UnaVida | How to avoid financial success…

How to avoid financial success…

What is financial success? I believe that it is creating a level of wealth that you are comfortable with and passing that wealth on intact to the next generation.

Yet many individuals choose to press the self-destruct button, and rationalise their destructive behaviour with bizarre statements, that defy logic.

Like a highly successful businessman I know, who has created a highly cash generative business. As I said to him, the only thing that stands between your success and Financial collapse is your failure to take out life insurance, to provide for your family if you become ill or die early.

“ Ah! well, he replied – I don’t believe in life insurance”.

It is not a belief system, I replied. It is just a very cheap way to protect your family. Next thing you will be telling me is that you don’t have a will.

“I don’t”.

What will happen when you die, I ask, or are you immortal?

Whatever you say, I am not buying life insurance or taking out a will.”

Perhaps you take the view that you shouldn’t pass your wealth on, because it would spoil your children?

“Yes, that’s right.”

I suppose, you are also not interested in how to create value for your business, so you can sell it, later.

“Yes, I am happy.”

These days there is a variety of legal documentation that can be put in place to protect families, unlike life insurance which can be quite cheap, this documentation can be costly.

It is a price worth paying (unless your immortal).

To achieve true financial success and pass your wealth onto the next generation intact, Contact Us, we provide advice centred around the Laws of Succession, advice that can be acted upon or ignored.

A small investment of your time and money will prove beneficial in the long run. For complete peace of mind contact us on 01189 347 920.

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A pension is a long-term investment that typically cannot be accessed until age 55 (57 from April 2028). The level of pension benefits offered could change depending on the value of your investments (and any income they may generate).

The interest rates in effect at the time you begin receiving benefits may also have an impact on your pension income. The tax consequences of pension withdrawals will depend on your unique situation. In later Finance Acts, tax rates, tax bases, and tax relief may change.

The opinions expressed by Ray Best are meant to inform and educate. Before making any investment decisions always take advice that is pertinent to your investment personality and financial situation.

You are aware that past performance will not necessarily be repeated in the future, but you should be aware that persistent poor performance invariably will.

The value of an investment and the income from it could go down as well as up.

The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.

UnaVida Wealth Management Ltd. is directly authorised and regulated by the Financial Conduct Authority (440577).

The guidance in this website is primarily aimed at a UK audience and is subject to regulation by the Financial Conduct Authority (FCA).

The Financial Conduct Authority does not regulate tax planning, estate planning, or wills and any form of legal documentation.