FINANCIAL Planning Week starts on Monday, and is an ideal opportunity to focus on lifestyle financial planning, an alternative form of financial planning practiced by only a few advisers.
Lifestyle financial planning shows an individual the amount of money they need to be create to enable them to sustain a particular lifestyle, or attain the lifestyle they desire.
We all have a number. What is yours? It is the amount of money you
need for the rest of your life. It is the amount you need to keep living the life you have got, or to start living the life you want. Not just money to survive but to live life to the full. This figure is different for each of us, so what is your number? How much do you really need, how much is enough? Is it £1m, £2m, or a lot more? Or a lot less? Whatever it is, you need to know.
If you are still working, it is a fact that you can have more fun at 55 than 85, so the earlier you can retire, the better. But how much money do you need to do it all without even having to worry about cutting back? You need your number – without it, how can you set a date? How can you plan? How can you decide what's best? If you are retired, have you given up work and are you living off capital? How long is it going to last? How much more could you afford to spend without running out?
What does your financial future really look like, will there be too many years left at the end of your money or too much money at the end of your years? Now, more than ever you need to know. You need your number, without it how can you plan? How can you live your life to the full and decide what's best?
If you are worried about inheritance tax, your family could be heading for the biggest tax bill ever. That is why you need to know your number so you can plan to avoid it. But how much could you afford to give away, without the risk of running out? How much more could you afford to spend?
A lifestyle financial planner understands that life is not a rehearsal and our job is helping you live life to the max. We work with you to identify the lifestyle you want and calculate the amount of cash you'll need. We also help identify efficient strategies to successfully build, manage and protect your number – so you and you family can get on with the living bit.
What is your number? To find out contact a specialist lifestyle financial planner who can work with you to determine it.
The full article contains 467 words and appears in The Scotsman newspaper.
