June 2024: See the full picture
I’m back again with the second edition of Wealthwide’s new monthly newsletter, Wealth & Wisdom. Do let me know if you have found them valuable so far and if there’s anything else you would like me to cover.
I hope you’ve been enjoying the warmer weather – I’m enjoying getting back out on my bike and not coming home cold and soaked through. In fact, it’s about to get even hotter for me though, as I’m off to Alicante (for work)!
Read on for tips, insights and updates from Wealthwide.
The full picture
It’s only when you see and understand the full extent of your financial picture that you can start making important life decisions, like reducing your work hours or taking more holiday – without the worry of running out of money.
A Tier 2 oral surgeon based in Birmingham sold his practice and significantly shortened his working week.
“I used to work 7am till 11pm, but through financial planning, I was able to see that I didn’t need to. I knew that we would be alright financially if I reduced my hours.
It made me realise I could make life more fun again, take more holiday and spend more time with my wife and children.”
Sunning it up!
I’m delighted to be travelling to Alicante this month for DentalForum UK.
Wealthwide is proud to be co-sponsoring the event, which will bring together UK dentist groups and industry suppliers, and taking part in one-to-one sessions with dentists, helping get their financial ducks in a row 🦆
WILL it or won’t it?
If you die without a will, your spouse will get everything, right?
Wrong!
If you’re married with children and don’t have a will, your spouse would only inherit £270,000 plus personal possessions and half of the remainder – your children will inherit the rest.
Yet to create a will? I’d recommend finding a local probate solicitor ASAP – it takes less time than you think and usually costs no more than £300!
Navigating market volatility
I can’t pretend that market volatility isn’t a scary subject… just the word “volatility” is enough to make most people feel uneasy.
But it’s important to realise that market volatility is as old as the stock market itself. In fact, 14 of the 20 biggest swings in history happened before 1940. And despite these massive swings, it’s the patient investor who endures uncertain times that ends up seeing exceptional returns.
Throughout my career, I’ve realised that whatever the state of the market at the time, my message to our clients remains the same:
“This is expected” – volatility is a regular part of market cycles
“Ride the waves” - take a strategic approach and hold tight
“Stay focused on the long term” – Wealthwide always builds financial plans and investment strategies for the long term, with short-term volatility in mind
It’s funny that at times like now - when investment returns over the last 12 months are over 15% - I don’t have to remind clients about the above points!
The reality for most of our clients is that they don’t panic during times of uncertainty, and we rarely get calls from clients when the markets are falling. But it’s worth mentioning that if you are at all concerned about any aspect of your financial security, we’re always just an email or phone call away. Please feel free to get in touch if you ever need a reassuring chat.
Quote Time
“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
Charlie Munger
Thanks for taking the time to read our monthly newsletter. If you know someone who you think would benefit from these, feel free to forward the email on and spread the message!