When making the decision to retire early, it is critical to have a sense of discipline in your finances to sustain an indefinite retirement. How often have you heard the story of an individual who won the lottery, and within a few years they have spent all their money. Creating a financial plan, which defines your income and budget, then working with a financial professional to help hold you accountable to your strategy can mean the difference in success and failure. Below are some of the areas in which staying disciplined to a retirement strategy is important for success.
Defining Expenses to Create a Strategic Budget: As part of the Financial Independence program, during the development of your financial plan, we will work with you to identify what will be your necessary expenses, help to forecast variable expenses, and account for future inflation, with the goal of establishing an appropriate budget.
Self-Awareness: Being conscious of your expenses is a task easier said than done. Creating a monthly monitoring platform to help stay on track for your annual expense goal will help you achieve success. As part of the Financial Independence program, your Advisor will work with you to stay accountable to your financial plan.
Evolve & Adapt: Life is full of changes and uncertainty; a financial plan must be capable of adapting to life changes and economic conditions. There are many things in your original financial plan which will need to be updated over time, especially during an extended retirement. We will help you to adapt your income and budget to changes to reflect new personal goals, updated tax law, and necessary portfolio changes, among other areas.
Craft asset management does not provide accounting or legal services; however, we can work closely with your accountant, attorneys or other professionals. Please contact us for a complete description of our Financial planning and asset management services.