Planning for ‘what if’…

As we build towards the end of the year and it starts getting hectic, unusual things happen… we enter “frenzy mode”. We start planning the family Christmas Day, the Summer holiday, attend several social occasions, we spend more money than usual, have a full house, entertain the kids during six weeks of school holidays, and in a number of cases we continue to work…

Most are unavoidable and an enjoyable part of our lives. I’m certainly not trying to put a dampener on this special time, but it’s usually around February where reality starts sinking in and the cost for all the activities takes its toll. Households often spend the next ten months paying for the fun two months.

Planning. Some people dislike it, some people have learnt the lesson and don’t want the ‘financial hangover’. The best time to plan for the 2017 year is over the December/January period. Without hesitation, I take this time every year to create and update my business plans for the coming year; income expectations, how many productive working weeks, what will drive me. My suggestion for you over the silly season is to take some time out – wet days are perfect – to plan 2017. Not just for yourself, but your family, business/work and personal goals. Put it down on paper and check it every month – only ten minutes of an evening. If we were to lose an income due to illness and/or an accident – what would we do?

PLAN THE POSITIVES AND REALITY

• Targeted income and known outgoings
• 2018’s silly season with no financial hangover
• Plan a couple of holidays for the year
• Choose “Non-Negotiable” goals for;
  • Finances
  • Family
  • Time & Activities
  • Lifestyle
  • Health & Wellness

THEN THE ‘WHAT IF’ PLAN

No one likes doing it. Talking about the realities; death, illness, accidents, redundancy. A sensible, well-structured and cost effective ‘what if’ plan avoids the financial and emotional pressures. Things to consider in this plan are;

• If either of you were to lose an income, what would you do?
• What would happen to your current financial commitments?
• If you were to lose a key person in your business, what would happen?
• Does your current risk protection plan cover these questions?

REVIEW & RESTRUCTURE

Get in touch with me and we’ll sit down to review, restructure and discuss your risk protection and the ‘what if’ plan.

I see planning as a positive thing – it’s no accident that successful people are successful. They have plans with objectives and goals. They pursue them, review them and update them every year.