Financial independence is the main goal for most practice owner professionals, business owners and company executives we encounter, however, reaching that goal can feel akin to chasing the white rabbit, especially when there’s snow!
We define financial independence as having enough money to meet your desired lifestyle and financial goals, without having to rely on income from your practice, business or employment – financial independence does not mean retirement though, as many people find real purpose in their work and prefer to work on…
It’s so important you take time to determine specifically what financial independence means to you and your family. For instance, is it being mortgage-free? Is it ensuring you can meet the cost of your child’s further education and providing a deposit for their first property? Perhaps, for you, it’s being able to retire early and travel the world?
Achieving and maintaining financial independence requires vision, planning and discipline. Incidentally, for practice owner professionals and business owners, I would suggest the goal ought to be to achieve financial independence without relying on the sale of your practice/business.
Defining precisely what you want to achieve is like seeing the white rabbit for the first time. It means you can focus on getting to grips with your current financial situation (see our article. With a detailed picture of your desired lifestyle and financial goals and a thorough knowledge of your current finances, you can start your journey down the rabbit hole.
Although planning your financial life sounds simple, it can be overwhelming, therefore by working with a professional wealth planner to create your own tailored wealth plan, you will be able to visualise what your financial future could look like; be less anxious about tomorrow; and know you can secure all that you value – we call it clarity, contentment and certainty.
At Wells Gibson, we use years of experience and expertise to help our clients achieve and maintain financial independence by building authentic investment portfolios and executing wise financial strategies in areas such as cashflow and budgeting, risk and tax.
Do you want to become financially independent? Contact us.
