Thomas Dickson explains why understanding your finances is the first step towards making hopes for the future a reality.
What do you really want?
If you asked yourself what you really love about life, and what you want to be doing more of, what would you say?
We’ve been asking our clients this for more than 15 years. As we continue to live with Covid 19, these questions seem more important than ever.
Some of our dental clients want to buy a second home; others thrive off developing their career or building up their dental practice; some want to reduce their clinical hours or leave the NHS or dentistry completely.
Some know exactly what they want and are well on their way to achieving it. But for most people, focusing on what they really want is a crucial first step.
Former dental practice owner, Jo Wirdnam, explains how planning for her future with Wealthwide has been life changing. Click here to watch Jo’s story.
I worked with some new clients recently, and established they are far wealthier than they realised, in terms of their existing savings, property income and future NHS pension.
In fact, the dentist, who was in his early 50s, could probably earn half as much as he does now and still live very comfortably now and throughout retirement.
Selling his practice much sooner than he thought could also give them the time and opportunity to pursue their dream of travelling abroad.
You don’t have to engage a professional financial planner to understand if you’re financially secure enough to achieve your aims in life. But it is hard to make a big change without knowing whether it’s going to affect your future income or finances in retirement.
You can learn more about our financial planning service here www.wealthwide.co.uk/financial-planning-for-dentists.
I did a presentation earlier this month to 150 financial planners. The organiser who’s a friend, emailed us after the event and explained that his partner had been walking the dogs. She was unfortunately pulled down 16 railway steps, leaving her unconscious with a fractured skull.
Several weeks later she’s about to go to a specialist neuro rehab centre for specialist care. For me and my friend, it’s yet another reminder to just get on and do the stuff we love now.
How to plan for the future – first steps
So, I’d encourage you to work out what you want to do. All you need to do is arrange some quiet time on your own, or with your partner or family. Sit down with a pen and paper and then brainstorm all the things you want to do.
Perhaps you’ve always wanted to:
- Take Friday afternoons off
- Do some travelling
- Have more family time
- Have more holidays/time off during the year
- Reduce your stress levels/do more yoga
- Buy a second home
- Learn to play an instrument or play in a band
- Move to a house in the country with a big garden (this is my wife’s plan)
- Travel business class – people often do this after they speak to us
- Take time to invest in your own personal development.
Many people are scared to seize the day because they don’t know what the impact will be on their finances now or in the future.
That’s where a detailed financial plan can help. It quite literally will show you what you can and can’t afford to do between now and the day you die.
What are your hopes for the future?
The value of your investment can go down as well as up and you may not get back the full amount invested. When investing your capital is at risk.