Two certainties

As the saying goes, death and taxes are the only certainties in life.

And we all knew that. Moving on:

Serendipity

It was serendipitous that this year’s UK Budget, which raised an additional £40 bn in taxes, came at the same time as Halloween and the Day of the Dead.

Death and taxes became further intertwined in the Budget as some farmers and pensions entered the Inheritance Tax regime.

Scarcity

Death and taxes can both demonstrate a scarcity mindset.

The Office of Budget Responsibility (OBR) estimates that in 2024-25, income tax will raise £302.7 billion, equivalent to around £10,400 per household and 10.9 per cent of national income.

This is just over a quarter of all receipts, to which the UK’s Chancellor added an eye-watering £40 bn in new taxes in last week’s Budget.

Meanwhile, death occasionally brings out the scarcity mindset in unpleasant ways.

I know of a local gentleman who died a few weeks ago under challenging circumstances. As requested, friends and neighbours left his companion in peace or said they could help if required. However, one distant family member was more concerned with acquiring the deceased’s wealth than providing compassion and support for those left.

Abundance, wealth and enough

Unfortunately, this is not as rare as you might think. You have probably heard a similar story. Death can bring out the worst in us, as well as the best.

Scarcity often rules in the death and taxes arena. The assumption of scarcity and focus on getting more money is becoming increasingly common.

There is an alternative. Adopt a mindset of abundance: be enough and have enough.

Purposeful Prosperity, in which you align your life’s mission and values with your financial and broader wealth, is all about using the skills, values and money you possess to make a difference, to contribute rather than consume.

Making a difference gives meaning to your life, the highest form of wealth.

A strategy of Purposeful Prosperity is the opposite of the scarcity mindset often seen in the death and taxes arena and leads to meaningful wealth.

Purposeful Prosperity
The virtuous circle of wealth, impact and meaning

Photo attribution

Photo by Mario Rodriguez on Unsplash

Audio link

https://audio.com/jeremy_deedes/death-and-taxes/

Taking it further

If you want help to achieve Purposeful Prosperity, then get in touch with me

Related posts

https://wordsnotdeeds.co.uk/purposeful-prosperity/

ABOUT

I work with ambitious, family-oriented professionals transitioning to independent consultants to create a 3 to 5-year holistic plan so that they grow wealthy, make a difference and find meaning.

My clients are aged 35-50. They are in a long-term relationship with family and parents who are supportive but ageing. They wrestle with personal and financial responsibilities and dream of more control, wealth, time and purpose.

If this excites you, you are coachable, willing to change, and want to stop going around in circles, then find out more at jeremydeedes.com

Then, take your next step and explore your way forward with a Mapmaker, a one-off online coaching gig to help you decide your options, assess our compatibility, and determine whether we are the right fit. Mapmaker is excellent value, held in confidence and without further commitment.

What do you think?

Your views are important, and your fellow readers would love to hear your opinion,
so share your thoughts in the comments box below, and thank you for your time and generosity.

What do you think?

Your views are important, and your fellow readers would love to hear your opinion, so share your thoughts in the comments box below, and thank you for your time and generosity.