Once you have your financial foundations in place, you could be surprised at the rate of progress along your path.
It could be that you are in work, and you have a workplace pension building up, you are making regular savings, you have the necessary financial protections in place. Suddenly, you can see how your financial future is looking achievable over time.
We now need to start considering tax planning strategies and the use of the various allowances available to you, which can all be used to optimise your progress towards your goals.
Furthermore, this is the phase where potentially, some of your ‘earlier’ goals or transitions could start to take place. You could be looking to buy a house, get married, start your own business, start a family, change careers.
This is one of the most important phases of your financial future. Get this right, and the rest will be plain sailing. Mistakes at this stage can have a huge, negative impact on your future plans.
It is in this phase we really focus on ‘What is your Number’ and focussing your attention and work towards this point. Upon hitting your ‘Number’ you have reached true financial independence – a time where, based on your planned lifestyle, you are in a position where if you do not earn another penny in the future, you can afford to live out your planned lifestyle, with minimal risk of running out of money within your lifetime.
