Elon Musk has recently announced his company’s ‘Neuralink’ which envisions a future where our brains will network within a new interface between humans and machines. This will improve our lives, providing opportunities that we had never dreamed of and gives hope to those with paralysis, blindness or deafness.
Depending on how seriously you believe Elon’s more outlandish predictions for posterity, most people would agree that the world is changing ever more quickly and companies like Tesla and SpaceX are at the centre of technological advancement.
This made me think; in an ever-changing world filled with new opportunities and increasing challenges, what are the key areas that remain constant?
These technological changes continue to transform our lives. Think of the possibilities that are available at our fingertips when we open our smartphones. Would you have believed that was possible 20 years ago?
What is also clear is that all this technology is very expensive. Think of how much the latest smartphone costs and what you could have spent those sums of money on 20 years ago.
We have more, so we expect more, and we live in a smaller, more accessible world. This has helped to raise our expectations about the level of lifestyle we need and deserve. As if it is our right to maintain a level of comfort that our parents and grandparents may not have dreamed of.
Here is the problem: someone must settle the bill for this lifestyle. Unfortunately, the government is not going to be able to. You could argue that they were never able to cover all of it, but in the future, they may not be able to cover much of it at all.
We are living better and to make matters ‘worse’, we are also living longer. The old system of pensions was not designed to support this, and soon this is going to become painfully apparent.
Fear not! I am not a prophet of doom; simply here to scaremonger. There is a solution and it is one that your parents and grandparents were better at than you are. It is saving. Putting something away for the future, for tomorrow, to help alleviate this problem.
But how much do you need to save and where to save it? Do you know how much you will need in the future, to live and to support a reasonable quality of life? Is a reasonable quality of life what you thought you would get? Or do you want and need more that?
If you are unsure how to answer some of these questions, or even where to begin, then help is at hand.
At Forth Capital, we are experienced problem-solvers.
We take the time to understand the cost of maintaining your lifestyle in the future and then we work backwards, until we arrive at a figure that you need to save today, to realise that future. To do this we use a sophisticated cash flow modelling system that is adaptable to your circumstances and aspirations.
We are sure that you would benefit from working with one of our professional problem-solvers, so contact us today to arrange a complimentary financial review.
Forth Capital specialises in retirement planning, expat pensions and investments. Contact us HERE or call us at our Geneva office on 00 41 22 311 1441 or our UK office on 00 44 131 600 0625
Jamie Tulip is an adviser at Forth Capital.