Expat Wealth Guide: Part Two

 

Part Two: The Power of Planning

In this next video I try to convince you why having a life plan is so important. 

By spending the time to consider what you want to achieve, where you are now, and see whether you are on the right track to achieve your desired lifestyle is invaluable.

Once you know the big stuff – the life plan – then you can create a financial plan.

Watch the next video on whether to DIY or use a professional here:

 

Video Transcript

In this video I’m going to convince you of why having a financial plan is so important.

This section starts with a quote from Winston Churchill which I love and use it regularly – plans are of little importance but planning is essential’

OK How I interpret that for financial planning is this – the plan is out of date as soon as your finish it, circumstances change, pay rise, spend more on extra holidays, get pregnant, lose your job. So whatever assumptions that were used are likely to change.

But spending the time to consider what you want to achieve, where you are now, and see whether you are on the right track to achieve your desired lifestyle is invaluable.

So, in the guide – my 3 reasons you need a life plan:

It will help you to imagine a better future for yourself – what does each stage of your life look like.  You are an expat now – how does that fit into the stages of your life? Is this a 2 year thing, 20 year thing?

It will help you keep on track to hit your goals and ensures you are accountable to meeting timelines.

You have career goals and objectives at work, and you probably have business related metrics that you monitor daily/weekly/monthly. So why not apply this to your personal life.

If fact a lot of what I’ve done with clients over the last 2 years isn’t investment advice, its being their task master and holding them accountable to goals they set!

It gives you the opportunity to explore what is most important in your life and where your priorities really lie: if running a marathon is on your wish list but you’ve got your head down and just working, not putting any real effort into getting fit, then it will never happen. And before you know it you are 80, on your deathbed, and you say ‘I always wanted to run a marathon’

Don’t let that be you. Write down what’s important and work out a way to achieve it

Once you know the big stuff – the life plan – then you can create a financial plan. It allows you see what levers you might need to pull to tweak your life and give you a greater probability of success. You model the impact or earning more, saving more, getting different investment returns, buying a rental property, going on more holidays, paying for your child’s education, buying a holiday home in Ibiza, learning a second language.

So hopefully that’s convinced you – now go and print off the timeline sheet and go and spend some time just scribbling some things you would like to achieve over the next 5, 10, 15 years.

What does a successful life look like for you?

If this element is overwhelming and you would like a more structured approach, or you are looking to achieve some big things in your life and you want some professional input, then email me at max@igniteexpatwealth.com and let’s see if I can help.