WealthBUILDER Series 1 - Are you heading for a comfortable retirement?

by Adam Marlow

WealthBUILDER Series 1 - Are you heading for a comfortable retirement?

WELCOME TO THE FIRST EDITION OF THE FINANCIAL FREEDOM SERIES!

When will you be able to retire comfortably?  If you can’t answer this then isn’t it about time you did some planning? 

Too many business owners simply plod along from day to day and year to year hoping that with plenty of hard work and some monthly pension contributions and a bit of ISA saving here and there, they’ll be able to retire comfortably enough. 

What they fail to appreciate is that they’ll need a million pounds of capital invested at a low-risk rate of say 3% to get just £2500 per month and that’s before tax!  Sure you can get more than this but that probably means going into higher-risk investments which isn’t smart if this is your life's savings you’re investing. 

And don’t think selling your business will solve all your problems. That’s the battle cry from the army of business owners that selling their business will be their pension.  Don’t bet on it! I once had a client who was growing nicely and was predicting A 3-year growth target of £3m sales and £500k profit who eventually sold out for a meagre 600k all because the manufacturer of the product he sold gave him an ultimatum to sell or be wiped out when the manufacturer went into retail themselves. So he did and although he paid off his mortgage and has a few quid in the bank it wasn’t enough to stop working!

Selling your business is never easy unless you have an in-demand product or service that a competitor or complementary business would love to acquire. Plus it’s a very stressful process that is fraught with problems and disappointments along the way. So over the next 7 months, I’m going to show you a step by step process of how to create a wealth accumulation plan to enhance your chances of achieving what I call  ‘financial freedom’ sooner rather than later. 

You’ll learn that you can double your chances of building significant wealth using a two-pronged approach but that means getting your house in order and avoiding unnecessary spending. A few lucky souls can do both (investing and spending), but they clearly don’t need a plan if they can truly afford to live a lavish lifestyle and still have a growing pot full of savings and investments! 

The steps I’ll cover over the coming months are: 

  1. Ascertaining your required retirement income
  2. Working out where you are now
  3. Calculating your wealth gap
  4. Choosing your investment options
  5. Increasing the value of your number 1 asset I.e. your business
  6. Other essential financial planning bases to cover off.
  7. Protecting your family wealth

*just one quick point—when I say retire or retirement, that doesn’t mean it’s pipe and slippers time! What I’m referring to is having the choice of finishing work if you’d like to, or indeed choosing to carry on working (maybe fewer hours) because you enjoy what you do.

Many business owners have sold up only to find themselves bored, and the sudden shift in lifestyle can cause a range of problems, so you need to start to think about the future now. Not how you’ll spend your money but your time. This is the biggest issue people overlook. 

If you don’t want to wait to read this series of articles and would rather fast forward and get this planning in place quickly give me a call to discuss our retireSAFE service where we’ll go through the process of putting your tailored plan in place in double-quick time.

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Alternatively, if you would like help planning your personal wealth to give you peace of mind and clarity on the direction you are heading, please contact us on 01530 833474 to book a free initial meeting to discuss your needs.

We are part of the Xeinadin Group. The firm of the future!