Written By Benjamin Beck
Army soldier turned Independent Financial Adviser, Benjamin Beck, shares his military mnemonic that can also be applied to the world of financial planning.
Norwegian army veteran, Benjamin Beck, moved to the UK at the age of 21. It was then that Benjamin joined the British Army, serving 6.5 years in the Royal Logistic Corps (RLC). Whilst with the RLC he was stationed in Abingdon, Oxfordshire, Colchester, and Essex. He was then deployed on tour to Afghanistan in 2012, and whilst serving he took part in many overseas exercises.
Upon leaving full time service, Benjamin joined the Reserves for a further 4 years and is currently on a career-break with the Reserves. Having now been on both sides of the fence, training as a financial planner and starting a new role as Independent Financial Adviser at Integrity365, he understands the complexities of personal finance and is passionate about helping others understand their financial circumstances.
PAWPERSO
In the military, preparation is the key to a soldier’s success. By following a helpful mnemonic known as ‘PAWPERSO’, soldiers prepare for battle by ensuring they have everything they need, ready to face what lies ahead of them.
P – Protection
A – Ammunition
W – Weapons
P – Personal Cam
E – Equipment
R – Radios
S – Specialist equipment
O – Orders
If a soldier were to forget one of these items, or fail to prepare in this way, it would have an impact on their success. Whilst entering into battle is an event with many possible outcomes, from the worst to best case scenario, preparing as best as you can will improve the chances of a positive result.
Perhaps you can now see where I am going with this, as the same can be said for financial planning. Whilst no one can predict the future, there are ways in which you can prepare now to alleviate financial worries and distress in years to come, and improve your own chances of financial success.
Clearly the above list is useless as a civilian, so how can ‘PAWPERSO’ be implemented in the world of finance?
P – Protection: Have you protected yourself, your family, your business and your assets should the worst-case scenario occur?
A – Age: Have you set a timeline for life events/retirement? Do you have any set goals in mind and how do you plan to reach these goals?
W – Will: Do you have a will in place? If so, when was it last updated and does it still accurately reflect your current wishes?
P – Personal Admin: Do you have oversight on all of your finances? Is all the information easily accessible and up to date?
E – Emergency Contact: Should anything happen to you, does your emergency contact know where to find your information and what your wishes are?
R – Requirements: What does your lifestyle cost? How much do you require to maintain your standard of living?
S – Savings: Do you have an emergency fund? We always recommend having 6 months’ worth of expenditure set aside in case your circumstances suddenly change.
O – Old Age: Have you set up a lasting power of attorney for when you cannot make decisions by yourself?
From sudden job losses, a death in the family, a separation, or illness – unpredictable occurrences happen in life just like on the battlefield. Similar to a soldier forgetting his ammunition, failing to prepare your finances could leave you or your loved ones in an unfortunate situation that could have been aided by better forward planning. So, hopefully, ‘PAWPERSO’ can provide some inspiration to you in your own arrangements for the future, and help improve your chances for success.
There is a wealth of information out there when it comes to financial planning and you may feel unsure of where to begin. However, by starting with a list of basic key points you can hopefully start to get to grips with your own personal finances. If you are looking for more in-depth guidance or advice, please do not hesitate to get in touch with one of our Independent Financial Advisers on 0117 450 1300.
Written By Benjamin Beck
