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Building and protecting your wealth

Challenging Times Make for Prosperous Futures

In times of struggle, we can crumble and fall, or we can get back up, stronger than ever. We’re currently in the middle of a global health crisis with far-reaching consequences. This pandemic will define us, there’s no doubt about that. But what do you want to learn from it and how can you turn it into a positive for your finances?

This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice. 

“You are the architect of your own destiny; you are the master of your own fate; you are behind the steering wheel of your life.” — Brian Tracy

In years to come, lockdown will be looked back on in very different ways – for the appreciation of frontline medical professionals, perhaps as a ‘holiday from reality’, the impact of home schooling, or even for financial chaos.

However, I believe that we also have an opportunity to learn. COVID-19 presents a massive challenge for our finances. Those who swiftly and easily identified the weaknesses and vulnerabilities in their current financial plans are the ones who can make changes and learn how to improve their strategy. How we change and adapt to this brave new world could pave the way for prosperity.

Here’s how you and your finances can prosper through adversity.

Stay strong

The guidance for weathering any economic storm still stands. The nature of the market is that there are highs and lows. Investments right now may be taking a downturn, but as usual, it’s about playing the long game.

Take stock of your investments and make sure you have the right mix that will provide the greatest yield. It’s wise to be extra careful and considerate of where your money is being invested during a difficult time but remember — what goes down must come up.

Tough times, especially ones that happen on a global scale like this coronavirus outbreak, test the resilience of investors. Your attitude toward risk may shift thanks to the pandemic.

Will your risk tolerance increase to seek higher yields if you hold your investments and see markets bounce back? It’s worth meeting with your financial adviser to take inventory of your investments and evaluate your portfolio.

Re-evaluate your finances

As the recovery attempts get underway, the government will undoubtedly look to the 2008 recession to determine which efforts were most successful. They’ve already instituted policies and offered help to businesses so they can stay afloat while many are shuttered until the lockdown lifts.

On a smaller scale, take this time as an opportunity to figure out how you can run your family finances more efficiently. Are you using all the resources available to you? Have you identified areas where you can cut back permanently?

Times of austerity can be a good opportunity to trim wastage so sit down and work out how to build your savings, manage your tax liabilities and reduce your outgoings.

Improve business processes

As we needed to adapt to a world of social distancing, companies had to be agile and respond to the demands of the new reality quickly. Many businesses needed to work out a way to keep their employees working and productive during the lockdown.

While it used to be difficult to find a company culture that embraced working from home, the outbreak proved that the capability is there and that there are benefits to remote working. Employees save money and reduce time commuting and companies conserve resources. We predict there will be a boom of work-from-home friendly businesses once the dust from this outbreak settles.

“Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.” — G. Michael Hopf

We’re here for you

It’s our goal to help your business succeed. If you’re in need of assistance we’re more than happy to meet via phone call whenever your schedule allows. Don’t hesitate to schedule a time to talk today.

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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

Tel: 01403 780 770


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