🟣🟢 Who not How?

🌅 Happy Sunday 👋

I will admit it - I have been putting off sending my accountant the information that he needs to complete my tax return before the 31st January deadline.

He’s given me the usual list of what he wants - P60, pension contributions, dividends, interest etc.

The thing is, the task itself is not up there on the ‘too difficult’ pile, but it’s a chore. I have far more interesting and enjoyable and productive things I can and want to do with my time (like writing this newsletter 😉).

Which is why I’ve delegated it to my PA to deal with this week.

And it’s the same with sorting out your financial planning. Sometimes the hardest part is just getting started - and if you can get someone else to do that for you, it can feel so liberating!

There’s a great book by Dan O’Sullivan called ‘Who not How’.

❓“Make a mindset shift that will open the door to incredible growth and limitless possibility in your business and your life - just by asking the right question”

When you want to accomplish something, stop asking, 'How can I do this?' ask instead, 'Who can do this for me?'

According to Dan: Making this shift involves retraining your brain to stop limiting your potential based on what you can do on your own and instead focus on the infinite and endless connections between yourself and other people as well as the limitless transformation possible through those connections.

Right then, let’s get started! 👇

⚠️ Don’t let the Budget interrupt your Financial Planning

At a client meeting earlier this week, the first thing he said to me was “I’m guessing you’ve been having lots of calls and emails from people upset about the Budget”

He was referring specifically to the proposed changes to bring pension funds into the estate for IHT from April 2027.

The thing is, this particular client is in his early 60s and recently sold his business for a comfortable 7 figure sum. So with plenty of cash and assets to fund his lifestyle, he had started to see his pension fund as his legacy, something to pass on to his children without any inheritance tax.

And his kneejerk reaction to the IHT change was to grab his tax free cash and give some of it to his children now.

In his particular situation, giving money to his children isn’t such a bad idea because he can afford it and if he lives for 7 years it will be out of his estate for IHT purposes.

But why take it from his pension fund now when it still has all the tax advantages that money and investments held personally don’t! Far better to make the gift from the substantial cash reserves he holds.

I get it, when the current Government makes changes to tax and the rules we’ve got used to, it can be distracting and we feel we should be reacting to it.

But I’ve been in financial services long enough to have experienced this many times.

And the important point to remember is Governments and Chancellors come and go and we will always have changes to deal with.

So when you have a thought through financial plan based on acheiving your unique objectives and goals and relevant to your circumstances, you can weather anything they throw at you.

In fact, it highlights the fact that your goal of being financially independent and secure is even more important than ever before.

Action Step: If you haven’t got a proper financial plan in place yet, get one! And review what you have already to see if you need to make some tweaks and changes to make the most of what you’re spending your hard earned money on.

😎AND FINALLY

As always, I hope you found this helpful.

If you have any questions at all, drop me a note.

Hilary 😎

P.S Whenever you’re ready maybe I can help: Book a Discovery call and find out if we can help you

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