I seem to have lost everything

Imagine a scenario where you returned home this afternoon and your house, with all it’s possessions, had been completely burned down to the ground.

Don’t worry, all of your family and pets are safe and sound (I’m not a f*cking maniac), but you literally only have the clothes on your back and your health on your side.

Ignoring the distress this would obviously cause, you check your bank account and find that all your cash and money has been completely wiped out. You’ve got nothing left. The same happens when you login to your investment and pension accounts, somehow you’ve been scammed and the whole lot has gone.

Clearly this has been a terrible day, but there is good news. The good news is that you were insured on everything, and the really happy and joyful not-pissed-off-at-all-at-the-massive-pay-out insurance man, sends you a cheque. The cheque is for the exact value of your house and all its possessions; of the money in the bank AND the total value of all your lost investments.

You get everything back, but just as cash. A completely fresh start. The question is, what would you do?

We regularly set this scenario to clients and see what things come out. Sometimes you get “I’d build my house back exactly the same, re-purchase all of my possessions, split the money between all of the investments again and just carry on as I was”. Alright, well fair enough, you are absolutely winning mate. Clearly, you’re already living the life you want and nothing will change that. That is admirable and I respect it.

However, more often than not, this scenario frees people’s minds to a level that is actually quite remarkable. You get a whole plethora of different things that they would do, given the money that they already have, but in a new fresh, easy to access and freeing format.

”I’d move to Italy, buy a vineyard and sell olives and wine”.
“I’d never go back into work again, I’d tell the CEO to shove it and use the money to live the rest of my life doing the things I love, with the people I love”.
“I’d sack this business off, let the investors do what they want with the IP and start up again on my own baking fairy cakes”.

That’s just a small selection of the many I’ve heard.

So what would you do? Given everything you own, back at you in a cash lump sum.

Would life be exactly the same, or would you change everything? Don’t let the status quo of your life dictate how your future will evolve. Be brave, be bold, free your mind and see what options you have.

Now I just need to work out what I’d do with my £420 insurance cheque... yeaahhhh, I just got married and bought a house!

Alfie Mullan, September 2019