What Have You Actually Built?

When someone asks you what you’ve built over the years, what comes to mind?

Maybe it’s your home. Your career. A business you started from scratch. Savings you’ve slowly accumulated. Your KiwiSaver. Perhaps it’s a family, a lifestyle you love, or the freedom to make your own choices.

We often think about our assets as the things we can see and put a value on.

A house has a value. A business has a value. Savings have a dollar figure attached to them.

But what about the things that make all of those possible?

More than what you own

For many of us, the life we have today has taken years of work to build.

It might have started with a first job and gradually developed into a career. You may have bought your first home, then worked towards paying down the mortgage. Perhaps you started a business, employed people and built something that is now an important part of your family's future.

Along the way, you may have built savings, contributed to KiwiSaver, invested for the future and created plans for the years ahead.

And then there are the things that don't appear on a balance sheet.

Relationships. Family security. Your health. Your reputation. Your knowledge and experience. The time and effort you've invested in creating a life that works for you and the people you care about.

These things may not look like traditional assets, but they can be incredibly valuable.

Your income is part of what you've built

One of the easiest things to overlook is your ability to earn an income.

Your income may be what allows you to pay the mortgage, put food on the table, save for the future, support your family and enjoy the lifestyle you've worked hard to create.

Over a working lifetime, the total income you earn can add up to millions of dollars.

Yet we often insure the things around us without giving the same consideration to the income that helps pay for them.

Your income isn't simply money that arrives in your bank account each week or fortnight. It is one of the foundations supporting much of the life you've built.

Protecting what you've built

None of us can predict exactly what the future will bring.

An illness, injury or unexpected event can change circumstances quickly. A business can face challenges. Plans can change. Priorities can shift.

This doesn't mean we should spend our lives worrying about what might happen.

It does mean it can be worth taking a step back occasionally and asking a simple question:

What have I actually built, and what would happen to it if something changed?

That question can lead to some interesting conversations.

Would your family still have the financial flexibility you want for them? Could the mortgage and household expenses continue to be paid? What would happen to a business if one of the people critical to its success couldn't work? Would your longer-term plans need to change?

There isn't one answer to these questions, and everyone's circumstances are different.

The important part is taking the time to think about them.

It's not just about protecting possessions

When we talk about financial protection, it's easy to focus on the things we own.

Home and contents insurance protects your belongings. Car insurance protects your vehicle. Business insurance can help protect a business from certain risks.

But protecting the life you've built can involve looking beyond the physical things you own.

It can mean considering your income, your health, your family, your business and the plans you've made for the future.

Because sometimes the most valuable thing you're protecting isn't an asset sitting in your driveway or an account with your name on it.

It's the ability to keep everything else going.

Take a look at what you've built

Building a life doesn't happen overnight.

It happens through years of working, saving, investing, making decisions, taking opportunities and looking after the people who matter to you.

That's worth protecting.

So perhaps the next time you think about your assets, don't just count the things you own.

Think about the income that supports your lifestyle.
The family you've built.
The business you've worked hard to establish.
The plans you're working towards.
And the future you've spent years creating.

Because protecting what you've built starts with understanding exactly what it is.

If it's been a while since you looked at your personal or business insurance, reviewing what you have and how it fits with your current circumstances can be a useful place to start. At New Vision Financial Services, we help clients understand their options and how different types of insurance can fit into their wider financial picture.

Glen Hatcher
Financial Adviser
New Vision Financial Services

Plan your future and let us help you have peace of mind along the way.