You’ve heard of Tax Freedom Day? It’s the name given by the Adam Smith Institute to the day in the year when you have paid all your tax and you start working for yourself. The day that the Chancellor stops helping himself to your hard earned cash and you can start spending it on what you want.
It got me thinking about everything else that we spend money on. From the mortgage, holidays, entertainment, household bills and groceries. Given it takes almost six months to satisfy Mr Osbourne’s demands I wondered how long it took to pay everything else off. So when would mortgage freedom day be? Or household bills freedom day?
Make protection freedom day your next priority
The result is this great info-graphic which shows all the various freedom days throughout the year and it points out an important lesson. In order to finance our lifestyles, we spend pretty much every day of the year working to cover many categories of expenditure. Many people have not planned for what might happen if they find their income stops because of illness or the death of an income earner.
Here’s the thing. For the average UK worker it takes just 4 working days to achieve protection freedom day and leave your family fully protected.
We all get annoyed by how much the Government lifts from us but there’s not much we can do about that. However you can ensure that your finances are protected. Let’s make protection freedom day the priority now that the Chancellor’s hand is out of your pocket.
Over to you: Please share the Protection Freedom Day info-graphic with your clients, other advisers and your colleagues (you can share this post – or right click and save the info-graphic and send it on). Help us spread the word that it only takes on average 4 working days to fully protect your family.