Protecting your wealth during tough times
If you are employed or run your own business, challenging times can affect your finances. It’s worth remembering though that wealth management planning can help you weather life’s tough times.
A local example of challenges is car manufacturer Vauxhall’s recent announcement that there will be job cuts at its Ellesmere Port plant. This is because of the decline in demand for family cars, including the Astra, which is made at Ellesmere Port. This news highlights the lack of job security for many Wirral region jobs, and people who run their own businesses in the Wirral are not immune from tough times either. Although the Wirral economy is in a good shape, no business can be certain that they can maintain or increase their current level of sales.
Fortunately, most decreases in income are temporary. An individual who loses their job can hopefully find another one soon, while a business can restructure, alter its prices or launch a marketing campaign to increase sales.
It is important to plan for challenging times, then hope that they do not arrive. A financial advisor can show you how setting aside a regular amount for savings and investments can provide a financial buffer should income temporarily fall.
Insurance, including mortgage protection and life insurance, can help. Income protection insurance pays an income if you are off work through illness or injury. Some policies will also cover unforeseen redundancies.
At Endeavour Financial Planning, we offer financial planning for Wirral residents so that they can protect and grow their wealth in bad times and good alike.
Sources used: http://www.wirralglobe.co.uk/news/15814347.Vauxhall_announce_plans_for_further_job_cuts_at_Ellesmere_Port_factory/
http://www.bestvaluecover.uk.com/asu?src=google&kw=wage%20protection%20insuranceb
INVESTMENTS – THE VALUE OF UNITS CAN FALL AS WELL AS RISE, AND YOU MAY NOT GET BACK ALL YOUR ORIGINAL INVESTMENT
INSURANCE – THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME, AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE
