Oct
26
2010
Contractors advised to 'set up personal finance business plan'
Posted by John Crawley
Contractors have been told to look into setting up a business plan when it comes to their personal finances, as this could help with funding for retirement.
Yvonne Goodwin, managing director at Yvonne Goodwin Wealth Management, said that carrying out this action will mean that those with umbrella companies can enjoy part of their income in the short-term, while also keeping a percentage aside for the future.
The firm aims to give unbiased, professional financial advice to contractors, with clients under Ms Goodwin's guidance being given tips on a regular basis as to how they can better manage their money.
She believes that those who fail to plan for retirement may be in for a shock when the time comes around in their lives.
Ms Goodwin explained: "In reality they would need to be saving, if they were around 30, about 15 per cent of their income to give them a decent retirement."
The advice follows on from a study by HSBC, which found that 30 per cent of adults have less than five days of average pay in their savings.
Contractors have been told to look into setting up a business plan when it comes to their personal finances, as this could help with funding for retirement.
Yvonne Goodwin, managing director at Yvonne Goodwin Wealth Management, said that carrying out this action will mean that those with umbrella companies can enjoy part of their income in the short-term, while also keeping a percentage aside for the future.
The firm aims to give unbiased, professional financial advice to contractors, with clients under Ms Goodwin's guidance being given tips on a regular basis as to how they can better manage their money.
She believes that those who fail to plan for retirement may be in for a shock when the time comes around in their lives.
Ms Goodwin explained: "In reality they would need to be saving, if they were around 30, about 15 per cent of their income to give them a decent retirement."
The advice follows on from a study by HSBC, which found that 30 per cent of adults have less than five days of average pay in their savings.