How much is Enough?

July 12, 2021

Money is a subject that we often find uncomfortable to discuss and yet finance matters are the ones which stress and worry us the most. Regardless of how much wealth we might have, we all ponder if we have enough. Various taxes, Brexit and economic uncertainty just add another layer of complexity, which make us deploy a "wait and see strategy”. It is in our nature to crave certainty, which often leads to a sub-optimal outcome and certainly does not take the anxiety and stress away. 

At Ebor Financial Planning we help our clients to devise a personalized investment plan which provides pathways to financial security. We deploy wealth building strategies which go beyond investment advice. In our view, the formula for SUCCESS has four components:

strategy x tax x investment return x review = outcome

If all of this sounds familiar to you, I would like to invite you to reflect on the following questions: 

  1. Why money is important to you?
  2. What your Goals and Aspirations are?
  3. What is your current financial position, assets & liabilities?
  4. Budgeting, do you know your numbers?

There is an old saying, “if you do not know where you are going, every road will get you nowhere".

One of the biggest misconceptions people have is that financial success revolves around investment returns. We voluntarily embark on a financial roller-coaster and opt for a bumpy ride instead of exploring where we are and where we want to get to and choosing a comfier ride. Furthermore, constant flow of information about quick wins and spectacular losses leave us paralyzed and indecisive at times when we need to take decisions, which can be life-changing. It is no wonder that we choose to avoid the subject of money all these questions might sound simple and easy together, or focus on just one element, rather to answer, but what we often find is that they then taking a holistic approach.

While few people have knowledge and discipline to figure it out for themselves, many trust is incredibly important in order to have of us would benefit greatly from professional advice and the comfort that a true financial planner can provide at times of uncertainty. We employ coaches and advisers in many areas of life, and yet often we leave our finance to chance. I'll let you decide whether this is the best strategy.

Over the years we have advised hundreds of people and everyone had their own "Enough". The secret lies in knowing your own target number. This is the foundation for a solid financial plan which then allows us to construct the most suitable investment strategy. This is why, all our client journeys always start with a discovery meeting. This meeting gives us an opportunity to find the answers for the four questions which would guide us in the planning stage. On the surface, these questions might sound simple and easy to answer, but what we often find is that they reveal what is truly important to us. As our lives are often complex, having someone we can trust is incredibly important in order to have an open conversation.

As we go through different stages of life, our magic number will change which means that we need to review and adjust our plans. As much as we wish to have certainty, there are many things which are out of our control. A good financial planner will point these factors out to us and bring our attention on what is in our power to change and control. To see how robust your financial plan is we utilize a sophisticated cash flow model tool which allows us to test various scenarios. As I mentioned in my previous articles, for me financial planning is a life-long journey. As we are approaching turbulent times in our country’s politics and economics, it is important that we all review our finances and find out how much is enough? 

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