How much is enough to support your lifestyle? If you don’t know, you don’t have a financial plan.
Do you know how much is enough to support your lifestyle, without the fear of running out of money?
This is one of the most crucial questions that financial planning can help answer.
Many people work longer than necessary because they don’t know how much is enough. While working past retirement age can be beneficial (as research suggests), many people continue to work when they don’t want to, thinking they have to get as much money as possible before retiring.
But when can they stop doing what they don’t want to do and start enjoying what they do want to do?
Have you ever seen a gravestone with the epitaph, “He wished he’d spent more time at work?” No, neither have I.
Knowing how much is enough can help answer common planning questions such as:
- When can you retire?
- How much do you need in pensions to retire comfortably?
- How much should you save?
- Should you downsize your home for financial reasons or simply for a more manageable lifestyle?
- What level of risk should you take with your investments?
- How much extra can you spend in retirement?
- How much can you gift to your family?
- Are luxuries affordable?
By analyzing your assets, liabilities, income, expenditure, and understanding your desired lifestyle, financial planning based on a cash flow model can provide the answer to this essential question.
If you don’t know how much is enough, you don’t have a financial plan.
Achieving financial independence and ensuring you have enough money for the rest of your life requires the right strategy. To reach this goal, focus on these 10 key areas of your financial life. Mastering them puts you on track for success and a great life.
I use the Financial Planning scorecard to measure these areas for our clients. It assesses your satisfaction and awareness in the 10 critical areas for financial success.
Consistently, I assess these 10 areas for our clients using our Financial Planning scorecard
To discover your score and identify areas for improvement, complete the 2-minute scorecard here:
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.
