December 13th, 2023

3 timeless lessons Willy Wonka can teach you about creating a financial plan that works

Wonka arrived in UK cinemas on 8 December.

Starring Timothée Chalamet as Willy Wonka, this blockbuster prequel tells of how Wonka became the master chocolatier best known from Roald Dahl’s 1964 novel, Charlie and the Chocolate Factory.

The character has been played by a number of actors over the years, from Gene Wilder to Johnny Depp – but no matter how he’s depicted, Willy Wonka is a fascinating character who overcomes many challenges during his rise to success.

So, just because it’s Christmas, keep reading to find out three important lessons Willy Wonka could teach you about creating a financial plan that works.

1. Wonka sticks to his unique vision despite the negativity that surrounds him

The story of Wonka follows the young chocolatier’s journey from being a “nobody” to becoming a world-famous entrepreneur with the entire chocolate market in the palm of his hand.

One of the character’s most steadfast traits is his tenacity. Willy Wonka is a born inventor; he believes in his own creations, and despite others telling him he’ll simply never make it, he keeps plugging away at his goal.

Wonka’s ability to follow his own path, despite all the negativity that surrounds him, is an important lesson for you if you wish to form a financial plan that works for your unique goals.

There’s no denying it: the past four years have been turbulent. The Covid-19 pandemic caused many people financial distress, and the inflationary conditions that followed led to a cost of living crisis. On top of this, the stock market experienced significant volatility, affecting some people’s investment portfolios negatively.

During this time, it may have been difficult to stay positive about your financial situation – and this could still be the case today. If you were to believe everything you hear and read, you might feel that the world is going to hell in a handbasket, and give up on your goals altogether.

Even so, by formulating a financial plan with the help of a professional, you can be inspired by Wonka’s ability to rise above his negative circumstances and be reminded that sticking to your path is extremely important.

And, just like Willy Wonka, your hard work and determination is likely to pay off. Wonka soon proves the naysayers wrong – and by sticking to your financial goals, you too can create the reality you and your family deserve.

2. Willy Wonka puts a succession plan in place when the time is right

Willy Wonka was first introduced in Roald Dahl’s classic children’s book, Charlie and the Chocolate Factory. When the mysterious chocolatier puts five golden tickets in chocolate bars sold worldwide, impoverished young boy Charlie Bucket finds one, and soon embarks on a tour of the factory that would change his life forever.

Indeed, unbeknown to the five children who enter the factory, Wonka plans for one of them to inherit the factory from him. Wonka is approaching his retirement, and wants to find someone deserving of the fortune he has amassed – someone just like Charlie.

While elaborate and rather eccentric, this tale has one important message: making a succession plan is an essential step to take as you get older.

Indeed, you don’t need to be a multi-billionaire chocolatier to recognise the importance of planning for the next generation. No matter who you are, how much wealth you have, or whether you have children of your own, deciding how to pass down your wealth is important for the following reasons:

  • If you pass away without a will, this is known as “dying intestate”. Without a last will and testament that lets your family know who should inherit your assets, the rules of intestacy will apply – meaning that your family has little say over who inherits what.
  • Without making plans earlier in life, your beneficiaries could pay more Inheritance Tax (IHT) than necessary. Without a succession plan, a greater portion of your assets could be subject to IHT when you pass away. Consulting a financial planner earlier in life could help your loved ones to avoid an unnecessarily high bill.
  • A succession plan can bring you and your loved ones invaluable peace of mind. By discussing what you plan to pass down with your family, and with a professional, you may feel comfortable knowing that your affairs are in order and that everyone is on the same page.

Just like Willy Wonka finds the right moment to pass his fortune on to a deserving recipient, it’s crucial that you formulate a succession plan that keeps your loved ones in mind.

3. Wonka enlists the help of those who support his journey

Like most geniuses, Willy Wonka does not put his thoughts into action alone. He enlists the help of those who support his journey – including the Oompa Loompas, played in the new Wonka movie by none other than Hugh Grant.

While we can’t promise to dance around and sing a magical song that will help you achieve your goals, a financial planner can be an essential part of your support network as you go through life’s ups and downs.

On good days and bad, working with a financial planner could:

  • Give you the confidence you need to go after your goals
  • Reduce your financial stress by offering reassuring insights on world events
  • Provide you with a trusted source of information about financial news
  • Allow you more time to live your life, safe in the knowledge that a professional is taking care of your long-term financial plan.

Fortunately, you don’t need to win a rare golden ticket to access bespoke financial planning you can trust. Just email or request a callback from one of our advisers.

Please note

This article is no substitute for financial advice and should not be treated as such. To determine the best course of action for your individual circumstances, please contact us.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.

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