The Spending Plan – Part 2
In my last blog I wrote about the need to have a spending plan for anyone due to pay inheritance tax. Reaction was swift and, if I may be bold, somewhat superficial – ‘I don’t need a plan, I have no trouble spending loads of money’. But the reality is that’s just in your dreams!
The spending plan I’m talking about doesn’t involve a limitless supply of money coming out of thin air but the very real supply of money that is already close to you – ie – your life savings. And when it comes to that money, few people ever truly think they have ‘enough?’. They say to themselves ‘I don’t know what the future holds so I will just hold on to everything – and possibly save a bit more – then I’ll be OK’.
And that’s the problem, that feeling doesn’t every truly go away. I have clients worth many millions who still don’t ‘feel’ they have enough.
It’s only when they take the time to really look at their finances and, normally with the help, introduce some, much needed, reality into their thinking, do they stop worrying about not have enough and start to enjoy what they have. Reach this point and your life changes completely.
At EML, that what we do. We help clients through that transition and see their lives change in ways they had never imagined. We’re not financial advisers (there are plenty of those to choose from) instead we coach clients on deciding what they want to do in the time they have available, identifying what’s important to them and what they can do to make a difference. It’s hugely rewarding work!