Achieving your life’s goals– the real focus for financial planning
Once you have identified your desired lifestyle, the next step is to establish how you will fund it, which brings us to financial planning.
Many people think that financial planning is all about pensions, investment funds and life assurance. This perception likely arises from the influence of the financial services industry, aiming to promote product sales.
The Chartered Institute for Securities and Investments in the UK describes financial planning as:
“A professional service for individuals, their families and businesses, who need objective assistance in organising their finances to achieve their financial and lifestyle objectives more readily.”
Ultimately, I see financial planning as a way to avoid future regrets, ensuring you won’t look back on your life in later years with disappointment.
You wouldn’t want to realize later that you didn’t leave enough money for your loved ones to maintain their lifestyle, or that you left too much money behind, which could mean a life of wasted opportunities.
You don’t want to regret missing out on experiences you never had, or holding onto your wealth for too long when your children could have benefited from it when they needed it most.
I have seen websites promising to produce a financial plan after a short initial meeting. However, a properly constructed plan requires a lot of detail and reasoned and reasonable assumptions.
This series of articles highlights the essential questions you should be able to answer and score to ensure that your financial planning is on track to help you and your family achieve your desired lifestyle.
- Find out how your financial planning is progressing – take our 2-minute ScoreMy financial planning scorecard at https://app.scoremy.net/#/fhkxym3dngpd843lopxdvod4c9t2-2218433258/financial-planning
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs.
Published By:
Cheah Yee Nin
❓ You want to retire early…but not too early, only to discover money runs out too soon.
😖 You don’t want to retire too late…end up working when you could have been playing.
💥 Or you already retire…but constantly worrying about money and how long can it last?
This is a common dilemma. Most people don’t know their NUMBERS – how much money they need for the rest of their life. They may have properties, savings, investments, insurance etc., but no clue what it means and how they are heading financially.
So, what is your NUMBER? Not just to survive but live your life to the fullest. Knowing how much money is ENOUGH will give you the freedom to live your life happier. With much clarity, you know what kind of life you want, how much you need and maintain it for the rest of your life. It’s true liberation! After all, life is not a rehearsal; we must live the life we truly enjoy.
Here’s where I come in. I practice Lifestyle Financial Planning. I will assist you in achieving your desired life through a proven and systematic financial planning process. The future will come whether you plan for it or not. Let’s warm up via an enjoyable 30 mins complimentary exploratory discussion HERE.
