8 March 2022
At Succession Financial Planning (SFP), we are focused on helping you integrate the fullness of your wealth in a way that enables and empowers you to live with meaning, purpose and legacy.
We recognise that it’s not something that you can easily accomplish on your own (which is why community is so important), but at the same time, it’s not something that someone else can do for you.
Unlocking your purpose, adding value to those you love and financing your future all require ongoing conversations and actions that build and support healthy habits. It’s a lot, and with everything else in life, it can become overwhelming, and when that happens, we tend to lose our focus and let things slide.
We’ve prepared a checklist to help you find and keep your focus on your financial plan. Our goal with this list is to help you stop the gaps between our regular financial planning meetings so that you can stay on track and get the most out of what we help you to put in place.
In a nutshell – here’s the basic principle: focus on the things you can control, let the other stuff flow past.
We started by mentioning a budget as a starting point to creating good habits, but before we can look at a well-integrated budget, we have found it helpful to take two steps back and talk about goals. Without this pre-plan journey into aspiration and inspiration unique to you and your family, it’s hard to create a financial plan that is relevant and cohesive to where you want to go in life.
Your plan A plan is a guide or a map for us to understand the landscape, the journey and the destination. It’s neither a straight line nor a specific route. Just like you could choose any number of ways to drive from Johannesburg to the coast, you can select multiple ways to finance your future – and, you can change your mind along the route.
Your cash flow This is where having a budget in place can help you understand and manage your money flow. Some of our clients like to call this a spending and saving plan, and you can check in with it daily, weekly or fortnightly. What’s important is that you don’t neglect the regular management of your cash flow – otherwise, all your money will simply leak away.
There are a few other elements that we can focus on but these probably require a longer conversation as they include asset allocation and fee distribution.
Remember, you can’t control the market or product performance, so it’s not helpful to dwell on these changes. Note them when they happen; make changes to your plan if needed, but don’t dwell on them.
Having a certified and experienced financial adviser with independence and training can help you manage your financial future and increase the chances of your success and reduce your exposure to risks.