S1 Ep8 Financial Planning for Key Life Stages - Part 1

In Season 1 Episode 8 of ‘Where Your Treasure Is…’, the focus is on ‘Financial Planning for Key Life Stages’.

Foundational principles are explored by considering the situation faced by those who are starting out on their financial journey, but those principles are generic and are relevant for listeners whatever their life stage may be.

Specific points of interest covered in this episode include the following:

• The podcast has attracted a wide audience from all stages of life, so the aim of this episode is to identify some key principles that will be relevant and useful for listeners regardless of the particular stage that they have reached in their own financial journey. [01:00]
• Simon refers to the acronym PEPSI to identify the generic principles that can be used to assess our financial needs and priorities at each stage of life: Protection; Emergency Fund; Pension, Savings, Investment [03:25]
• It is noted that while debt management does not appear as a category in its own right, it is an important “thread” that runs through all life stages and requires appropriate attention to avoid issues arising. [04:18]
• Simon explains the meaning of ‘Protection’ in a financial planning context. [05:53]
• Bex provides a list of eight life stages that each have their own distinct financial circumstances and would therefore benefit from having the five core principles applied to their specific needs and priorities. [06:23]
• Simon describes the first group identified by Bex: individuals who are “starting out’ on their financial journey. [07:09] He then goes on to analyse the relevance and usefulness of each element of the PEPSI approach to their situation: Protection [07:51], including a discussion about what a Christian’s attitude should be towards Insurance [10:23]; Emergency Fund [13:52]; Pension, Savings and Investment [17:23]
• Simon provides some closing observations that he hopes will be helpful for each of us as we endeavour to take forward our own financial journeys well. [19:55]
• The next episode of ‘Where Your Treasure Is…’ will continue the financial planning theme, covering the remaining key life stages and applying the PEPSI principle to them. [21:25]