. When you contribute to an ISA, any interest or returns you generate are free from Income Tax and Capital Gains Tax (CGT).

3️⃣ 𝗨𝘀𝗲 𝘆𝗼𝘂𝗿 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗚𝗮𝗶𝗻𝘀 𝗧𝗮𝘅 (𝗖𝗚𝗧) 𝗲𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻

Each individual has a CGT Annual Exempt Amount. In the 2024/25 tax year, this enables you to enjoy up to £3,000 tax-free profit on the disposal of assets such as non-ISA shares, other investments, and buy-to-let property each year.

Curious about your retirement plan? Get in touch 👇

☎️ 0141 732 1237
📧 [email protected]

Catherine has been a client of ours for a few years.

When we started working together, she had very good knowledge of pension and investment matters. But by her own admission, she was very short on time and wasn’t able to give her own plans the attention they deserved.

As a high earner, there are various complexities to Catherine’s situation, requiring more detailed checks and calculations.

In the early years of our relationship, Catherine would ask, “How much money have you saved me and how much have I paid you?”

More recently, she has changed her viewpoint and now asks, “How much time have you saved me?”

Delegating planning and thinking about her financial future to us has allowed Catherine to focus on spending her downtime with her husband, young children and elderly parents.

She is safe in the knowledge that her financial plans are in good hands, with her trusted, qualified, professional adviser accountable to her 🤝

If you’re looking to save some time when it comes to your finances, get in touch 👇

☎️ 0141 732 1237
📧 [email protected]

𝗪𝗼𝗿𝗸𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗮 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗽𝗹𝗮𝗻𝗻𝗲𝗿 𝗰𝗼𝘂𝗹𝗱 𝗵𝗲𝗹𝗽 𝘆𝗼𝘂 𝘃𝗶𝗲𝘄 𝘆𝗼𝘂𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗲𝘀 𝗳𝗿𝗼𝗺 𝗮 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗽𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲

Looking at your finances from a different perspective could help you identify where mental shortcuts could be affecting your decision-making skills.

A tailored financial plan could help you set out a path that’s right for you, based on your goals and circumstances, and may help you reduce the effect of bias.

If you’d like to arrange a meeting to discuss how we could support you in reaching your goals, please get in touch 👇

☎️ 0141 732 1237
📧 [email protected]

Have you heard of familiarity bias? 🤔

It’s a mental shortcut that may affect your financial decisions.

You might gain some comfort from sticking to what you know.

However, familiarity bias could mean you miss out on opportunities and, in some cases, you might even end up taking more risk.

Working with a financial planner could help you step out of your comfort zone to seize opportunities that are right for you.

Drop us a DM today to get started 💬

Curious about how mental shortcuts may affect your financial decisions?

Consider confirmation bias!

Confirmation bias can be a challenge when you’re making financial decisions because it might mean you bypass key pieces of information simply because it doesn’t support your preconceived notions.

So, it could mean steps you take to carry out research aren’t as valuable as you might expect.

Not letting your views cloud how you view information can be challenging.

Yet, taking a step back to weigh up the value of the information objectively could help you make better financial decisions.

Is herd mentality hurting your financial decisions?

Your instinct to follow the crowd might be costing you more than you realise.

Herd mentality can lead to poor financial decisions, making you follow trends that aren't right for your situation.

Assessing financial opportunities with your circumstances in mind could help you avoid simply following the crowd.

If you have any questions about herd mentality, drop me a message 💬

Every day, you take mental shortcuts, known as “heuristics”, to help solve problems quickly.

While useful in some circumstances, these can be harmful when making large decisions, such as handling your finances.

An example of a mental shortcut that may affect your financial decisions is…

𝗧𝗵𝗲 𝗮𝗻𝗰𝗵𝗼𝗿𝗶𝗻𝗴 𝗲𝗳𝗳𝗲𝗰𝘁

This is a form of cognitive bias where your views and decisions are fixed on a particular piece of information.

It could lead to you glossing over potential risks, or failing to adjust your view as circumstances change.

Anchoring can be difficult to avoid, but taking time to review new information and the reliability of sources could help identify where it may affect your decisions.

Have you ever experienced the anchoring effect?

