The Cost of Doing Nothing: Why Financial Planning Starts with One Simple Step
Let’s make a plan that helps you truly thrive—not just get by.
The Real Cost of Doing Nothing with Your Finances
You know that feeling when something’s been on your to-do list for… far too long?
Sorting out your pensions. Reviewing your protection. Looking at how your business supports your personal wealth goals.
It’s easy to push these things down the line—especially when life is busy or finances feel overwhelming. But here’s the truth: doing nothing has a cost.
And it’s often more than you realise.
1. Old Pensions Left to Drift Could Be Dragging You Down
If you’ve moved jobs a few times, you might have several pension pots floating around—each with different fees, investment strategies, and risk levels.
💡 Here’s what can happen if you leave them untouched:
You could be paying higher-than-average charges (even 1% extra per year can mean tens of thousands over time)
Your money might be sitting in a default fund that no longer suits your goals or attitude to risk
You might miss out on growth, compounding, or tax efficiencies
You might not even know who the beneficiary is
It’s not about merging them all—it’s about having one clear strategy. And that starts with a review.
2. Not Planning = Planning to Pay More Tax
For business owners and high earners, the lack of financial planning often leads to unnecessary tax.
Whether it's not utilising pension contributions properly, ignoring allowances, or missing chances to move money more efficiently—the cost adds up.
📊 For example:
If you’re earning over £100,000, you could be losing your personal allowance—effectively paying 60% tax on part of your income.
But there are ways to reduce that tax, and still grow your wealth. You just need to know what’s available.
3. Protection Is Easier (and Cheaper) When You’re Well
Let’s talk about income protection and Relevant Life policies.
Most people only think about these when they’re already worried—but by then, options may be limited.
Getting cover when you’re fit and healthy often means:
Better premiums
Fewer exclusions
Peace of mind that your family or business is protected if the unexpected happens
Think of it as locking in your insurability, rather than reacting when it's too late.
📩 Drop me an email at rachel@thrivetogetherfp.co.uk.
4. Investments Left on Autopilot Don’t Always Take You Where You Want to Go
Even if you’re already investing, how often are you checking:
If your portfolio matches your current goals?
If your risk profile has changed (especially during volatile markets)?
If your strategy is still tax-efficient?
“Avoid emotional investment decisions driven by market volatility.”
Markets shift. Life shifts. Your plan should evolve too.
5. Small Actions Lead to Big Confidence
Most of my clients aren’t looking for a perfect spreadsheet. They’re looking for:
Clarity
Reassurance
A roadmap they can actually follow
Whether you’re a business owner juggling your next move, or someone who’s inherited money and wants to make it work wisely—financial confidence doesn’t come from doing it all. It comes from doing something.
So… What’s Your Next Step?
It might be as simple as:
Pulling together your pension paperwork
Checking your protection policies
Asking: “Is my business tax-efficient from a personal wealth point of view?”
Or it might be booking a proper financial review to map it all out.
(That’s what I help people do—without judgement, pressure, or jargon.)
Final Thoughts: You Don’t Have to Have It All Figured Out
Just don’t do nothing.
Because the future is coming whether you plan for it or not.
And a little time spent now can make sure that future feels like one you’re excited about—not worried about.
If you’re a business owner, high earner, or someone navigating multiple pensions or sudden wealth, I’d love to help you make sense of it all.
I offer a friendly, no-obligation 30-minute consultation to help you understand where you are and what’s possible.
Sometimes, peace of mind starts with one simple step. Together, we’ll get your financial life thriving — not just surviving.
Book a free consultation today: www.thrivetogetherfp.co.uk/contact
⚠️ This blog is for informational purposes only and does not constitute financial advice. Tax rules depend on individual circumstances and are subject to change. The value of pensions and investments can fall as well as rise. You may get back less than you invested. Always seek personalised advice before taking action.
