Sean and Margaret worked hard, very hard. But they played hard too, they enjoyed the lifestyle which they had worked hard to create for themselves and their daughters Angela and Lucy…
Sean was 45 and he had a plan. It was his plan – his own financial plan. Because Sean hated three things: His mortgage, Pensions, and most of all, financial advisers! So Sean’s plan was simple – to pay off his mortgage as quickly as possible. Then, mortgage free, he intended to accumulate as much as possible via his business between 45-55 – so he could retire early. Simple! Sean didn’t think he had a problem. And he didn’t need any ‘advice’. However, on the advice of his accountant he was recommended to speak with to a Financial Planner to ‘crunch his Number’. So, he and Margaret met with Premier Financial.
First Premier Financial spent some time getting to know Sean & Margaret, to understand the life they’ve had, the life they’ve got, and the life they wanted in the future. He helped them tune in to the real lifestyle they wanted to enjoy throughout their life.
He also wanted to understand why retirement at ‘55’ was so important. The reason? Sean wanted to escape at age 55 and pursue his passion of sailing whist he was still young enough – and more important – fit enough to participate in it. He wanted to cruise the Med. He wanted to cross an ocean. Any ocean. Sean wanted to see the world. He wanted to ‘do stuff’ – ‘before it’s too late!’
But why 55? Sean shared with Premier Financial the fact that his father had worked hard his whole life, right through to age 65, only to drop down dead at age 67. That was Sean’s main motivator. He could not bear the thought of that happening to him.
He knew – and understood – that ‘Life is NOT a rehearsal’ and Sean lived it accordingly. That’s why Sean worked so hard now, so he could ‘escape’ early So, understanding their clients, Premier Financial said they would work with Sean and Margaret through a lifestyle financial planning process to calculate their Number – the amount of money they needed by age 55 to ensure they could live the life they wanted – without fear of ever running out of money. Premier Financial built in the cost of continuing private education for Angela and Lucy. And the cost of two daughters weddings. Premier Financial got Sean and Margaret to really think about the lifestyle they wanted at various stages of their lives.
And then Pemier Financial crunched their Number.Premier Financial then broke the news. Premier Financial explained, that on agreed assumptions, Sean & Margaret’s current plan – Sean’s plan – would see them running out of money by age 67. Not good. So, using sophisticated financial planning software, and using meaningful assumptions, Premier Financial then helped Sean & Margaret to understand
HOW MUCH IS ENOUGH – i.e. how much they needed to accumulate by age 55 in order to prevent EVER running out of money whilst living the life they wanted. It was a BIG NUMBER. Premier Financial then worked with Sean and Margaret to help find ways of accumulating the money, including how they could utilise their greatest asset (their business) to build their Number.
Sean & Margaret are now well on course to achieve their Number and their intended retirement at age 55. Sean now has a reason to work hard, a real ‘WHY’.
Sean is motivated. Sean is inspired. Sean knows where he is going. They continue to meet with Premier Financial on an annual basis to constantly review their financial planning, to ensure they stay on track.
For Sean & Margaret Premier Financial plays various roles, that of a planner, a mentor and a coach, mostly inspiring them, but sometimes nagging Sean & Margaret to do the things they need to do to get to where they want to go. And that’s easy to do – when you know your Number.Back to Case Studies