Each year, you’ll need to take your car to a trusted garage to give it an MOT test.
A mechanic will assess more than 20 different areas to ensure that your car is roadworthy, so you’ll be safe when travelling. Not only does this improve safety and reduce the risk of breakdowns, but it can also boost your vehicle’s lifespan.
The same process of an MOT can be applied to your wealth. Taking the time to give your wealth a “mid-life MOT” and assess the important aspects of your money can help ensure that it’s suitably organised, and that you’re on track to achieve your long-term financial goals.
In this guide, you’ll learn about five key areas of your wealth to consider when giving your money a comprehensive mid-life MOT, including:
- How to manage your money – Including budgeting, saving, managing your mortgage and other debts.
- How to secure your wealth against unforeseen circumstances – Looking at the importance of having an emergency fund and protection in place for if the unexpected happens.
- What to think about when growing your wealth – Exploring how you can save and invest to sustainably target growth over time.
- Tips to help you prepare for your future – Covering how to set retirement goals, planning a tax-efficient income strategy, and later-life care.
- How you can leave a legacy for your family – Focusing on wills, Lasting Powers of Attorney, and Inheritance Tax planning.
We hope you find the contents of this guide useful in assessing your progress towards your financial goals.