Let us now look at the key relationships in effective money management. The chances are that you have already established these, but you should examine them and understand how they affect you.
First, consider yourself in relation to the money machine. Look at the illustration called 'You and the money machine'. It shows you at the centre of what looks like a wheel. The spokes represent your access to your bank, your solicitor, your accountant, those with whom you arrange savings and investments yourself and any financial adviser who helps you choose investments and may also buy and/or manage them for you. There can be complementary relationships as well: some of those with whom you are doing business can talk to each other on your behalf. Your situation is helped when they do this effectively, and you probably fare worse when they don't.
You and the money machine
(advice, buying and
YOU IN RELATION TO THE MONEY MACHINE
(savings and investments you may buy)
YOUR ACCOUNTANT (keeping or auditing your accounts, advice, possibly buying and selling investments)
YOUR FINANCIAL ADVISER
(advice, buying and selling investments)
YOUR SOLICITOR (advice, perhaps buying and selling investments)
The second illustration, 'You and money products/services', makes the important point that you are really at the centre of a much larger wheel than the first one. The complete wheel takes in taxation, property, your will and other areas. Study this and, if you can, decide whether you are in a satisfactory position in all these areas.