It takes a special combination of vision and determination to reach a goal of being financially secure and independent. A solid financial plan will take all of your hopes and dreams into consideration – let’s lay out the steps you need to take to get there.
This does not constitute advice and advice should be sought in all instances before acting on it.
If you’re not sure where to start, take a step back. Figure out exactly what kind of lifestyle you want to live now and your aspirations for the future.
You can begin by crunching numbers to give yourself a good idea of how much you’ll need to save. When you work with a financial adviser they will take all that information on board and come up with a detailed action plan that will help you achieve your goals by steering you towards the right financial decisions.
We take six steps when we create lifestyle plans for our clients:
- Gather your personal financial information
- Identify your unique goals and vision for the future
- Evaluate your current financial situation
- Create a financial lifestyle plan and consider any alternatives
- Take action by implementing your financial lifestyle plan
- Review and revise your plan as your life changes over time
SMART Goals
The best way to ensure you succeed is by setting goals that are Specific, Measurable, Attainable, Relevant, and Time-bound (SMART).
Specificity is important because it will guide your path directly towards your goal. Ensuring the goals are measurable is crucial so you can evaluate your progress routinely and making them attainable and realistic so you don’t get discouraged by anything that seems out of reach. Relevant goals that directly correlate with the direction you want your lifestyle to go will help you stay the course. Setting deadlines to reach your goals creates a sense of urgency to stick to your action plan.
What’s at stake?
Financial stability means you have the right level of income for your lifestyle needs and enough wealth to give you peace of mind knowing that you, your family, and your business are fully protected no matter what happens to you. If you’re like most people, your lifestyle goals will be directly tied to your finances.
If your dream is to live a comfortable life, never wanting for anything and being able to pass on your wealth to the next generation, having a lifestyle plan will help get you there.
Not having a comprehensive plan to help you get there means you could face the prospect of selling your home to finance your future. Worrying about health and care fee costs or leaving behind a tax bill for your loved ones to deal with after you pass could become a very real possibility.
Here’s a helping hand
To ensure you’re prepared for the journey ahead, a financial lifestyle plan will give you a solid foundation. For a comprehensive overview of how to go about designing you plan, download our free guide.
No matter what stage of life you’re at, a lifestyle plan will illuminate the opportunities in front of you and prepare you for any roadblocks or setbacks you might encounter on the road to success. The guide proposes questions to help you shape your new future and proposes actions required to make it happen.
For even more support in reaching your financial goals, get in touch with your trusted financial adviser.
Do you have big plans for your lifestyle?
Investments | Financial Planning | Retirement | Save Tax | Protection |
Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.