Carry as little as possible, but choose that little with care. Earl Shaffer

There is no feeling quite like conquering a mountain. Gazing up at the peak from below, the journey can seem insurmountable. But with the proper preparation, planning and discipline you will find yourself at the summit feeling as though there was never a doubt in your mind.

We often find that people can have similar feelings towards their finances. They feel their debt is unmanageable or retirement is too awkward to plan. But that’s the perspective from the bottom of the mountain. If you are disciplined, plan and prepare – the payoff is worth the effort.

How do we decide what is important to bring with us when climbing a mountain? The last thing you want is to be carrying anything more than is essential, otherwise it will be an unnecessary burden weighing you down and making your ascent that much more difficult. The same is true of your financial plan or your investment strategy. You could be overweight in the wrong areas.

Luckily, some shrewd mountaineers have come up with a list of the “Ten Essentials” for safe mountain travel. Let’s see if we can apply the same concepts to our wealth strategy.

The first three are absolute necessities: extra food, extra water and extra clothes. This should be beyond the minimum expectation required to survive. You never know when an emergency stockpile, or fund, will prove to be useful – or even life saving!

Then there is sun protection and first aid. Protecting your health is of vital importance and having the correct equipment (and financial products) makes it less stressful when disasters happen. Whenever we address this with clients, we ask them what price they would put on their health – and the answer is always a version of “we can’t…”.

If you had all the money in the world, but didn’t have your health, would you still want all the money in the world? Prioritizing health care, and health protection is paramount to a robust strategy.

Next there is shelter, fire and a knife. The weather can change at a moment’s notice, it is crucial to keep morale boosted. Planning for multiple eventualities and having access to the right tools and risk cover allows you to have peace of mind in any situation.

Finally, a headlamp and navigation. Navigation can come in many forms: a compass, a map, a GPS device or a personal guide.

When it comes to reaching your financial summit we are here to be your personal guide, to help you navigate the tricky trails and ravines of responsibility. We can help you prepare an emergency fund, plan for medical emergencies and provide the tools to grant you peace of mind – equipping you to thrive.

At Wellsfaber we advise; you thrive.