YPC's Build and Protect Philosophy
Nick RossingtonDirector of Financial Services
Hello,
Our 'Build and Protect' philosophy is the most basic and fundamental approach to developing wealth. Rather than being a specific strategy to be applied in a particular way it is a philosophy which applies to all strategies and advice.
Build and Protect will ensure that you and your family achieve your financial and personal objectives whilst at the same time building layers of protection as you build.
In essence our Build and Protect Philosophy is that as you build your wealth you must place in layers of protection to ensure that once that layer is achieved you never drop below that level again. Once you have protected that level you continue building and then protect your wealth at a higher level again.
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Protecting could be as simple as putting aside more money into your provision account, or taking a life policy, updating your will or if you are like the majority of people actually getting around to doing one, it could be taking some critical illness cover, or any number of investment vehicles.
As you build your investment portfolio you will have an idea as to why you are investing in either property or other forms of investment. Objectives will differ between individuals but what is common among everyone is that you will have identified the ideal lifestyle that building an investment portfolio will give to you. Whether it is that you want to retire early; spend retirement sailing around the world; create wealth to pass on to your family or simply want to maximise the benefits that your money can give you.
Whatever your plan is and whatever your dream lifestyle is, both whilst working and in retirement, the one thing that you want to guarantee is that all your hard work actually results in your ideal lifestyle or retirement.
If you think of your family car, how many of us have only third party fire and theft insurance? The answer is 'Not many', as most of us understand the security and protection that a fully comprehensive policy provides.
As we build our wealth it is no different, but why do many of us not believe in protecting it. Our family's future is surely more important than our family car.
If your plan is to build a portfolio of 10 properties and retire with a property portfolio worth £1m for the retirement that you dream of, it is very easy to protect that anticipated fund to ensure that it is available for the family to enjoy should your circumstances change for the worst and you suffer a critical illness or worse, die.
It is also easy to forget the tax implications that building wealth can create. Nearly £4bn each year is paid to the government in the form of Inheritance Tax - much of which can be avoided through careful tax planning. It is also important to cash in investments at the right time to maximise the use of any capital gains tax allowance.
A clear financial plan which identifies your objectives and lays out clearly defined strategies that will help you to achieve those objectives needs to be at the heart of your wealth building journey. Identifying the things that may go wrong along the way and planning for the inevitable when we die is not the most enjoyable element of a wealth creation plan, but it may be one of the most important exercises that you undertake.
Building a house without foundations is a risky strategy; just like building a property portfolio without considering protection.
Please call me on 01522 503710 to discuss how best our team can help you to build and protect your wealth.
Regards,
Nick Rossington
Director of Financial Services
YPC Wealth
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