15th October 2018
In 2016 The Natural Environment Research Council in the UK invited the public to name their latest scientific research vessel, which was costing £200m. This vessel was going to be doing (and currently is doing) really insightful and exploratory work, making new discoveries and so on. Really important, noble and global research for the good of the natural world. In the initial stages the likely suggested winner was names such as ‘Endeavour’ and ‘Poseidon’ etc. Which made sense. However you can imagine the consternation internally when the public unanimously got behind a viral idea of calling it something rather ridiculous, yet pretty hilarious at the same time. And so it was that the winning vote, by some margin, was ‘HSS Boaty McBoat-Face’!
In the past week we saw the 2019 Budget being released, and depending on your level of interest you may have either read every single iota of info in it, listened-out for any major bits that will impact you, or paid no heed to it at all. Each to their own. For me at least, The Budget is one of these things that happens every year (as far as I’m aware) and which the media latch onto and utilise to create a good week’s worth of material and supplements and ‘special reports’ etc. But for many of us, The Budget is something that largely happens in the background, and has little impact on our overall financial lives or indeed financial planning. For many the drama of the Finance Minister somberly walking onto the steps of the Dail with his or her brief-case looking all serious is all a bit much, it is over-dramatising a budgetary process that any prudent government in any nation attempts to do in a way that ensures it’s financial stability. Between the media and the incumbent government they try and whip us up into a state of frenzy about the Budget…..perhaps so that we’ll notice them and think more of them, I’m not clear on the motive to be honest, as it seems they use the same of hype whether it is a give-away’ or a ‘tightening’ Budget!
I’m not suggesting we change the name from ‘The Budget’ to Budgety McBudget-Face’ but I am inviting us to look at it in less of a reactive ‘Oh-my-God-look-at-what-they-are-doing-to-us’ sort of way, and in more of a pragmatic and proactive manner. So this week we are going to share a bit of a budget update, and invite you to observe how significant (or otherwise) it might be to you individually, particularly if you are in the process of either building and maintaining your wealth over the long term.
The Update Bit:
The budget didn’t carry too many shockers in fairness, while it was being reported as an ‘election-friendly’ budget you’ll see from our highlight reel here that there was nothing overly generous or prohibitive in it. Here’s our ‘Super 7’ list of Budget Updates:
The Significance Of it (for those that are building and maintaining their wealth over the long term)
There is no doubt that many people in this country have a dependence on the support they receive from the State, and unfortunately this fact is likely to remain for as long as there are humans to occupy it. If you are reading this Blog or listening to this Podcast then the chances are that you may be saving a portion of your income, or you are close to, or beyond retirement. With that audience in mind I dare say that the Budget won’t impact, in any significant way at least, your long term plan. Let’s look at each of the ‘Super 7’ and see what actual impact it will have.
Now, before anyone accuses us of looking gift-horses in the mouths or of ignoring that these changes when added up are a potentially decent annual some for sum (like what I did there!). I fully agree. What we invite people to do is to consider the fact that nothing here should influence in any significant way how one goes about building and maintaining their financial planning. Nor should it impact on your level of happiness, which the Budget seems to do every year. The ‘give-away’ Budgets won’t last forever, so we of course should make the most of them and utilise anything it frees up for our own benefit. However let’s not be so reactive as to hand over the ability or otherwise of planning our own futures to a Minister with a brief-case and some documents about a ‘Budgety McBudget-Face’ held within!
Thanks For Reading!
QFA | RPA | APA | Qualified Coach
This week we are sharing a link to Taxback.com to their Budget Tool, so you can see what impact it might have for you. In return they will be featuring a Blog-post from me on their site (Quid Pro Quo – that’s it), so have a look if interested!
If you would like to get in touch to see how Paddy can help, please complete the form below and we will be in touch.