Tees Life Tees Life issue 2 | Page 43

Money Matters Money makes the world go round, or so the saying goes. In each issue of Tees Life, we’ll ask a prominent Teessider about their thoughts on financial matters Name: Jan Faulkner Age: 58 Location: Great Ayton Job: Freelance florist specialising in weddings, teaching and demonstrating Tees Life: Does money make you happy? Jan: Money isn’t everything in life – it can’t buy you happiness or health - because you see a lot of miserable people with money but you do need some. TL: What was your first paid job and do you remember how much you were paid? Jan: When I was studying at Middlesbrough High School I had a Saturday job at a shoe shop, while I also used to waitress at Marton Country Club and the Ladle back in the ‘70s. I can’t remember how much I was paid but it wouldn’t be much. It was just pocket money but it taught me the value of money. TL: What’s your best financial tip? Jan: Don’t spend what you haven’t got. Live within your means and don’t build up big credit bills you can’t pay off. TL: Are you a saver or a spender? Jan: A bit of both! I like to have a little to spend on clothes at Marks & Spencer and online – it makes you feel happier – but I like to save for a rainy day too. TL: What is currently the biggest drain on your resource? Jan: Oh, the household bills – the gas, electric and council tax. TL: Have you done anything for the money that you wish you hadn’t? Jan: My partner Denis probably thinks it’s keeping Marks & Spencer in business. I’m a bit of a hoarder and have wardrobes full of stuff I never wear. TL: What the most you’ve splashed out on a single item (excluding a house)? Jan: I suppose it’s cars. They just cut a big hole in your savings and depreciate. I’ve got a Vauxhall Mariva now. I always had a Mercedes A class but it was no good for my flowers. TL: What has been your biggest financial mistake? Jan: Spending too much on advertising when I set my business up. I’m much more selective now but I could attend a wedding fayre every week without ever earning anything. TL: What has been your best investment? Jan: I suppose investing in a computer along with going to college and learning flower arranging. It might not sound a lot but with buying flowers every week and the course fees, it did add up. I don’t think you can go too far wrong investing in your own education. What started out as a hobby turned into a business and I’ve now taught flower arranging for 30 years. TL: Do you dabble in shares and other investments? Jan: I rely on Paul Adams of Vintage Chartered Financial Planners to look after my investments. I wouldn’t do anything with their guidance as I believe in leaving it to the experts. Paul has taken care of my financial affairs for 15 years now and always gives sound, expert advice that looks after my future. FINANCE KEY QUESTIONS TO ASK YOUR FINANCIAL ADVISER B efore committing to using a financial adviser for the first time, it’s vital that you do some research. Here are some key questions to ask: How much am I likely to pay? A financial adviser must be transparent with their charging structure and you should be made fully aware of what you will be paying and how it will be paid, ahead of any commitment. An adviser may charge by the hour, a fixed fee or a percentage of the total assets under management. Are you independent? The adviser must tell you what services they offer and if they are ‘independent’. To be called independent, a financial adviser must offer a broad range of investment products and give clients unbiased and unrestricted advice based on a comprehensive and fair analysis of the market. Do you have qualifications that are above the minimum standards? Whilst all financial advisers must meet minimum qualification standards (DipPFS), it is becoming the norm for progressive advisers to take additional exams, leading to Chartered status, or to becoming a specialist in a specific area (such as pension transfers). It‘s always worth asking what qualifications the adviser has and what these demonstrate. Do you have many clients in a similar position to me? It’s always worth finding out if an adviser has experience of advising clients in a similar position to yours. Some financial advisers may only deal with people who meet certain criteria, or minimum investment levels (eg £50,000 or £100,000). Other advisers may be happy to advise clients no matter what the size of their investment. What are the options for ongoing ad