What is Lifestyle Financial Planning?
From our 20 years experience, the one thing that I have learned is that people want to keep their lifestyle and possibly improve on it if they can afford to. No one wants to have a lifestyle that is inferior to what they currently have.
We regularly come across business owners (In particular) that are chained to their businesses, with little or no time off, probably in a strong position financially but they are working very hard. No one advised them that they could afford to do the stuff they really wanted to with their time rather than working unnecessarily.
People are working longer and longer careers by the day to accumulate sufficient capital to make their life-changing switch because they aren’t able to realise the point where that amount is enough. As a result, most people are spending unnecessary time in their lives working, that they could be using to live their dreams.
A solid Lifestyle Financial Plan can save you from making these types of mistakes and help you accomplish and sustain your dream lifestyle.
Lifestyle financial planning is a way to continuously manage and decide on your savings to assure you’ll achieve your goals in life. Just like regular financial planning, this will offer you strategic guidance through your life’s obstacles until you steadily reach your objectives.
Serenity and Definition
In essence, lifestyle financial planning aims to offer you the necessary definition and serenity in your finances. This plan will enable you to achieve and sustain the lifestyle you’ve been craving until your last days. Most notably, it allows you to live your life comfortably without the worry of ever running out of funds.
We build it (Financial Planning), fund it (Investment management), and ensure you stick to it (behavioural coaching).
Simple but not Easy. That is what we do.
We ask our clients very tough questions to find out about them, to find out what is on their mind at 4am, to find out what they wish to achieve or experience with their lives.
The focus of Lifestyle Financial Planning is set on these key questions:
- “When will I have enough money to stop doing what I don’t like to do and start doing what I’ve ever wanted to do?”
- “What do I need to do to certify I won’t run out of money further down the line”.
- “How can I assure my family’s financial security, no matter what happens?”
- And the most important question:
- “How do I know how much enough money is?”
One thing we know is that time is short, it is the one asset that gets spent without a second thought, but it is the one asset which is non-replaceable. We do not have the right to advise you on your finances until we have found out why money is important to you.
From the moment we understand your desired lifestyle, we put it into account to know how much it will cost. After that, knowing what your regular income is, what your expenses are as well as existing assets and debts, we can conclude your current situation points on the path to your lifestyle goals.
After analysing your full financial situation, we’ll be able to provide solutions to get you right on track to those goals and meticulously plan what you’ll be needing to systematically do to stay on course to those objectives, which can involve adjustments to your spending, savings, investments, mortgages, insurances and pensions, all working together for that final goal.
And, in case you need investment guidance or financial products, we can help with our expertise in those too.
At Financial Architects we know better than anyone that in order for your financial plan to succeed, every element in your financial life has to be closely controlled and that is why we recognise the importance of having the precise financial instruments, at the right time and at a reasonable price.
We can be your mentor to help you through the process, guiding you to obtain the best possible results in your Lifestyle Financial Planning.
Financial plans are a dynamic evolving process which demands continuous monitoring and reviewing your actions and goals regularly to account for any changes in your situation such as income, assets’ valuation and other changing situations.
After your plan is up and running, a critical element of this process is for us to meet regularly, annually or every six months, to go over the plan’s progress. Keeping everything on track may be hard to accomplish; therefore, you may need to review the plan and make necessary adjustments to ensure your goals will still be met.