Did you know that 84% of parents say their children haven’t received any financial education at school, despite 96% believing it’s important for young people to learn about money? 🏫

You can bridge this gap with these 3 fun and effective ways to teach children about money 👇

1️⃣ 𝗨𝘀𝗲 𝗴𝗮𝗺𝗲𝘀 𝘁𝗼 𝘁𝗲𝗮𝗰𝗵 𝗸𝗶𝗱𝘀 𝗮𝗯𝗼𝘂𝘁 𝗺𝗼𝗻𝗲𝘆 𝗶𝗻 𝗮𝗻 𝗶𝗻𝘁𝗲𝗿𝗮𝗰𝘁𝗶𝘃𝗲 𝘄𝗮𝘆

2️⃣ 𝗟𝗲𝘁 𝘁𝗵𝗲𝗺 𝗯𝗲 𝗶𝗻 𝗰𝗵𝗮𝗿𝗴𝗲 𝗼𝗳 𝗺𝗼𝗻𝗲𝘆 𝗼𝗻 𝗮 𝗱𝗮𝘆 𝗼𝘂𝘁

3️⃣ 𝗕𝗼𝗼𝗸𝘀 𝗮𝗿𝗲 𝗮 𝗳𝘂𝗻 𝘄𝗮𝘆 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗳𝗼𝗿 𝗸𝗶𝗱𝘀 𝗼𝗳 𝗮𝗹𝗹 𝗮𝗴𝗲𝘀

If you’d like some more information on the fun ways shared, click the link in the comments below 👇

Let's talk about annuities, the pros and the cons…

👍 𝗣𝗿𝗼𝘀 𝗼𝗳 𝗯𝘂𝘆𝗶𝗻𝗴 𝗮𝗻 𝗮𝗻𝗻𝘂𝗶𝘁𝘆

✅ You can receive a guaranteed income for the rest of your life

✅ There are a few different types of annuities that could be useful to you, depending on your circumstances, meaning you could be able to find an annuity that suits you

✅ Even if you don’t annuitise your savings right at the start of your retirement, you still have the option to buy one later

👎 𝗖𝗼𝗻𝘀 𝗼𝗳 𝗯𝘂𝘆𝗶𝗻𝗴 𝗮𝗻 𝗮𝗻𝗻𝘂𝗶𝘁𝘆

❌ The decision is usually irreversible, and once you hand over your pension savings for the annuity, there’s no changing your mind

❌ One issue with annuities being inflexible is that, although it may be useful to receive a guaranteed income, your spending needs may change throughout retirement.

❌ While headline annuity rates may look tempting, it’s vital to look beyond them and see what level of income that may mean for you, as they might not tell the full story

You might have a better understanding of whether buying an annuity is the right option for you, but if you still have any questions, get in touch 👇

☎️ 0141 732 1237
📧 [email protected]

Can money buy you happiness?

Financial planning could make it a “yes”.

Although you can't plan for every single eventuality in life, here are 5 guidelines to think about when managing your money:

1️⃣ 𝗔𝗶𝗺 𝘁𝗼 𝗲𝗮𝗿𝗻 𝗮 “𝗴𝗼𝗼𝗱 𝗲𝗻𝗼𝘂𝗴𝗵” 𝗶𝗻𝗰𝗼𝗺𝗲 𝘁𝗵𝗮𝘁 𝗮𝗹𝗹𝗼𝘄𝘀 𝘆𝗼𝘂 𝘁𝗼 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝗮 𝗵𝗲𝗮𝗹𝘁𝗵𝘆 𝘄𝗼𝗿𝗸-𝗹𝗶𝗳𝗲 𝗯𝗮𝗹𝗮𝗻𝗰𝗲

2️⃣ 𝗧𝗵𝗶𝗻𝗸 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗹𝗶𝗳𝗲𝘀𝘁𝘆𝗹𝗲 𝘆𝗼𝘂’𝗱 𝗹𝗶𝗸𝗲 𝘄𝗵𝗲𝗻 𝘆𝗼𝘂 𝗿𝗲𝘁𝗶𝗿𝗲 𝗮𝗻𝗱 𝘀𝗮𝘃𝗲 𝗮𝗰𝗰𝗼𝗿𝗱𝗶𝗻𝗴𝗹𝘆

