In our opinion you need to consider taking out insurance to cover at least the following: accident, health and critical illness; public liability; mortgage. protection.
Suppose you fall ill or cannot work again due to a car or other accident. You will not have the safety net of being able to take time off on long-term sick leave, so how will you pay the bills? We believe in having ‘peace of mind’. You and your family will be happier knowing that safeguards are in place. There are many short and long-term insurance packages, and no doubt your driving association will detail some.
Our advice is to belong to one of the driver instructor associations. Many, if not all, provide you with substantial public liability protection, access to legal help, etc.
Do you really want to work until you drop? If not, you should think about making financial provisions for your future. You may have come into this career late and may already have a pension from your last employer. You may also have a redundancy sum to invest, but you may still want to top this up for your future retirement.
Early on, set a target date as to when you want to retire or at least semi-retire. Consider the options. Can you see yourself retiring at 60 with a second pension maturing? Do you like working and keeping your mind active? As long as you are fit and capable enough to continue, perhaps you should consider working part time, even if it means giving driving lessons two days a week and £200 – £300 in your pocket to keep your ‘pride and joy’ on the road and to indulge in life’s little pleasures.
Choosing the right investment, pension plan, mortgage protection or insurance can be a difficult and complicated decision for the layperson. If you get it wrong it, may be too late when you first find out. If you feel you need advice, you could think about using the services of an independent financial adviser (IFA). Whereas banks and building societies will push (and they do push) their own products, IFAs should give you independent advice without any pressure to buy one particular product. The advice may not cost you anything as the IFA may be paid a commission that will cover your costs. If you use an IFA, ask about this on your first meeting. In-depth financial advice is beyond the scope of this article, so we suggest that, if you wish to find out more about IFAs you consult the appropriate web pages on the Internet and perhaps ask your accountant for advice – can they recommend an IFA? The whole system works in such a way that your accountant may obtain a commission from the IFA whom they recommend, so bear this I mind. Another means of demonstrating your high professional standards is to give each of your clients a logbook. The logbook should show a record of progress, problems, dates of driving lessons and any other relevant details.
The client’s family are going to be very interested, even excited, about the driving lessons. They will be particularly interested if they are paying for them. A logbook will allow them to see some tangible evidence of where all their money is going and how their nearest and dearest is progressing. Logbooks may well be flaunted by your clients at work or school. Other people will see what your driving school is giving to its customers. No doubt some will grumble that they do not get that from their driving instructor. Others will listen and make their choice about where they will be taking their driving lessons in the future.
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Note: This article was sent to us by: Carolyn D. Sorensen at 01172010
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