Mary and Edward are business owners running a successful Optometrist practice in the heart of the community. They have two children, both still living at home. Their aims are to have the ability to sustain their desired lifestyle both now and in the future using the resources they have available to them. More importantly, they both want to have a clear plan as to the practicalities of retiring early whilst factoring in various other goals and objectives along the way.
Logic Wealth Planning has looked after the couple’s investments and pensions, constantly reviewing and monitoring their portfolio with an agreed service proposition.
Logic Wealth Planning spent time gathering and collating the financial data to formulate the plan for initial discussions with the couple. Visibility of personal cashflow is fundamental to planning and providing financial security and peace of mind, since the sustainability of any desired lifestyle requires enough after-tax income to at least match expenditure over the short, medium and long term.
Once Mary and Edward had sight of their entire personal cashflow plan, they were able to engage in more depth in the discussions. After all, they were actually looking at their own personal financial forecast mapped out on a computer screen with the ability to add in as many ‘what if’ scenarios along the way to ensure no matter what, their financial future was secure.
A complete cashflow forecast was produced which enabled Mary and Edward understand:
- How they can become and remain financially well organised
- How to determine their lifetime goals
- The possibilities of retiring early
- Their own personalised lifetime cashflow plan
- How to control their tax liabilities
The discussions majored around selling the business, retiring early and being able to sustain their desired lifestyle for the rest of their life.
Both Mary and Edward could clearly see, albeit based on various assumptions e.g. the value of the business and how long it would take to sell, that the possibility of retiring early was very realistic. The cashflow plan provided the couple with the peace of mind and help to keep their financial plan on track whilst the tides and winds of life conspire to blow it off course.