3️⃣ 𝗧𝗿𝘆 𝘁𝗼 𝗶𝗺𝗮𝗴𝗶𝗻𝗲 𝘆𝗼𝘂𝗿 𝗳𝘂𝘁𝘂𝗿𝗲 𝘀𝗲𝗹𝗳, 𝗼𝗿 𝘆𝗼𝘂𝗿 𝗯𝗲𝘀𝘁 𝗹𝗶𝗳𝗲 𝗯𝘆 𝗲𝗺𝗯𝗿𝗮𝗰𝗶𝗻𝗴 𝗰𝘂𝗿𝗶𝗼𝘀𝗶𝘁𝘆 𝗮𝗻𝗱 𝗮𝘀𝗸𝗶𝗻𝗴 𝗽𝗿𝗼𝗯𝗶𝗻𝗴 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀

4️⃣ 𝗛𝗮𝘃𝗲 𝗮𝗻 𝗲𝗺𝗲𝗿𝗴𝗲𝗻𝗰𝘆 𝗳𝘂𝗻𝗱, 𝗴𝗶𝘃𝗶𝗻𝗴 𝘆𝗼𝘂 𝗮 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝗮𝗳𝗲𝘁𝘆 𝗻𝗲𝘁 𝗳𝗼𝗿 𝗮 𝗿𝗮𝗶𝗻𝘆 𝗱𝗮𝘆

5️⃣ 𝗞𝗲𝗲𝗽 𝗮 𝗵𝗮𝗻𝗱𝗹𝗲 𝗼𝗻 𝘁𝗵𝗲 𝗮𝗺𝗼𝘂𝗻𝘁 𝗼𝗳 𝗱𝗲𝗯𝘁 𝘆𝗼𝘂 𝘁𝗮𝗸𝗲 𝗼𝗻 𝘀𝗼 𝗶𝘁 𝗿𝗲𝗺𝗮𝗶𝗻𝘀 𝗺𝗮𝗻𝗮𝗴𝗲𝗮𝗯𝗹𝗲 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝗶𝗻𝗰𝗼𝗺𝗲

If you need any help with your financial plan, drop us a message 💬

When you start to access your pension, how will you take an income?

One of your options may be to draw a flexible income that suits your needs through flexi-access drawdown.

If that’s the case, here are 3 questions you may want to consider 👇

1️⃣ How long does your pension need to last?

2️⃣ How could inflation affect your money?

3️⃣ How much Income Tax could your pension withdrawals be liable for?

Have any questions about accessing your pension? Drop us a message 💬

Have you ever considered that Olympians' success isn't just about natural talent, but also their approach and mindset? 🤔

As Paris prepares to host the Olympics this year, it's the perfect time to look at what you could learn from Olympians when it comes to managing your finances effectively.

𝗢𝗹𝘆𝗺𝗽𝗶𝗰 𝗮𝘁𝗵𝗹𝗲𝘁𝗲𝘀 𝗮𝗿𝗲 𝗴𝗼𝗮𝗹-𝗼𝗿𝗶𝗲𝗻𝘁𝗮𝘁𝗲𝗱

Becoming an Olympic athlete often requires years of dedication and training, and a big picture view could help them overcome obstacles.

Making the Olympic team is a lofty goal – around 350 athletes will represent Great Britain in Paris out of thousands of hopefuls.

Having a clear goal can provide you with a focus and something to work towards - very useful if you want to manage your finances more effectively.

A goal could provide you with the motivation you need to stay on track with your financial plan, allow you to understand what success means for you, and help you consider what you want your future to look like.

What are your goals for the future?

Fewer workers are choosing to give up work on a set date. Instead, they plan to phase into retirement 📅

A “phased retirement” describes gradually stopping work, perhaps taking on a part-time role for a few years before officially retiring.

If you’re considering a phased retirement, these tips could help you manage your finances during this period 👇

✅ Identify if you’re still earning enough to cover your living expenses

✅ Be mindful of your income throughout the tax year

✅ Consider deferring your State Pension

✅ Ensure you are drawing a sustainable income from sources like your pension or investment portfolio

✅ Book a meeting with us

Ready to chat with us?

☎️ 0141 732 1237
📧 [email protected]

Curious about the impact of inflation?

