At FMB, we take financial planning very seriously because we want our clients to get what they want from their money. But what do you want out of your money? How about if I was to ask what you would like to do with it if you only had five or ten years left? It’s never a pleasant thing to ask but sometimes it takes a question like that for you to mentally prioritise what you want to achieve from life – should there be such time constraints.
We all have goals; something we would like to achieve. Have a think.. what would make it on to your must-do list?
Once in a Lifetime
One of the things that’s quite often high on people’s lists is to go on a once in a lifetime trip/holiday. Ever fancied swimming the Great Barrier Reef? Hiking the Inca Trail? Driving Route 66? It might be on your bucket list but quite often, your to-do list can be forgotten about as life gets in the way. The financial planning process can determine whether you are able to afford your once in a lifetime trip without jeopardising your other life goals in the process.
To be your own boss
For some, a goal is to start up a business and being successful doing something they love. We hear this more often than you may think. However, time and time again we hear that the reason for not pursuing this ‘pipe dream’ is that they couldn’t afford to give up a secure salary to go at it alone. But what if they could!? Scenario planning can be incorporated into the financial planning process to see whether it is financially viable or not. If it’s not viable just yet, specialist tools can be used to determine what needs to be done in order to turn that around.
Protecting your number one
We never like to think about the unexpected things life throws at us such as falling ill or dying, but all too often we deal with situations where clients say “if only we’d thought about this before.” The comprehensive planning process can address these concerns early and help you put plans in place to protect your assets and your family from difficult times. This can help relieve some of the worries you might have about how you would be able to cope financially if something were to happen to the main breadwinner of the family.
Helping them when they need it most
It probably seems like only yesterday since your little one was born – don’t they grow up quick! Now they’re not so little; your thoughts turn towards their future; University… Fleeing the nest… Getting married.
For many, the main desire is to have sufficient funds to provide for their child(ren) when they need it most; that first house deposit, helping out with University fees or when the time comes to turn that dream wedding into a reality. But do you know how much you need to be putting away now to have enough for when that time comes? Financial planning can help.
Dreaming of sunnier climates
The miserable UK weather often gets you thinking of sunnier climates. Now the children have fled the nest, you’re managing to put aside a bit more than what you thought. You start daydreaming about how nice it would be to be able to afford a holiday home in that picturesque town you’ve visited too many times you care to remember. You couldn’t possibly afford it though… could you!? Surely not without compromising the standard of living you want when you come to retire? Did you know that financial planning can provide you with all of these answers, and some!?
You spend most of your adult life working and before you know it, retirement isn’t as far away as you thought. Like most of our clients, you might just want to know that you will be able to retire comfortably and maintain the same standard of living that you are used to. But how much are you going to need? With the right tools you are able to forecast how far your pension pot will stretch or how much you need to be putting away if you’re not quite there just yet.
By starting your retirement planning early, you can peace of mind knowing that your finances are on track so that you can enjoy your retirement when it comes around.
For some, retirement can’t come quick enough. You expect to retire at 65 but what if you could be enjoying your retirement before then? And financially be able to afford to without compromising the standard of living that you want or panic about running out of money too soon?
Using a specialist tool, you can get answers to questions such as ‘can I afford to retire early?’ and see what effect this would have on your finances over the long-term.
Providing you with peace of mind
When we dig a bit deeper with our clients there is always a hidden desire which may seem a little out of reach but quite often, it isn’t. Within the financial planning process, we can use an extremely powerful cashflow modelling tool which can demonstrate how certain events or situations might affect your long-term plans; such as provisions for retirement or long-term care. So don’t write them off just yet. They might just be a bit more achievable than what you think!
By starting the financial planning process early, you can make sure that you are prepared for life’s financial road bumps and have peace of mind knowing things have already been taken care of.
Don’t leave it to chance, if you want to make sure you’re on the right path to achieving your goals, give one of our friendly planners a call today on 01539 725855.