Telling financial plans apart from products

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Many households believe they already hold several plans. A child education policy, a pension product, and a tax-saving scheme all carry the label, yet none answer the basic questions of planning.

A genuine plan starts with your goals, dates, and cash flow, then works out how much to save, where to hold it, and what protection you need. Products enter at the last step, chosen because the architecture demands them, never the other way around.

Judge your financial plans by whether they began with your life or with a brochure, and rebuild any that started at the wrong end.

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