This is how to formulate a strategy for lifeJun 19, 2020
Formulating a life plan
We’ve all heard the concept of spending less then we earn, and then investing for ‘the future’.
But then, for many, it can become a case of…”well, now what?”.
And, to be blunt, for many (if not most) people, the tomorrow that they had in mind just never seems to come around.
Well, circumstances change, and life just tends to get in the way.
How about a better way to think about money?
There are many different ways to approach your finances, but we often encourage folks to think about money across 3 different timeframes.
Firstly, yes, long-term investments are important, to ensure that you have a comfortable or prosperous retirement.
But not everyone wants to work in the 9-to-5 rat race until they’re 65, in the vain hope that life will somehow then fall into place and magically become more enjoyable at that point (hint: it won’t).
Another alternative of reducing expenses lifestyle expectations dramatically doesn’t appeal to everyone either, especially if you want to bring up a family (school fees can be painful!), travel widely, or just more generally drive nice cars or live in an upmarket area.
For this reason, it can be hugely liberating to set aside a portion of your money for managing with a shorter-term timeframe in mind.
These funds can then be used to cover your annual living expenses, because, remember, outgoings are not investments…so they effectively compound negatively.
Perhaps more importantly, you can map our a holistic plan which includes any seminal life events over the next five years, ultimately with a view to designing your ideal future.
I discussed these concepts a little further in the short video here
Whenever you’re ready… here are 4 ways we can help you manage your own money and go next level wealth:
- Boom or Bust in 2021 – 20 minute online workshop for investors
Register for my next free online training - Boom or Bust? How to change your investment plan for 2021 - book in here
- Subscribe to our Top 100 Podcast for Investors
- Join our Implementation Program
We’re putting together a new coaching case study group this month for private investors. If you’d like to get the plan, tools and timeless principles for managing your money and creating next level wealth … just send an email to [email protected] with the word “Case Study” and we'll get you more details.
- Work with me privately
If you’d like to work directly with me and Stephen Moriarty directly to help you map out and action your next level wealth plan… just send an email to [email protected] with the word “private”… tell me a little about your situation and what you’d like help with, and we’ll get you all the details!