Tony Barber Financial Ltd

10 Difficult Questions

When things are going to plan the tendency is to go with the flow. However it can be in the times when things aren't going to plan that we start to reassess what it is that's important to us.

I spend a lot of time explaining the difference between a Financial Planning and a Financial Advice and the following 10 questions go right to the heart of what Financial Planning is all about.

Have a go at answering them:

1. To whom do you want to leave your money, at what age and with what conditions? (Especially if the sums are large). How much money is the right amount for your children to inherit?

2. What do you believe to be the right balance between enjoying money now; preserving and investing it for future security; leaving it to family members; and using it to make a long term difference in some way?

3. If you knew you only had 6 months to live, what would you do differently in the next 6 months? If you knew you only had 5 years to live, what would you do differently in the next 5 years?

4. How would you deal with the situation if you/your spouse/your parents became incapacitated, both now and in old age?

5. How will you exit from your business? (For business owners)

6. What will motivate you once you achieve financial independence?

7. What will you do then? At what age are you aiming, and why?

8. What is really important for you to achieve? And why?

9. If you received a massive cash windfall, how would you spend it? This is your hypothetical shopping spree! And if you had all the money that you could ever need, how would you live your life?

10. What would you like your obituary to say? Why? When you review your life, will you say, "I'm glad I did" or "I wish I had"? With these questions in mind, will you change anything?

That should keep you busy for a while!

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Tony Barber Financial Ltd is an Appointed Representative of Investments Ltd which is Authorised and Regulated by the Financial Services Authority.
Company Registration Number - 5102278. FSA Number - 464539
Registered Office: Corner House, High Street, St Dogmaels, Cardigan, Pembrokeshire, SA43 3EQ