Facebook and Twitter

Can they really help you and your finances?

Even if you’re not a fan of social media yourself, it’s unlikely that you haven’t heard of Facebook and Twitter.

Can such social media sites really help you be more financially successful?

Whilst some studies have suggested that people check their email and social networking sites before they even hit the shower in the morning, we at Legal & Medical Investments don’t (not regularly anyway!).

We do believe though that these forms of social media can help doctors and dentists be more financially aware and successful.

The facts

In March this year, Facebook Europe’s Vice President announced there are now 30 million users of the social networking site in the UK – that’s approximately half of the population.

Whilst I myself have been a user of Facebook for a few years now, it did take me a while to understand the micro-blogging site Twitter. Like many, I had set up a username but not done anything with it. Now I find it an invaluable tool, particularly for work.

Responding to news as it happens

So how are such social media sites going to help you and your financial plans? As Sir Francis Bacon said “knowledge is power”.

Facebook and Twitter have a speed and brevity that is simply not present with other forms of media.

In essence, by using these social media sites, we can let you know of, and respond to, news and issues that may affect your immediate and long-term financial plans, as and when it happens.

For example

When NS&I (National Savings & Investments) re-launched their index-linked certificates, we were able to quickly tweet the announcement and post it on our Facebook page.

We also recently highlighted the BMA’s pensions vox pops to our Twitter and Facebook followers so that they too could get a taste of the strength of feeling from the doctors at the Annual Representative Meeting in Cardiff last month.

In summary

Via Facebook and Twitter, you can keep up-to-date on the most recent pension changes, new product announcements, impending deadlines such as the all-important self assessment deadline dates and more…all in real-time.

To do just that, like us on Facebook and/or follow us on Twitter. You can also connect with us on LinkedIn too.

Article by Max Spurgeon
Specialist IFA to Doctors and Dentists
Director at Legal & Medical Investments
July 2011