what is Lifestyle Financial Planning?
Step 1 - Understanding your current relationship with money.
Step 2 - Unpacking your desired outcomes through goal planning.
Step 2 - Unpacking your desired outcomes through goal planning.
We focus on you first and not on your money first. We believe that your money should support the life that you want to live. Understanding how you have dealt with money in the past, how you think about money and what money means is a foundational insight that will help pave the way to your financial and life success.
Step 2 - Unpacking your desired outcomes through goal planning.
Step 2 - Unpacking your desired outcomes through goal planning.
Step 2 - Unpacking your desired outcomes through goal planning.
We explore what your life might look like if you could live the life you would love to live if you had the money to do that. We identify the areas that are important for you to plan for and break that down into measurable areas and time frames. We look at your values, who is important in your life, what energises you and determine what that might look like on a practical level.
Step 3 - Assessing your current provisions.
Step 2 - Unpacking your desired outcomes through goal planning.
Step 3 - Assessing your current provisions.
Once we know what your best life looks like, we will look at what provisions you have already put in place to support those goals. This part of the process requires PenShare to gather the details of all of the financial provisions and protections you might already have in place so that we can analyse if these are going to adequately support your goals.
Step 4 - Determining what is possible.
Step 5 - Designing the plan and taking action
Step 3 - Assessing your current provisions.
Once we have looked at your existing provisions, we will work together in a very practical way to determine if what you have in place is enough to support your goals and if not, then we have some very rich conversation about what is possible. This could come down to having trade-off conversations about how important some of the identified goals are or could look at what else is possible for you to achieve your goals with the money you have.
Step 5 - Designing the plan and taking action
Step 5 - Designing the plan and taking action
Step 5 - Designing the plan and taking action
Together we look at how you will practically prepare for the life you are currently living and for the life you want in the future. We will consider what plans need to be actioned and these could be financial or life plans. We always feedback in writing what was discussed and determined so that you have a record to refer to and engage with. The financial plan is not a 100 page document but it is the collaborative discussion where we are able to practically determine what needs to be actioned. Without actioning around the money and your life, you might not achieve any of the goals.
Step 6 - Ongoing review of the plan
Step 5 - Designing the plan and taking action
Step 5 - Designing the plan and taking action
We place great importance on coming together at least once in the year, and more regularly if your plan requires that. The main aim of the ongoing review is to determine where you are and if the goals you have set still make sense. This is the time where we can re-adjust the plan to suit where you are now. We always want to ensure that you plan still makes sense and is aligned with your goals. As we all know, life throws curveballs and life-transitions will happen. We want to ensure that you are always able to navigate these events so that you can still live your best life and that you are aligned with your goals.