Here are some interesting comparisons between 1946 and 2024 👇

£𝟭,𝟬𝟬𝟬 𝗶𝗻 𝟭𝟵𝟰𝟲 𝗵𝗮𝘀 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝘃𝗮𝗹𝘂𝗲 𝗮𝘀 𝗮𝗹𝗺𝗼𝘀𝘁 £𝟱𝟮,𝟱𝟬𝟬 𝘁𝗼𝗱𝗮𝘆

𝗧𝗵𝗲 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝘀𝗮𝗹𝗮𝗿𝘆 𝘄𝗮𝘀 𝟭𝟮𝟲 𝘀𝗵𝗶𝗹𝗹𝗶𝗻𝗴𝘀, 𝟵 𝗽𝗲𝗻𝗰𝗲

𝗔 𝘄𝗲𝗲𝗸𝗹𝘆 𝗴𝗿𝗼𝗰𝗲𝗿𝘆 𝘀𝗵𝗼𝗽 𝘄𝗮𝘀 𝗷𝘂𝘀𝘁 𝟰𝟱𝗽

𝗔 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 “𝗯𝗼𝗼𝗺” 𝗹𝗲𝗱 𝘁𝗼 𝗽𝗿𝗶𝗰𝗲𝘀 𝗾𝘂𝗮𝗱𝗿𝘂𝗽𝗹𝗶𝗻𝗴 𝗶𝗻 𝘀𝗼𝗺𝗲 𝗮𝗿𝗲𝗮𝘀

Have any questions about inflation? Get in touch 👇

☎️: 0141 732 1237
📧: [email protected]

If you own or run a business, Labour has confirmed a “new deal for working people” and has stated that it will introduce legislation within the first 100 days of office.

These plans include:

👉 𝗕𝗮𝗻𝗻𝗶𝗻𝗴 𝘇𝗲𝗿𝗼-𝗵𝗼𝘂𝗿𝘀 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝘀

👉 𝗘𝗻𝗱𝗶𝗻𝗴 “𝗳𝗶𝗿𝗲 𝗮𝗻𝗱 𝗿𝗲𝗵𝗶𝗿𝗲”

👉 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗶𝗻𝗴 𝗽𝗮𝗿𝗲𝗻𝘁𝗮𝗹 𝗹𝗲𝗮𝘃𝗲, 𝘀𝗶𝗰𝗸 𝗽𝗮𝘆, 𝗮𝗻𝗱 𝘂𝗻𝗳𝗮𝗶𝗿 𝗱𝗶𝘀𝗺𝗶𝘀𝘀𝗮𝗹 𝗿𝗶𝗴𝗵𝘁𝘀 𝗳𝗿𝗼𝗺 𝗱𝗮𝘆 𝗼𝗻𝗲

If you have any questions about how these proposed changes could impact your business, get in touch 💬

The Labour Party won the 2024 UK general election with a significant majority and Keir Starmer has become the UK prime minister after 14 years of Conservative government.

But what does this mean for your finances?

Here are just a few of the key highlights:

👉 National Insurance, Value Added Tax (VAT), and Income Tax are set to remain the same

👉 Labour has committed to keeping the State Pension triple lock in place

👉 Interest rates are set to fall alongside ambitious housebuilding targets

👉 The markets have historically reacted positively to a change of government

Head to the link in the comments below to find out more 👍

𝗛𝗼𝘄 𝘁𝗼 𝗯𝗲 𝗴𝗼𝗼𝗱 𝘄𝗶𝘁𝗵 𝗺𝗼𝗻𝗲𝘆. 𝟱 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹 𝘀𝘁𝗲𝗽𝘀 👇

1️⃣ 𝗗𝗲𝗰𝗶𝗱𝗲 𝘆𝗼𝘂𝗿 𝗺𝗼𝗻𝗲𝘆 𝗴𝗼𝗮𝗹𝘀 𝗮𝗻𝗱 𝘄𝗵𝗮𝘁 𝗶𝘀 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝘁𝗼 𝘆𝗼𝘂

It’ll help you visualise your priorities and stay motivated.

