To put this another way, you will work for 30 or 40 years so you can fund 20 or 30 years of retirement. That’s not all though. While you are working you want to spend time raising your kids, going on holidays, and buying (and paying) off your family home.
What ends up happening is most people get to 50 or 55 and realise that they are 70% of the way through their earning and savings journey and become concerned that they are not on track. They often decide at this point they need to get financial advice.
While it is definitely not too late for people in their 50s, there is much more benefit in starting planning earlier.
The next few articles will focus on the steps I recommend you go through to create your financial plan.
Step 1: Know your destination
The first step in any planning process is to know where you are going and what you want to do along the way. It will be different for everyone, but below are some of the questions you should ask yourselves.
- Where do we want to live?
- Do we want to send our kids to private or public schools?
- Will we pay for our kids when they go to university?
- What holidays do we want while the kids are still at home?
- Do we want a career break, or career change?
- When do we want to be able to stop work?
- What do you want to do when you retire?
- What financial legacy will we leave for our kids and grandkids?
Once you have the answers to these questions, you can then start mapping out your life. Make a timeline and start filling in the details.
I specialise in helping busy professionals and executives plan for the future and make the most of their money. They generally earn a good income, but are juggling their career and family life and are concerned they aren’t on track or could be doing more.
If you want to discuss how I can help, book a chat via the button below. Alternatively contact us on 0417 034 252 or at firstname.lastname@example.org.