For this month’s piece I wanted to write with a real-life, anonymised client story of someone I’ve recently worked with, who has become an ongoing client. Perhaps parts of their story resonate with you.
I was approached by Mr & Mrs H in the Autumn. They had both read a number of these previous articles, and had also been referred to speak with me by an existing client, Mr P.
Mr & Mrs H have both worked full time for almost 35 years, and have accumulated an array of assets – a buy to let property, several legacy defined contribution pension plans, a pleasant family home, some ISAs, premium bonds, a small defined benefit pension and meaningful cash holdings. Mrs H in particular was finding her work increasingly stressful, and felt it was taking a toll on her health. They came to me with one hidden question: When can we afford to stop working Toby? This question was masked behind other questions, but this is what they really wanted answered.
I started by gathering a thorough understanding of their other key objectives (helping family members financially, going on more holidays, volunteering with the National Trust). It is only once I had an idea of the initial destination that I could begin putting together the pieces of the financial puzzle to present them with their financial plan and cashflow model. Mr & Mrs H came with the dreams and the vision, and my role is to couple this with the knowledge to build and execute the financial plan.
Of course, building the plan is just the first step. Adjusting the plan each year to allow for changes in circumstances and objectives is critical. Equally critical is having a trusted advisor steering their financial ship through the turbulent seas that will inevitably arise over the coming years and decades. Mr & Mrs H have a modest interest in their finances, but a far greater interest in living their best lives, and focussing on what is truly important to them. Their plan does involve managing investments – frankly it has to – likely, so too do most people’s.
Mrs H has already reduced to a 2 day working week, and Mr H has taken a part-time vocation which he loves doing. They are firmly ’work-optional’, but now have the confidence of a sound financial plan behind them, giving them complete peace of mind that they will never run out of money.
What are your dreams for your one and only life? And is your financial plan aligned with this? I love hearing from readers when you reach out – toby@greenfields.biz – Use ‘My Dreams’ in the subject line to make sure I don’t miss it.