2️⃣ 𝗞𝗲𝗲𝗽 𝘁𝗿𝗮𝗰𝗸 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗺𝗼𝗻𝗲𝘆, 𝗳𝗼𝗿 𝗲𝘅𝗮𝗺𝗽𝗹𝗲, 𝘆𝗼𝘂𝗿 𝗶𝗻𝗰𝗼𝗺𝗲 𝗮𝗻𝗱 𝗼𝘂𝘁𝗴𝗼𝗶𝗻𝗴𝘀

It may help to track your budget digitally every month.

3️⃣ 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝘆𝗼𝘂𝗿 𝘀𝗽𝗲𝗻𝗱𝗶𝗻𝗴 𝗵𝗮𝗯𝗶𝘁𝘀

Where is your money actually going? Monitor your spending.

4️⃣ 𝗛𝗮𝘃𝗲 𝗮 𝗽𝗹𝗮𝗻 𝘁𝗼 𝗿𝗲𝗽𝗮𝘆 𝘆𝗼𝘂𝗿 𝗱𝗲𝗯𝘁

Having a plan will help alleviate some of the stress and uncertainty.

5️⃣ 𝗦𝗮𝘃𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗳𝘂𝘁𝘂𝗿𝗲, 𝘄𝗵𝗲𝘁𝗵𝗲𝗿 𝗶𝘁’𝘀 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁, 𝗮𝗻 𝗲𝗺𝗲𝗿𝗴𝗲𝗻𝗰𝘆 𝗳𝘂𝗻𝗱, 𝗼𝗿 𝘆𝗼𝘂𝗿 𝗱𝗿𝗲𝗮𝗺 𝗵𝗼𝗹𝗶𝗱𝗮𝘆

Your future self will thank you.

When you’re making investment decisions, balancing risk is an essential part of the process.

All investments carry some risk. You cannot guarantee returns and you may not get back the full amount you invested.

So, before thinking about investing, ask yourself these five questions to better help you understand your risk profile:

📈 𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝗺𝘆 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗴𝗼𝗮𝗹𝘀?

⏳ 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗺𝘆 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝘁𝗶𝗺𝗲 𝗳𝗿𝗮𝗺𝗲?

💼 𝗪𝗵𝗮𝘁 𝗼𝘁𝗵𝗲𝗿 𝗮𝘀𝘀𝗲𝘁𝘀 𝗱𝗼 𝗜 𝗵𝗼𝗹𝗱?

📉 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗺𝘆 𝗰𝗮𝗽𝗮𝗰𝗶𝘁𝘆 𝗳𝗼𝗿 𝗹𝗼𝘀𝘀?

🤔 𝗛𝗼𝘄 𝗱𝗼 𝗜 𝗳𝗲𝗲𝗹 𝗮𝗯𝗼𝘂𝘁 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗿𝗶𝘀𝗸?

If you have any questions about your investment risk, get in touch 👇

☎️ 0141 732 1237
📧 [email protected]

𝗛𝗮𝘃𝗲 𝘆𝗼𝘂 𝗵𝗲𝗮𝗿𝗱 𝗼𝗳 𝘁𝗵𝗲 𝟱𝟬/𝟯𝟬/𝟮𝟬 𝗯𝘂𝗱𝗴𝗲𝘁𝗶𝗻𝗴 𝗿𝘂𝗹𝗲?

This method sets a limit on what percentage of your income you may want to spend on different things.

Of your post-tax income, it suggests that you should spend:

🔸 50% on essentials, such as housing, food, and bills

🔸 30% on wants, such as dining out and personal treats

🔸 20% on savings contributions or paying off any debt

Being strict with yourself is the first step towards saving consistently. By sticking to this rule, you could create a solid plan to build your wealth and gain financial peace of mind💰

If the interest your savings have earned could be liable for Income Tax, you may want to consider using an ISA.

𝐇𝐞𝐫𝐞’𝐬 𝐰𝐡𝐲 👇

✅ In the 2024/25 tax year, you can contribute up to £20,000 to ISAs, which provide a tax-efficient way to save and invest.

The interest you earn from savings held in an ISA isn’t liable for Income Tax, so it could provide a valuable way to grow your wealth.

You could also opt for a Stocks and Shares ISA, where you can invest your money. Your returns are free from Income Tax and Capital Gains Tax (CGT), too.

However, you should note that investment returns cannot be guaranteed.

If you have any questions about the interest your savings have earned, drop us a message 💬

Wondering whether you might have to pay tax on savings interest?

