Summer is a time for relaxation, holidays and perhaps even some adventure. But it’s also the perfect time for personal reflection and growth.
The last 12 months have been a ride for all of us as the economy reopened from all COVID-19 restrictions, only for a cost of living crisis to shortly follow.
As such, it’s arguably more important than ever to make sure you’re still on track with your life goals when it comes to your career and how that impacts you personally and your family.
According to academic research, only 8% of people ever fulfil their goals, whether personal or professional. You can bet that these elite achievers are using this summer to review their careers and investments.
Here are some of the things we recommend you think about when you’re floating in the pool this summer.
Career
One of the most valuable investments a business can make is in their employees by reviewing their current performance and providing training opportunities.
Therefore, one of the best ways to invest in yourself is to teach yourself something new that will improve your performance in your job. You don’t need to wait around for someone else to provide it for you.
The opportunities are endless, and which skill or skills you choose to develop depends on your unique circumstances, but as soon as you identify something, jump at the opportunity.
There’s a vast range of learning resources available for you to use nowadays, be they online articles, tutorials and lectures or (audio) books for you to enjoy while you’re floating in the pool.
But don’t stop there. Think about how you’re going to apply your newfound skill. In an ideal world, you would use it to own an aspect of your business no one has thought of yet, such as copywriting or social media.
In other words, think about how you can best stand out from the workplace crowd and show your value to everyone.
Think about your time
With the cost of living crisis brought about by a disrupted global supply chain and rising energy prices, many households will currently be feeling the squeeze.
One solution is to cut back on your spending. The other is to carefully plan out your time and taxes.
It might be tempting for you right now to take on extra work, whether that’s with your employer, a second employer or on your own and on the side.
If you run your own business, you might be considering staying on later or taking on the admin work in the evening yourself, rather than following through with a hire.
We’re not here to tell you you can’t do that. But we do question whether doing more yourself is always the way to go. After all, you risk burning yourself out, at which point your efficiency at work will inevitably plummet.
So, consider outsourcing simple things like your payroll and bookkeeping, but especially help with your tax planning. Whether you’re looking to keep more of your personal or business income, efficient tax planning will help.
You don’t need to worry too much about accountancy fees, either, as you’re very likely to get back more in tax savings than you put in.
Investments
This summer is the perfect time to think about your investments, be they personal or business ones, so you can get back to business later in the year, happy in the knowledge your money is secure and growing.
You should think in the long term, get serious about the diversity of your portfolio and research ways to lower fees that often reduce your returns.
Don’t forget about your pension, either. When was the last time you reviewed what your contributions were invested in and whether you were getting the most out of it as you could?
Bulley Davey WM is committed to helping you preserve your wealth. To find out more about wealth management, contact us today.