What is Financial Planning?

Posted by Rory Brazil
November 23, 2021
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Thinking about your financial future and what you want it to look like requires planning. To regain and maintain control of your life or prepare for the future doesn’t just happen overnight.

Planning for the life you want is as important to Brazil Financial as it is to you, and our clients’ goals are always at the core of everything we offer. Finding out what matters the most is the first step in financial planning.

Not everyone is comfortable assessing their current financial situation or thinking about a long-term strategy. That’s where a financial planner can take some of the burdens and guide you to make the right choices for you and your family.

We take you through a five-step process at Brazil Financial, looking at your income, expenditure, and investments. Together with personal mentoring, we bring together your financial and life plans and guide you on your journey to financial independence. We are with you every step of the way.

If your goal is to retire at 55, you will need to have sufficient funds available to support the lifestyle you want for potentially another forty years. That is where financial planning is essential.

Benefits of financial planning

Deep down, you know that planning for anything helps bring it to fruition. If you want a family holiday, you’ll look at suitable dates, research the resorts or hotels you would like to stay at, and, more importantly, check you can afford it. Once the planning stage is signed off, you can start ticking the days off on your calendar.

If planning can help you book a holiday, imagine what it could do for your financial future.

Here are a few of the benefits of financial planning:

Be prepared – the threat of illness or redundancy may not be at the forefront of your mind, but including an emergency fund and/or an income protection policy in your financial plan means you will be covered in the case of anything unexpected.
Savings – when you create a financial plan, it gives you an in-depth view of your current financial situation and your income and expenses. Once you are clear on your life goals and what it will cost to live, you will see where you can cut costs and begin to save or invest.
Live your best life – how often have you sacrificed something you wanted to pay off a bill or a debt? Does the idea of a holiday, new car, or moving house seem like an unattainable dream? Working closely with your financial advisor, you will not only stop compromising on your goals, but you’ll be able to start enjoying your life.
Enjoy retirement – as people are living longer, it means that more cash is needed to enjoy whatever retirement looks like for you. Perhaps that includes travelling, more family time, buying a sports car, or moving to the coast. Financial planning can help you see clearly where your income post-retirement will come from and how long it will last.

Create a life without limits

Our Life Without Limits programme was designed to help you understand your financial goals and how financial planning can benefit you.

Discover – Where are you today, and where do you want to be in the future?

Realise – Identify your priorities and visualise your goals

Everest –There will be challenges, but we help you overcome them

Action – Agree and implement the financial plan to get you to where you want to be

Mentorship – Bringing together the financial and life plans of you and your family

Let’s explore each step in more detail:

Step 1: Discover

Understanding where you are today financially and where you want to be in 5 or 10 years is the first step to creating a life without limits. It helps to have a clear analysis of your financial situation to build the right action plan.

Driving you towards achieving your future financial goals can only be done will all the necessary information. How many credit cards do you have, and what is the remaining balance? Are there any outstanding loans? Do you have store cards or savings accounts? Collating all your financial data allows you to discover an accurate overview of where you are today.

Step 2: Realise

What matters to you and your family? What goals do you have? Is paying off the credit card debt top of your financial goal list? Do you want to set up savings or investment accounts for your children’s future?

Your goals are unique to you. Once you identify your priorities, you can begin to visualise your goals.

Step 3: Everest

Making a plan and sticking to it sounds easy when you put it down on paper, but you will meet challenges along the way to making that plan a reality. Working with Brazil Financial means you get sound and practical advice and receive support and mentoring to overcome those challenges you face on your financial journey.

Step 4: Action

A plan remains a simple thought without taking any actual ‘action’. The DREAM programme means you agree and implement the financial action plan you create, giving you the road map to get you where you want to be—easy steps to follow and fully supported.

Step 5: Mentorship

The entire ethos of Brazil Financial is to provide excellent solutions for your financial planning, money matters, and future security.

What next?

We aim to inspire you through a mix of financial planning and coaching to make positive changes in your life. We use our DREAM methodology to look at your finances from your values, dreams, and objectives.

If you’re ready to start financial planning and live the DREAM, get in touch for a chat

Create your own ‘Life Without Limits’ with Rory, a Certified Financial Planner CPF®, and Ireland’s first RLP® Financial Life Planner, to discuss how his DREAM programme can shape your future and allow you to create financial independence.

Financial Life Planning sessions are conducted face to face or over Zoom/Skype/Teams. Book your call today HERE.