Financial Planning in Lockdown

Financial planning in lockdown might be the furthest thing from your mind at the moment.

Five weeks in and we’ve all settled into our lockdown routine.

Staying healthy is the number one concern. But obviously not everyone is the same in terms of their daily life, health, work or financial position.

There’s an overwhelming amount of information, comment and opinion in the media and on the web. It’s a full time job reading and listening to it all. Probably best not to.

One client I spoke to said that he prefers to catch up in the morning over a coffee rather than the evening. He finds it better for a good night’s sleep.

So we’ve been asking ourselves: how can we, as financial planners and advisers help at this time?

Someone wise once told me: the quality of your thinking is directly related to the questions you ask.

So we want to use this blog to write about and share the sort of questions that we are being asked, or we think would be asked if people knew the question. Which they don’t always of course.

In ‘normal’ times people come to us looking for help because they want help with a specific money matter.

  • A business owner who wants to start growing personal assets outside of the company.
  • A 50 something who’s worried they might not have enough money set aside for later on.
  • A self-diagnosed ‘cautious’ investor who’s realised 100% cash might not be the answer in the long run.

But what about now, in these strange COVID-19 times?

Well, isn’t it still the same?

None of us have any control over what the Government will announce next. We have no control over the global or national economy. We have no control over when the stock markets rise or fall.

But your personal economy is under your control. That hasn’t changed.

Your numbers and timescale might be different now.

But if you’re a business owner you’ll still want to have a plan for growing personal assets outside of your company.

If you’re 50 something you’ll still want to know that you and your family will be financially secure later on.

And if you’re holding a lot of cash, you might feel it’s a ‘safe’ place to be at the moment, but how long will that last?

When all of this is over, how are you going to recover and get ahead of the curve?

Now might be the perfect opportunity to get your financial stuff sorted.

Financial Planning in lockdown. Sorted! Wouldn’t it be great to come out the other side of this knowing that?

So what question would you like answered?

 

Photo credit:Photo by Camylla Battani on Unsplash

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Risk Warnings

This article and the information on this website is not personal advice. It’s only intended to give you a brief summary or highlight a particular issue for you to investigate further. It is based on our current understanding of legislation and HMRC guidance which can change and is correct as of the date of the post.

If you’re in any doubt whether a particular course of action is suitable for your circumstances, you should seek professional advice. Tax rules can change and any benefits depend on individual circumstances. And, if you are unsure any reliefs are applicable to you, you should consult your accountant or HMRC.

The value of investments and any income from them can fall as well as rise, so you could get back less that you put in. Past performance is not a guide to the future. It cannot provide a guarantee of the future returns of a fund.

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