5 Reasons your Money isn’t Working for You

By Colin Davis | Associate Advisor 

In Autumn 2018, our team in Curran Financial Services will be hosting a series of seminars on various topics of interest. These will be genuine information sessions that we promise will leave you better informed to make positive decisions with your money. They will take place in our new ‘Education Hub’ in 21 Mary Street, Galway and will be posted on Facebook Live.

Register your interest here

A recent report showed that Irish households currently have over €90 BILLION euro on deposit with the banks. This massive number says a number of things:

  • It is no surprise the banks are back recording record profits.
  • As a country we are wasting millions every year as our money loses value against inflation.

Through our years meeting with people to discuss their money habits and attitudes, we have learned the truth about why so much of your money is doing nothing. They are….

  1. You Don’t Understand ‘Risk’
  • That’s not a criticism. Most people don’t really know what the term ‘risk’ means when it applies to money. We were never taught it by our parents or in school, so how could we?
  • Not understanding Risk is the single biggest reason that you don’t do anything with your money because…..
  1. You Have a Fear about ‘Investing’
  • The term investing is so widely misused that it’s no surprise it makes people anxious. The media have presented us with an image of investing that seems both exciting and scary, when the truth is that real investing should be neither.
  • Even though leaving money on deposit is actually an ‘investment’ (and not necessarily a good one), you feel trapped in that decision because…..
  1. There’s No-One to Talk To
  • Studies show the vast majority of people are more comfortable talking about intimate health issues than money with people close to them.
  • At the same time, you don’t necessarily go to your family for health advice, you go to an expert. The same should be true for money, except….
  1. The ‘Money Industry’ is Untrustworthy
  • It would be fine keeping your money concerns private if you felt there was an expert else you could talk to in confidence. However one of the results of the banking collapse was total cynicism in the belief that anyone in Financial Services can be trusted.
  • Ironically, this belief is actually benefitting the banks because the status quo suits them. Remember, they have your money!  It shouldn’t be this way but…..
  1. You’re Not Hearing about Alternatives
  • The only winner from this whole situation is the banking industry. They’re making record profits from miseducation, fear and paralysis. So it’s no surprise that you won’t hear too much in the media about this matter. Which means that you have to take the initiative and seek out answers from reputable, trusted sources……

The first of the series will be ‘Make your Money Work Harder for You’Register your attendance here

 

Colin Davis is an Associate Advisor at Curran Financial Services. He can be contacted at colin@curranfs.ie or 091-861001.

Ross Curran Financial Services Ltd trading as Curran Financial Services, is regulated by the Central Bank of Ireland.

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