16th February 2023 • The HERALD • Page 65 v THE NEXT HERALD IS OUT ON 9TH MARCH v Sanders Design S E R V I C E S L T D BUILDING PLANS AND DETAILED DRAWING SERVICE Complete professional service for extensions, conversions, new houses and commercial projects • Computer Aided Design Drawings • Free Initial Visit and Quotation 95 Cedar Road, Hythe, Southampton SO45 3PX Tel: 023 8020 7195 Email: info@sandersdesignservices.co.uk Web: www.sandersdesignservices.co.uk ASK A PROFESSIONAL If you are a parent or grandparent to late teens or early 20’s who are working, please read on! I know e Herald isn’t typically read by this younger age group. So, you can help them! Oyster have always encouraged our clients who have 20(ish) year old children or grandchildren to speak to them about getting into the habit of regularly saving 10% of their earnings into short and longer term savings. Here are two reasons why, from encounters we have recently had. Scenario 1: A young self-employed 20 something, young family, great at his chosen profession. Has an accident at work and suddenly he can’t earn or work for 3 months. Has no savings or for that matter insurance to speak of, really worried and struggling to cover bills during this 3-month period. Scenario 2: is time similar, age as above, keen to ‘Plan for the future’. Just started a new job a er college and has no savings at all but wants to discuss investing in property! Great attitude but a few building blocks need to be in place rst. In the rst instance illness/disability/ accident insurance would be one route for sure. In both cases if they had the bene t of some simple planning ideas they would both be on their way to protecting their family and building towards a dream. Solution: Encourage your 20 somethings to save 10% of their earnings. Start with immediate cash emergency funds, then once, say an amount equivalent to 3 months bills is reached then leave this sum saved as an emergency. en re-direct the 10% into a longer term investment. Hopefully it would never be needed for the self-employed scenario but it is there as a safety net if it was ever required. Please share with your younger family members they will thank you for it. Contact Michael at Oyster and we can discuss this with you face to face! Call: 023 8084 8410. A Tale of Two Twenties! by Michael Osman, Oyster Financial Planning Michael Osman, Oyster Financial Planning
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