How to write a financial plan – Part 3

…no not part 2 – that comes later!

Like every good story, a Financial Plan has a beginning, a middle and an end.  I have never written a book but I would imagine that writers don’t necessarily write in that order, and that is the same with a financial plan.

Having followed step 1 and calculated the income and expenditure we are going to move to end of the Plan.  It is not a topic people readily talk about but it is essential to consider how you will decide if you have been a success.  Have you done your best with the opportunities life handed to you, given it your best shot and done everything you wanted to before it was too late?  Some people have clear goal for what a ‘life well lived’ looks like.  They may have a bucket list of things they want to do.  They don’t have to be financial goals either.  In formulating a financial plan you should write these things down.  It makes them real and allows you to decide if they are realistic and achievable.

Of course, an element of this is what your lifestyle in retirement might look like and for this we would suggest that you download our Income Hierarchy here.  This breaks down the different elements of retirement income you may need.

Look out for Part 2 where we join together Parts 1 and 3 and formulate the plan.