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“Destiny is not a matter of chance, it is a matter of choice.
It is not a thing to be waited for, it is a thing to be achieved”
William Jennings Bryan (c.1860-1925)
Lifeplanning (or lifestyle financial planning) is a recent development in financial planning. At the heart of lifeplanning is the view that financial planning should support the individual to “achieve and maintain their desired lifestyle at the earliest opportunity”
Put another way – if you had enough money, how would you choose to live your life?
Lifeplanning is the co-ordination of your financial assets to help you achieve your goals in life, and to make sure that there will always be enough money to maintain your lifestyle, however long you live.
Lifeplanning uses highly sophisticated lifetime cashflow modelling software to help you answer questions such as;
- How much money do I need to achieve my goals?
- When can I afford to stop working?
- How much can I give away to my children and still maintain my lifestyle?
- How much investment risk should I take to achieve my goals?
- How much do I need to sell my business for to achieve my goals?
The vertical axis relates to capital values (money) and the horizontal axis relates to time (years). The graph illustrates the depletion of capital over time until money runs out (a negative capital position is reached where the graph turns from green to red).This is an illustration of a lifetime cash-flow projection and visually illustrates how long capital will last depending on a person’s wealth, money inflows and outflows and assumptions used.
Most people don’t know when they have enough to change their lives to do the things they really want to, and so perhaps work longer than they really need to – a lifeplanning audit can give you the answers you seek and help you plan to achieve and maintain your desired lifestyle.
If you would like to have a lifeplanning audit carried out – please contact us.
