My Most Frequently Asked Questions

Having a clear view of what you want to achieve makes it easier to strive towards your goals.

I get asked loads of questions and to save you asking them, I’ve gathered a few of my most frequently asked questions below. 

How do I keep myself disciplined and motivated with my money?

Check your bank accounts regularly for any wayward payments that you make. You may have what is known as expense creep, where little things you sign up for, that you may already have, start eating into your money. Sky includes Netflix now so there’s no need to pay twice. Another example is paying for extra data on your Apple account, which you are also paying for on your google account. These little items can add up.

A daily Latte at £3.50 can cost a whopping £805.00pa out of your net pay. Once you add tax and National Insurance on top this will amount to well over £1,000pa. Set up a separate bills account, and pay all your direct debits, standing orders and regular payments from this separate account. Setting up a standing order from your salary fed account to cover your bills the day after payday, and technically you’ve paid all your bills in one day.

How do small goals help me reach my desired number?

Small goals are something to cut your teeth on. Get some practice so that imposter syndrome doesn’t set in to steal your big goals from you. There are numerous stories of people of very modest means amassing a small fortune over their lifetime, by simply being careful about their spending.

Make the small changes such as deciding to switch to 2 Latte’s per week instead of 5 and save the money from the 3 other days into an account where the funds are not easily accessible. Look out for these quick wins to start changing your habits.

What are your top tips in planning for a Work Optional Lifestyle?

Start with deciding what Work Optional Lifestyle Goal you would like to pursue. I write about the power of Goals in my book “Goals Do Come True”.

Get advice and support from a trusted adviser, someone that has empathy and understanding about life, and is on your wavelength. You need to be able to be honest about your situation and accept the honest feedback that a good adviser can help you with.

When is the best time to start planning for a Work Optional Lifestyle?

There is a Chinese Proverb that states “The best time to plant a tree was 20 years ago, the next best time is now”.

If you’re in your late 40’s and have amassed a number of assets, then you should be considering this type of planning now.

You may have assets that should be added to, to maximise tax efficiencies, and you should be aligning your goals to accumulate as efficiently as possible, and then decumulate efficiently too.

With the correct planning, there is no reason why your “Work Optional” date cannot be brought forward by 2,3,4 or up to 10 years. It is often nearer than you think.

What other recommendations do you have for someone planning for later life?

Get some expert advice. You do not know what you do not know!

A good example of this is a Golf weekend I had with 13 other guys. I often get asked my opinion on finance, having been an adviser, coach and mentor for over 30 years.

One of the guys has retired aged 58, with my support over the years, and another is in a position where he could, but doesn’t really know it!

I gained an idea of his lifestyle as we are friends on Facebook, and a number of questions he asked indicated that he had amassed a sizable amount of wealth. A lot of his statements about his planning were somewhat misguided, with incorrect timings, and incorrect tax rates being quoted.

Naturally, I couldn’t give full advice to him as the timing was inappropriate and there were beers in the offing.

However, with the wealth planning, he could make Work Optional now, and improve his handicap. But it is likely that he will plod on for another couple of years with the googled knowledge he has amassed.

 

I hope I answered some of your questions but if I haven’t, then send your question to me at office@dbwpp.co.uk or give me a call on 01293 889 377.

If I answered your question, and you’re ready to work towards an informed financial Work Optional Lifestyle™ then download my FREE guide to a Work Optional Lifestyle Financial Plan.