One area we touched on was creating a solid business foundation, which to me, is so crucial for setting up a successful business, so I asked Hywel to come back on and expand on the areas required for a solid business foundation.
During this episode, we are delighted to have Paul Pattison on the show. Paul is a Husband, a farther, a landlord, an offshore oil and gas worker, a currency trader, and an entrepreneur with a successful business, Kilted Coffee, which he set up in 2018 with his wife.
The word risk, according to the English dictionary is a situation involving exposure to danger. How we quantify and assess risk is individual and has a different meaning for each of us, our appetite for risk is based mainly on the environment we grew up in, our parents and society at large
During this episode, I review a common theme running through both Mikes and Hywles episodes, FYR009 and FYR010. Although they come from two very different professions, Mike is a successful professional fund manager and Hywel is a successful business consultant, they both stressed the importance of planning.
Hywel started his career working in the oil and gas industry working on large multi-million-pound projects. Hywel spent many years, organising large teams, attending high-level board meetings, and ensuring these multi-million-pound projects were delivered on time and within budget.
Hywel left the oil and gas business in 2016, taking his immense knowledge, specialising in business strategy, business planning, and business analysis for small to medium-sized companies and start-ups.
Watching your net worth increase over the years is a comforting and rewarding experience; it gives a feeling of security and also the freedom that comes when the time is ready, you will be able to do what you want, with who you want, when you want.
During your journey to funding your retirement, you will experience many setbacks, some setbacks because of the decisions you made personally, when this happens, own it, learn from it, dust yourself off and carry on. Sometimes, situations will arise you have no control over, like the one we are collectively facing now. Developing the right mental framework serves two purposes; it gives you discipline and certainty in an uncertain environment.
This is the fifth and final principle for funding your retirement, Income Producing Assets
Income-producing assets are the ability to generate a regular income for yourself after expenses, such as rental properties, stocks, bonds, land, and businesses.
Important: The purpose of this website is to provide information and education. This website does not constitute professional financial advice. If you need financial advice, consult with a regulated financial professional in your country before making any trading or investing decisions.