Strategic steps you could take to help you and your family prosper during the year of the snake

On Wednesday 29 January, people around the world will celebrate the Chinese new year. According to Chinese astrology, 2025 is the year of the snake, specifically the wood snake, which is associated with wisdom, charm, elegance, and transformation.

Funnily enough, Logic’s Director Harj was born in 1977, which was also a year of the snake. He can testify that wisdom, charm, and elegance are entirely reliable snake traits.

Harj and birthdays aside, the year of the snake is often associated with wisdom and good fortune. So, read on to find out how you and your family could prosper in 2025, according to Chinese astrology.

2025 is a good year to make plans

If you don’t already have a personal financial plan in place, 2025 could be a great year to correct that. Instead of leaving your financial future to chance, get strategic and create a financial plan designed to help you achieve your lifestyle goals.

Your financial planning journey typically starts with your goals and aspirations. Indeed, if you’re already working with us, you may recall your first conversation with your financial planner. It’s highly likely that your planner asked some probing questions you weren’t necessarily expecting.

As well as looking at your current financial situation, your financial planner will have been looking to gain a deeper understanding of what makes you tick – what are your hopes and dreams for the future? What matters most to you? What does your ideal retirement look like?

Armed with answers to these, and other incisive questions, your planner will then create a roadmap to help you achieve your long- and short-term goals.

Having a firm and well-thought-out plan in place, including identifying clear goals or targets for the year to come, is key to success.

If you’d like to take the first steps towards your financial plan, get in touch. Our Chartered financial planners are uniquely placed to prepare a detailed personal financial plan bespoke to your unique needs.

Collaborate and converse with your family and loved ones

Make the most of the snake’s good communication skills and consider broaching conversations about money and finances with your family.

Speaking openly about financial affairs can be difficult. In fact, according to Standard Life’s Retirement Voice 2023, that surveyed 6,000 UK adults, 42% of people said they don’t feel comfortable talking with friends and family about money.

Yet, with £5.5 trillion of wealth expected to pass to the next generation over the next 30 years, now could be the ideal opportunity to talk about money with those closest to you.

Setting expectations now could help to remove any financial uncertainty. Talking to your children early also allows you time to take their opinions and emotions into account, especially when it comes to inheritance planning.

Frank conversations can also help to eliminate potential surprises that might otherwise crop up further down the line.

For your children, knowing how much they might expect to inherit could affect both their immediate and future financial decisions. And they might even encourage you to spend more of your hard-earned money on yourself, rather than waiting to pass it on to them.

Next time you meet with your financial planner, consider inviting your adult children along too. Involving them in the conversation could help them understand your intentions and aid a smooth transition of wealth, when the time comes.

The snake is considered to be organised and highly efficient

2025 could be the year to get on top of your financial affairs and your estate plan so that everything is in order.

First things first, when was the last time you revisited your will? And do you have a Lasting Power of Attorney (LPA) in place? If it’s been a while, or you’ve been putting off organising an LPA, make this a priority for January 2025.

Read more: 5 reasons you should put a Lasting Power of Attorney in place now

Should the thought of navigating piles of paperwork, statements, emails, and account logons fill you with dread, remember that tackling the task now will give you and your family peace of mind that everything is taken care of.

This article, about spring cleaning your finances, might help to focus your mind and get you started on the right foot. Or at least provide a credible excuse to procrastinate a little longer, while you read and absorb it.

Along with making or updating your will and setting up an LPA, consider creating an “in case of emergency” or ICE document that your family can refer to in the event that someone else needs to take care of your finances.

Your ICE file should include:

• Your bank account details
• Your investments
• Any financial protection policies you have
• Where your will and LPA are kept
• The name of your financial planner, solicitor, and accountant.

If you’re still unsure where to start, or need some friendly moral support, we’re here to help.

Get in touch

If you’re keen to start your year with auspicious opportunities, get in touch. Email us at info@logicfinancialservices.co.uk or speak to your adviser.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate estate planning, Lasting Powers of Attorney, or will writing.