We'd like to thank all those who are working to help the nation and
we hope you and your loved ones are all keeping well and safe. One day these challenging times will pass.
For now, see to your immediate financial security by reviewing cash flow. Then, either look to get things back on track or take the
chance to see things differently. What if you were to do things differently from now on? A good way to check what you want to
do is to ask: "Imagine that was you in an intensive care unit. The question isn't what you would do. The question is, what did you not get to do? Who did you not get to be?"
We know the stress uncertainty creates and are here to help you plan for security, freedom
and a legacy.
Start the process by downloading the free guide or order the
During these tough
times, you can take five key steps to protect your finances.
events may have impacted your cash flow. It’s likely you’ll also be worried about your financial future. It can be easy to allow this stress to take hold. What can you
Ordinarily we might plan for financial freedom, escaping the treadmill, planning for retirement, so on and so forth. In this time of crisis, the immediate focus should be on
survival. There are some important measures you can apply right now to best secure your immediate and future finances.
Step 1: Take care of yourself
Start with you. Take care of you and your personal needs. Mentally, physically, emotionally,
spiritually and financially.
As they say in the aircraft safety manual, think about placing the oxygen mask on yourself first
before attempting to help other people.
recommend you detox your mind, body, heart, spirit and bank account.
Step 2: Access government support
The government has offered a considerable amount of support to everyone – there may be several
options available to you, depending on your circumstances. The package of support measures so far includes:
• A Coronavirus Job Retention
Scheme. This enables employers whose businesses have been severely affected by coronavirus to ‘furlough’ workers and claim for 80% of their monthly wage costs, up to £2,500 a month.
• VAT and Income Tax deferral for three months if you’re a UK VAT registered business.
• A Statutory Sick Pay (SSP) relief package allows some small and medium sized businesses to reclaim up to two weeks’ SSP per
• A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses based in England. Small
businesses that already pay low (or zero) business rates because of small business rate relief, rural rate relief or tapered relief could be eligible for a one-off grant of £10,000.
• Cash grants for retail, hospitality and leisure businesses. Depending on the rateable value of your business, you could be
eligible for a grant of £10,000 to £25,000.
• The Coronavirus Business Interruption Loan Scheme offers access to loans, overdrafts, invoice finance and asset finance of up
to £5 million, for up to six years. The Business Interruption Payment means the government will cover the first year of interest payments and any lender-levied fees.
• A dedicated Corporate Financing Facility, run by the Bank of England, which will buy short-term debt from larger companies.
This supports liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans.
• The HMRC Time To Pay Scheme may be available to businesses who need support with their tax affairs during this period of
Information about how to access any of the schemes listed above can be found on the government website.
Step 3: Maintain your cash
Ensure you collect your income and manage savings and investments
weekly expenditure and seek to reduce unnecessary outgoings. Make a contingency plan - this could involve contacting existing debt providers for support, or exploring discounting, factoring,
overdraft facilities and other loans. Can you extend or defer payment to creditors?
might want to assess each line of your income and expenses. Can you enjoy payment holidays, reduce or enjoy rebates on rent, communication and utility costs?
Step 4: Consider the obstacles
As with any crisis, it’s likely you are facing new obstacles, and it’s important to take stock of them. Ask, what could possibly impact your financial security. Identify the possible risks you face
and, should they be realised, their likely impact.
List the possible obstacles, in areas such as your mental, physical, emotional, spiritual or financial state, and consider the likelihood and potential impact.
From there, list what action you can take to overcome the obstacle and create your action plan. Remembering that financial security for you and your family can be achievable. Given the nature of
pandemics, your plan will need to be flexible as things unfold.
Step 5: Review your long-term finances
Review your long-term finances and check with your product providers for current valuations valuations. Remember, in behavioural economics it pays to sit tight. Try not to panic and sell assets at
these low prices. Remember you are investing for the long-term. When these times pass, as they will, markets will recover, and you need to be in the market at that time if you are to make good on any
losses. If in any doubt talk to your financial planner and ask them for a revised lifetime cash flow forecast.
One of the greatest challenges at a stressful time is managing our mindset, physical health, emotions, kindness and money. Be sensible, practical and, above all, calm when overcoming obstacles or
managing risk and, where appropriate, engage an online expert who can help you in your home when your movements are severely restricted.
For further information on how to create an Action Plan to overcome obstacles to the security of you and your family, read "Your Money or Your Life: Unmask the highway robbers - enjoy wealth in
every area of your life", or book an appointment with us.
Help with recovering your losses.
The best defence against excessive or unwarranted fees is doing
careful research. Taking the time to understand. We show our clients how to avoid hidden fees on their life savings: Front end load. Account maintenance fees.
Investment management charges. Purchase & redemption fees. Back end loads.
Total charges on life savings are on average six times higher than you think. The average savings for our clients of
£75,000 over 10 years, or £240,000 over 20 years, are based on saving 1% per annum on a £500,000 investment. This saving is very achievable. The money we save you can go a considerable way to make up
for the money you have lost during the crisis.