The new game show

I can almost hear the cry go up, "Not another boring article about financial planning". I can well understand it. I often feel the same thing, everyone always going on about what we should be doing and when we should do it.

The problem is most of these articles are absolutely correct but they are often about things that we do not want to think about... now. But then something happens to make us wish that we had taken action earlier.

This has been brought home to me again this week, when I have had telephone calls from people that I know well who needed to see me urgently.

In the first case, a gentleman who had a very high-profile and well-paid job in the region had just been told he was no longer required and the second case from the wife of a friend who had just had a major heart attack, which at worst was likely to either prevent him from working again and at best for some considerable time.

In both cases the worry was how were they going to survive as they had comparatively little in the way of savings to fall back on. This was compounded by the fact that both couples had several children who needed to be put through schooling and, hopefully, university.

Quite frankly, in both situations there was little I could do at this juncture as they had no income to use as savings and as tragedy had struck in the heart attack case, it was too late for insurance.

Each of them told me that they wanted to come and see me before to put together a plan but there was never any time. I would be a very rich man if I had a dollar for every time I had heard that.

Therefore, I got to wondering how I could make financial planning more exciting to encourage people that it is something that they should do yesterday and not tomorrow.

The one thing that I know is that most people seem intrigued with, although most never profess to liking, are TV game shows. But what could we call it? I know. How about Who Wants to be a Millionaire, or has someone already used that?

First question: List the following in their order of importance to you.

a. Ensure that I and my family have sufficient money in retirement.
b. Ensure that I have sufficient money to put my children through the best schools and universities.
c. Ensure that this will happen even if I am unable to work through sickness, accident or if either myself or my spouse died prematurely.
d. All of the above.

Second question: How can I achieve this?

a. By ensuring that I enjoy myself to the hilt by spending every dollar that I earn.
b. By saying "That's something that I will worry about later."
c. By saying "I know that my parents have money so we can always ask them for money."
d. By spending a few hours on working out what I have to do to achieve my goals.

Third question: Having worked out that you definitely need to do something, do you:

a. Say "Stuff that, I cannot afford it so let's go off and have a good holiday and forget it until I have got more money."
b. Say "Yes, I must do something about that, but I am busy for the next few weeks so I will leave it until next month."
c. Say "I do not know how to go about doing anything like this" and so forget it.
d. Say "That's frightening" but sit down and prioritise your objectives and decide what is practical now.

Fourth question: Having decided that you want to do something now, do you:

a. Say "I must talk to my spouse about this at the weekend."
b. Say "I know this chap at work and he is always saying how much money he has made on the stock market so he will know what to do."
c. Say "But, I have heard that you can lose money on the stock market and some insurance companies do not pay out, so maybe I will wait a while."
d. Say "Have I got the time to sit down and do the research needed myself or if not who is best qualified to help?"

Last question: You are determined to put a plan in place. What do you do immediately?

a. Determine how much risk you are prepared to take on not achieving each objective.
b. Sit down, consult the Internet, the telephone directory and anyone else to find companies who are likely to be able to provide the information you need to find solutions to meet your goals.
c. Telephone a recognised, professionally qualified, licensed by the Central Bank, financial adviser to assist you in achieving your goals;
d. All of the above.

Well, if you answered 'd' to all the above questions, you could be a millionaire or better. You can sleep at nights knowing that whatever happens in the future you have got it covered and done all that you can to ensure that you and your family have a worthwhile and comfortable life even though there may be a few bumps along the way.

Please, I do not want yours to be one of the urgent, panic phone calls I receive, so phone me now before something untoward happens.