Your income is your biggest asset, if you consider the average wage according to the 2016 CSO results for a full-time worker being €45,075 over a working lifetime of 43 years (age leaving college to retirement age) is €1,938,225. If you are part of a couple this can jump up to €3.8 million.

That’s a staggering amount of money but we don’t think of our wages in these terms.

Your income is your most important asset. It funds everything in your lifestyle, your house, your car, your food, social life, hobbies etc.

If I gave you 4 million tomorrow what would you do with it? Save it? Spend it?

What should you do with it?

Seek Financial advice.

Getting professional financial advice from a certified financial advisor is the best use of an hour. A financial advisor will help you to do a stock take of your current situation and will create a plan to protect, grow and replace your income.

What does that mean?

Protect: Your income is your biggest and most important asset without it, everything stops. It’s important to protect yourself, your family and your home in case something happens to you. Depending on your circumstances they will protect you with income protection , life assurance or business protection.

Grow: Once your income is secure and protected, they would then work with you to grow your income, making the most of your money and making it work harder and smarter for you. They would do this using a number of ongoing different methods whether it’s a savings account or an investment bond.

Replace: We are living longer healthier lives so it’s vital that you put the right plan in place to ensure you have the lifestyle that you want when you reach retirement.

Would you be able to live on €243.30 a week and be able to continue your currently lifestyle?

Probably not.It’s never too late or too early to start a pension, talk to a financial advisor today .

Here are my Top 5 tips for your income:1) Personal budget

  1. Treat your finances like a limited company and streamline your outgoings                                                          Check out my personal budget video and template here
  2. Find your disposable figure                                                                                                                                                         Pay yourself
  3. Seek Advice                                                                                                                                                                        Protect, Replace & Grow                                                                                                                                                          Check out my video on income protection here 
  4. Use tax incentives                                                                                                                                                                     On products like income protection & pensions especially for the self employed
  5. Enjoy!                                                                                                                                                                                                Money should enhance your life not impede it.
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