I’m Luke Hanson, Financial Adviser and Director at My Financial Design. My 2 tips when writing a long-term goal.
We’re continuing the conversation on goal achieving. And this is write it part two. In part one, we looked at some short-term goals. So today we’re going to take a look at a long-term goal. One that I hear quite regularly is the goal of being financially independent. For most people what this really means is being in a strong enough financial position to be able to choose to stop working whilst continuing to afford a comfortable lifestyle into the future. So if this is your goal, let me share an insider’s tip. When we write it down, we’ll need to add some supporting parameters. As a bare minimum we’ll need two. The first one is the point in time in which we want the choice to stop working, perhaps in 5, 10 or 15 years’ time. The second consideration is what will a comfortable lifestyle cost or what is the amount that we’ll be drawing down from our retirement nest egg to fund our living costs once we’ve stopped working. Once we can connect some of these dots, we start to have a target that we can aim toward. This is the first step in designing my client’s financial roadmap and one that we spend time getting right. If you’re looking for some help in defining what financial independence looks like for you and what might be achievable based on your financial position, reach out and we can start a conversation.