Throughout our lives, we will all have specific milestones that we need to fund, whether school fees, paying off a mortgage or even buying a second property.

These create future “calls on capital” as they will require sufficient liquid funds to be available to meet them. Part of successful planning is to identify and value these milestones so that an investment portfolio can be correctly allocated, between stocks, bonds and cash, to meet them as they arise without sacrificing long-term growth in the process.