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The case of 'How Much is Enough?'

Neil and Sue Builder worked hard, very hard. But then they enjoyed the lifestyle which they had created for themselves and their daughters Rebecca and Lucy.

Neil was 45 and he had a plan - his own financial plan. Because Neil hated three things: His mortgage. Pensions. But most of all, financial advisers!

So Neil's plan was simple - to pay off his mortgage as quickly as possible. Then, mortgage free, he intended to accumulate as much as possible via his business between 45 and 55 - so he could retire early. Simple!

Neil didn't think he had a problem. And he didn't need any 'advice'.

However, on the advice of his accountant he was recommended to speak with a Lifestyle Financial Planner to 'crunch his Number'. So he and Sue met with our Lifestyle Financial Planner.

First our Lifestyle Financial Planner spent some time getting to know Neil and Sue, then he helped them tune in to the real lifestyle they wanted to enjoy throughout their life. He also wanted to understand why '55' was so important? Neil wanted to escape at age 55 and pursue his passion of sailing whilst he was still young enough, and fit enough to participate in it. He wanted to cruise the Med. He wanted to cross an ocean. Any ocean. Neil wanted to see the world. He wanted to "do stuff - before it's too late!"

But why 55?

Neil shared with our Lifestyle Financial Planner the fact that his father had worked his whole life, right through to age 65, only to drop down dead at age 67. That was Neil's motivator. He could not bear the thought of that happening to him. He knew and understood that "Life is NOT a rehearsal" and Neil lived it accordingly. That's why Neil worked hard now, so that he could 'escape' early.

So, understanding his clients, our Lifestyle Financial Planner said he would work with Neil and Sue to calculate their 'Number' the amount of money they needed by age 55 to ensure they could live the life they wanted - without fear of ever running out of money.

Our Lifestyle Financial Planner built in the cost of continuing private education for Rebecca and Lucy. He built in the cost of two daughters weddings. He got Neil and Sue to really think about the lifestyle they wanted at various stages of their lives.

And then he 'crunched their Number.'

Our Lifestyle Financial Planner then broke the news. He explained, that on agreed assumptions, Neil and Sue's current plan would see them running out of money by age 67! Not good.

So our Lifestyle Financial Planner then helped Neil and Sue to understand just HOW MUCH they needed to accumulate by age 55 in order to prevent EVER running out of money whilst living the life they wanted.

It was a BIG NUMBER.

Our Lifestyle Financial Planner then worked with Neil & Sue to help find ways of accumulating the money, including how they could utilise their greatest asset, their business, to build their 'Number.'

Neil and Sue are now well on course for their 'Number' and their intended retirement at age 55. Neil now has a reason to work hard; a 'WHY'.

Neil is motivated. Neil is inspired. Neil knows where he is going.

They continue to meet with our Lifestyle Financial Planner on an annual basis to constantly review their financial planning, to ensure they stay on track. For Neil and Sue our Lifestyle Financial Planner plays various roles; that of a planner, a mentor and a coach, mostly inspiring but sometimes nagging Neil and Sue to do the things they need to do to get to where they want to go.

And that's easy to do - when you know your 'Number'.

Copyright 2013 - Carlton Smith Private Wealth - The Wildwood Centre, Lower Road, Onehouse, Stowmarket, Suffolk IP14 3BX - Telephone 01449 615714 - Email info@cspwealth.com
Cornwall Office: Chytane Farm, Summercourt, Newquay, Cornwall TR8 5BW - Telephone 01872 484714 - Email info@cspwealth.com

Carlton Smith Private Wealth is a trading name of Argent Wealth Ltd which is authorised and regulated by the FCA No. 515379. Argent Wealth Ltd. Registered Office: Evolve Building, Cygnet Way, Rainton Bridge Business Park, Houghton le Spring, Tyne & Wear, DH4 5QY. Registered in England and Wales No.7079006

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