Treasury cuts Lifetime ISA exit charge to 20%
Posted in Financial Planning, Financial Advice (+1 more), on 25.05.20 ReadAmid punishing circumstances for investors, the Treasury brought some good news last week, offering some relief for those...
What to do when things go wrong?
Everyone has their own unique story to tell throughout the Covid19 nightmare we find ourselves in.
Whether it be friends or relatives working on the frontline, worries about our job security, paying the bills, the survival of your business or simply wondering when you will get to see your children or grandchildren, emotions are understandably high. And in this context, it’s been incredible to see communities working together in an effort to keep the country safe, secure and in good spirits.
We all have different views surrounding the crisis, but one question that unites us all is ‘what to do when things go wrong?’
This is a question that I have been asking my clients for many years, before terms like coronavirus and pandemic became common language. Spring cleaning the house, transforming your garden and completing Netflix may provide some short-term gratification, but they won’t provide the peace of mind that many if not all of us crave for the long term.
It won’t surprise you to hear that a financial planner helps you to plan. This planning process starts with understanding what your goals are and why they are important to you. Only you will know what these are. Retire early and maintain your standard of living, start a family, spend 4 weeks in Australia, become a minister, volunteer, buy a bigger home for the family, become a partner with your firm, spend more time with the family while living abroad 6 months a year. These are genuine goals held by some of my clients.
What are your goals?
I like to understand why people have certain goals and seek to really understand what it would mean for them to achieve those. Conversely, it’s important to consider how you would feel if you couldn’t reach them. These considerations form the foundation of a financial plan.
(OK, well the last one may not be true, but you get my point.)
What does appear to excite people is spending £7 on Netflix, £100 on Sky TV or £120 on takeaways every month. These things ultimately provide little value, but they are indeed more exciting.
When it comes to things of value, our instinct is to protect them.
You may spend £10 on mobile phone insurance for a phone worth £500.
You may spend £30 on home insurance on a home worth £300,000.
You may spend £40 on car insurance on a car worth £5,000.
What could stop you achieving your dreams in life? Often, it could be your ability to earn. How much do you spend on insuring yourself? If average earnings are around £30,000 and you have over 30 years left to work, it is likely that you are worth close to £1m.
Is that worth insuring?
Life assurance, Critical Illness Cover and Income protection isn’t exciting.
Peace of mind may not sound exciting but what ‘value’ do you put on it?
All of which begs the question, have you had a protection review?
Things to consider:
This list could go on but think about your goals and understand the cost of protecting them. Make an informed choice based on the facts.
With honest disclosure and by using a professional adviser, these policies do pay out. Many people make the mistake of knowing the cost of everything but sometimes forget about the value.
If you want to know more about how we can help or think you would benefit from a free protection review, then please get in touch with Michael through the website or by phone
If you would like to know more about how we as Financial Advisers can help you secure peace of mind by ensuring your family are well protected in all eventualities then visit the Protecting Your Family section of our website: Protecting Your Family or send us email at: [email protected]
The information contained in our website is for guidance only and does not constitute advice which should be sought before taking any action. The information is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change. Accordingly, no responsibility can be assumed by Fiducia Wealth Management Limited, or any associated companies or persons, its officers or its employees, for any loss occurred in connection with the content hereof and any such action. Professional financial advice is recommended for every case.
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