Financial Independence – are you there yet?


Financial Independence – are you there yet?

By Julie Lord - Magenta Financial Planning

Twenty years from now you will be more disappointed by the things you didn’t do than by the things you did.” Mark Twain

There will come a point in your life that you will start thinking about your retirement and all the lovely things you will want to do with your time when you no longer have to work. But at Magenta we don’t like to use the ‘R’ word but prefer to use the term ‘financial independence’. We define this as the point in time where you are able to choose how you spend your time. Once people reach financial independence they may take this opportunity to continue to work, whether that be voluntary or paid work, or spending more time on a hobby or interest, as we will all need something that we can focus on to fill our days once we become financially independant.

But before we can take that step we need to ensure that we are financially Independent.

So when is the point where you reach financial independence?

Do you know whether a slight adjustment in what you are doing today would enable you to bring that date forward? Whether you choose to stop work altogether, or gently – or never– to wind down to not working at all, do you know what level of lifestyle you will be able to afford?

Or are you already there but just don’t know it? You haven’t stopped to look at your finances to see if you have enough money to last for the rest of your life and you don’t know what sort of investment return you need to ensure you never run out.

If you work with us you’d have a plan and you’d know. All of our clients who have reached financial independence continue to work because they choose to. Those who are still on the road to financial independence have a pretty good idea of what they need to do and when they’ll get there.

Our lifetime cashflow modelling gives all our clients a very clear idea of where they are now and what lies ahead. So they can plan their future lives with confidence in the knowledge that they will have enough to live the lives they want and be financially independent. If you want to achieve financial independence sooner rather than later, you can contact us when convenient so we can start a conversation or if you are not yet ready, make a start by getting organized – make a budget, clear out old direct debits, list your loans and debts, challenge your spending habits, know where you are with your pensions, life assurance and savings, know where your money is invested and what the charges are, are you getting the best rates of returns on your saving, do you have a Will and a Power of Attorney in place?

If you are currently looking for advice, please take a look at the Magenta website by clicking here and see if you think they could be the perfect match for you!  

Julie Lord is CEO of Magenta Financial Planning and is always happy to provide basic financial information to help people to get a better handle on their finances and the possible solutions available to them to improve their future security and happiness.

t: 01656 760670


Magenta Financial Planning is Authorised and Regulated by the Financial Conduct Authority.