It has been a tumultuous year in British politics, with three prime ministers and four chancellors holding office. After the calamitous “mini-Budget” ushered in the demise of Liz Truss and Kwasi Kwarteng, new chancellor Jeremy Hunt has delivered his first autumn statement. Hunt’s speech came at a tricky time for the UK economy, with inflation at a 41-year high and the Bank of England (BoE) reporting that the economy is expected to be in a recession for a prolonged period. Hunt said his plan was designed to “strengthen our public finances, bring down inflation and protect jobs”. Here are the key points of the autumn statement, and what they might mean for you. A reduction in tax-free allowances and exemptions... Read More

In a recent article you read about how the drive to accumulate financial wealth can sometimes become all-consuming. This can create an outcome where you are overly focused on the next acquisition, rather than seeing the wider picture. I described this as constantly moving your own goalposts and never being entirely happy, regardless of your financial wealth. In this article, I want to drill down a bit further into the whole concept of “wealth” and explain to you why I believe there are different ways of measuring how wealthy you are. Wealth doesn’t always mean money If you’re asked what “wealth” means, it’s likely your definition will include reference to money. But to my mind it’s about more than that.... Read More

One question I’m often asked in discussions I have with clients is “have you done this yourself?” Usually this is in relation to a specific piece of advice I’m offering, but occasionally I’ll be questioned about my wider financial planning process. A similar thought may have crossed your mind when reading previous newsletters and articles I’ve written – all of which contain tips and guidance. It’s a very fair challenge that always deserves a response. I believe it is only right that I lead by example and follow the same advice that I give to you. My wants and needs are the same as yours Because no two people are alike, everyone’s financial circumstances are different. Behind that truth, however,... Read More

Whenever you’re putting plans together for a future event, it’s always prudent to think of the potential impediments that could prevent your plan coming to fruition. Sometimes, however, it’s possible for you to overstate the danger of some threats, while at the same time underestimating the impact of potential problems that you should actually be more concerned about. A recent report from the Center for Retirement Research at Boston College, which I read about on the CNBC website, highlights this problem with perception when it comes to planning your financial future. The report correctly identifies three threats to your future financial health: Market volatility Rising inflation Increased longevity. It then goes on to say that many people overestimate the effect... Read More

We are all, to some extent, driven to improve ourselves and our lives. The instinct to earn more money and grow your wealth is perfectly understandable and praiseworthy. It’s a good thing we’re driven to improve our place in life. But problems can arise when those instincts become all-consuming and you become overly focussed on the next acquisition, rather than being able to see the wider picture. In financial terms, that picture should be of your overall financial life plan, rather than a series of short-term purchases. When success is simply defined as the next consumer purchase, it’s easy to become overly stressed and reach the position of never being entirely happy – regardless of your wealth. The correlation between... Read More