25 Nov 2019

What's a life focused financial plan?

201911 MHA Monahans WM life focused plan

Many people focus on making as much money during their lifetime, rather than understanding how much they actually need. This is different for everyone since we enjoy different tastes.

Imagine how you might feel if you had ‘enough’ and could do everything you wanted to do but also could make a big difference to someone else’s life. This is what is known as a “life-focused plan” or “lifestyle” financial planning.

A life-focused financial plan provides you an understanding of the different parts of your financial and personal life, and how they are intertwined. Adjust one element, such as income, and then see how it would affect your expenditure, your savings, the amount you invest towards charities, and so on.

Clients tell us that our financial planning process provides answers to their questions. They also advise us we pose questions they would otherwise not consider. This often reminds me of the Donald Rumsfeld quote

“there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns- the ones we don't know we don't know”

A life focused financial plan is far more than just a conversation about the performance of your portfolio. It focuses on you and your relationships, your money and what you can do with it; your lifestyle now and how you want to live your life in the future.

If you are seeking a life focused financial plan, please contact Lee Cleaves on 01823 462400.