You may have up to three allowances to make use of before tax is due on your savings interest. These are:

➡️ Personal Allowance
➡️ Personal Savings Allowance
➡️ Starting rate for savings

However, if the interest your savings earned exceeds these allowances, you will normally need to pay tax at your marginal rate of Income Tax on any further interest generated.

The good news is that you don’t usually need to do anything to pay tax on the interest earned from savings. If:

1️⃣ You’re employed or receive a pension, HMRC will change your tax code, so the tax is automatically deducted

2️⃣ You usually complete a self-assessment tax return, you can report any interest earned on savings when completing your return

3️⃣ You’re not employed, do not receive a pension, or do not complete a self-assessment tax return, your bank or building society will inform HMRC how much interest you’ve received at the end of the tax year. HMRC will contact you if you need to pay tax.

However, if the total income from savings and investments is more than £10,000 in a single tax year, you will need to register for self-assessment.

So, it’s important to be aware if the amount you receive could exceed those thresholds and whether you need to report this to HMRC.

Have any questions? Get in touch 👇

☎️ 0141 732 1237
📧 [email protected]

Last week, Paul McFadyen attended the PIMS conference at The Grove!

It was an incredible opportunity to get together with product providers and expert speakers.

The conference encouraged continuous learning and development as everyone worked together to take their businesses to the next level.

A very informative few days!

Have you heard of an “in case of emergency” document?

This document keeps lots of important information in one place, providing a helpful source for the executor of your will if the worst happens.

𝐘𝐨𝐮 𝐦𝐚𝐲 𝐰𝐢𝐬𝐡 𝐭𝐨 𝐢𝐧𝐜𝐥𝐮𝐝𝐞:

➡️ Contact details of family and friends
➡️ Care details for your pets
➡️ Your doctor’s name and address
➡️ Contact details for professional connections, including your financial planner, solicitor, and accountant
➡️ Details of your savings, investments, insurance policies, mortgage, and pensions
➡️ The location of key documents such as your passport, birth certificate, property deeds, and insurance policies
➡️ Details of your utility companies, online accounts, and any subscriptions that may need to be cancelled
➡️ Any funeral plans or wishes you have.

Keeping this document in a secure location and informing your executor could be a great step to take sooner rather than later.

Last Tuesday, we shared 3 reasons why investing in a pension on behalf of a child can lead to powerful growth.

But, before you start a pension for your child or grandchild, you may wish to consider the alternatives.

These three questions can help you understand if starting a pension for a child is a financially wise move for you:

𝟏. 𝐃𝐨 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧 𝐞𝐦𝐞𝐫𝐠𝐞𝐧𝐜𝐲 𝐟𝐮𝐧𝐝?

𝟐. 𝐇𝐚𝐯𝐞 𝐲𝐨𝐮 𝐦𝐚𝐝𝐞 𝐮𝐬𝐞 𝐨𝐟 𝐚 𝐉𝐮𝐧𝐢𝐨𝐫 𝐈𝐒𝐀 (𝐉𝐈𝐒𝐀) 𝐨𝐫 𝐨𝐭𝐡𝐞𝐫 𝐬𝐚𝐯𝐢𝐧𝐠𝐬 𝐯𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐟𝐨𝐫 𝐜𝐡𝐢𝐥𝐝𝐫𝐞𝐧?

𝟑. 𝐀𝐫𝐞 𝐲𝐨𝐮 𝐩𝐫𝐞𝐩𝐚𝐫𝐞𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐦𝐨𝐧𝐞𝐲 𝐭𝐨 𝐛𝐞 𝐢𝐧𝐚𝐜𝐜𝐞𝐬𝐬𝐢𝐛𝐥𝐞 𝐮𝐧𝐭𝐢𝐥 𝐲𝐨𝐮𝐫 𝐜𝐡𝐢𝐥𝐝 𝐫𝐞𝐚𝐜𝐡𝐞𝐬 𝐫𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐚𝐠𝐞?

It's Small Charity Week! From 24 to 28 June, we're celebrating the impact of small charities like the Kindness Homeless Street Team SCIO 🌟

At Spectrum we're proud to support Kindness in its mission to help people in Glasgow and the surrounding areas. Here's what our Managing Directors, Paul McFadyen and Nadeen Watson, have to say!