The future is always unpredictable
When starting out, John couldn’t possibly have imagined that Blacktower would grow into the international wealth management giant it has become today. But, as he says, the future is always unpredictable, for instance “who could have predicted Brexit?” And, for that matter, coronavirus; which is undoubtedly taking its toll economically across the globe.
Stay open to change
“Little in life isn’t transient,” John says. “The best laid plans continue to evolve or sometimes, disappear entirely. Often, focusing too resolutely on your original strategy can be a blinkered approach, blocking out sight of the bigger picture and future goals.”
John’s recommendation is to “stay open to change, adapt and be ready to take a sharp turn now and then”.
Be patient, be disciplined
John believes that success means very little outside of the long-view. “Going backwards doesn’t necessarily prevent you from moving forwards,” he says.
“Some achieve success at 21 before declaring bankruptcy at 30. Some reach their goals at
60, 70 or even 80. Keep chipping away at your vision, and stay determined.”
Of course, being patient, also requires you to be disciplined. “Never give up on your long-term goals and aspirations, hard work will set you on course to your achievements no matter the challenges you may face,” says John.
Fine tune your advice filter
Everywhere we go, we will hear and be offered conflicting financial advice. John says that “whatever junction or decision you arrive at in life, people are always ready to give you their ten pence worth. When you’re starting a business, that ten pence snowballs into hefty ten-pound notes’ worth of advice; some of value and some decidedly less so.”
John believes that “getting feedback is one of the most important things in business, and in life, to facilitate growth and improvement”.
“But,” John says, “always consider the experience and motive behind any counsel. It is absolutely imperative that you surround yourself with the right people, and to sustain this, you must keep trusting both yourself, and others. If someone lets you down, it should not impair your ability to trust someone else; show caution, diligence and know when to put your pride to one side.”
Blacktower – for post-Brexit financial advice
On the morning of February 1, 2020, British nationals woke to a new reality – the United Kingdom IS leaving the European Union. However, the sun still rose and aside from last-minute panic from those who failed to prepare, life remained essentially the same.
Whatever your feelings about Brexit, everyone must now look to the future. For expats, this will involve reviewing your strategies to ensure your finances, retirement planning and inheritance plans align with new cross-border realities.
Fortunately, Blacktower Financial Management (International) can help you do this so that you can feel confident in achieving your ultimate aims. For more information, contact us today – we have branches across Europe and beyond and can be on hand to offer you country and region specific guidance for business clients and individuals.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
To help tax authorities in various countries hunt out those individuals and companies trying to hide assets, the UK has recently signed a disclosure of asset agreement with Spain, Germany, France and Italy. What does this mean? It means that the UK, in partnership with France, Germany, Spain and Italy, have passed regulations that will lead to the automatic sharing of information about the true owners of companies, complex shell companies and overseas trusts.
Expat financial advice is a must for any British expat living in Portugal, Spain or Italy to ensure they meet their cross-border taxation obligations while also making the most of the financial growth and preservation opportunities available to them.