Bob – the builder with an expensive passion
Bob is British Historic Rally Champion 2016 and former Welsh champion. He competes each year in the British Historic Rally Championship and rallying is definitely his passion. Bob also runs a building company and window company, both of which are successful and help him to fund his rally career.
He explained that rally cars have to be specially adapted with safety cages; they need special fuel supplements; special tyres with lots of different treads; special trailers; 6 point seat belts on special seats and suspensions that need changing for each event. Together with the special equipment- helmets; fireproof suits and underwear; boots; gloves; intercom and a bank of tripometers, this makes rallying an expensive sport.
When Bob came to us he wanted to ensure that he had a plan which would enable him to continue rallying after he retired, and for as long as possible. He had no idea what he needed to do to ensure he could do this, or if this was even possible.
We created a personalised cashflow forecast for him and helped him to organise all his financial arrangements and resources in such a way that he now has a clear “rally budget” for the rest of his life. This involved an assessment of what he will need to earn from his businesses between now and retirement, so that he had a clear focus and plan for the next 5 – 10 years. We also helped him understand the importance of getting everything in order for his family, just in case he was involved in an accident.
Bob knows he may not be able to continue driving at high speed forever, but rallys are held in some beautiful places all around the world, and now Bob knows that he will always be able to spectate if he is not driving, in the future.