Once you understand your dreams, ambitions, and needs, you can take action to make sure that you are creating the life you want.
Even the best financial plans and most experienced investors cannot always predict the complexities of life. So, the starting point for protecting, growing and passing on your wealth is to have a clear financial roadmap, linked to your lifestyle goals. Good financial planning should be flexible enough to adjust to the unexpected. This means that identifying and setting your short-term, mid-term and long-term financial goals are a vital part of the process towards becoming financially secure and independent.
Firstly, we take into account your financial needs, from wealth to investing to protection. Once you have identified your goals, the next part of the process is to build a bespoke financial roadmap to ensure that you achieve these.
Whatever stage of life you are at, having a plan in place will ensure you can take advantage of the opportunities as they present themselves and prepare for any challenges that you, your family or business may face.
No two people have identical financial circumstances, which is why it is essential that you have your own complete financial roadmap and wealth solution that meets your individual needs and objectives.
Planning for financial success can be complicated in today’s World. A broad knowledge of everything from complex retirement and investment products to risk management and strategies to tax laws is required.
So, take some time and ask yourself the following questions:
Can I sleep comfortable knowing I will have enough money for my future?
Do I have the security of knowledge where I am heading financially?
Am I ready for life beyond work?
Am I going to be able to maintain my current lifestyle once I stop working?
Have I made sufficient financial plans to live the life I want and not run out of money?
Do I have a complete understanding of my financial position?
What is ‘my number’ to make my current and future lifestyle secure?
What will my Children’s future hold?
How can I pass on my wealth to the next generation?
Is now the right time to sell my business?
Part of this process is to understand your ‘number’ – in other words, the amount of money you will ultimately need to ensure complete peace of mind in knowing your future lifestyle is secure and making sure you do not run out of money.
By getting to know you and what you want to achieve, we will be able to work with you to monitor and update a detailed financial roadmap that is tailored to you. This enables you to get a clear understanding of your current lifestyle, your future and the life you want to live.
If you do not know where you are going on your journey, how will you know when you arrive? This is even more true when it comes to the importance of having financial goals.
You need to set financial goals to help you make informed financial decisions. Goals should be clear, concise, detailed and written down. In addition, they should be as specific as possible, so look at your goals like a lamp lighting the way – the brighter the light, the clearer the journey ahead. If you do not have clearly defined goals, it can be easy to procrastinate. Think about your life and what you want to achieve, and what action you need to take to achieve the outcomes you want.
Measurability is another key aspect in order to be able to evaluate the progress of your journey. Give yourself realistic deadlines, to make your goals action-oriented whilst not being unreasonable or unattainable. Specifying dates and values will make your progress quantifiable, enabling you to complete your goals and visualise your destination.
Importantly, if you have the means to make additional investment to accumulate the required assets to achieve your goals, do not neglect to consider this option, too. You might even determine that you can achieve some of your goals in less time, or that it could take longer.
Please note that all content within this article has been prepared for information purposes only. This article does not constitute financial, legal or tax advice.