There is an old saying if you don’t know where you are going, how you will ever know when you get there? In investments this is very true. Last week we had our annual external audit for WealthDesign and one thing that was drummed into me was the need to always have clearly defined goals (defined in a clear and measurable way) on file, for our clients. These goals should always be the benchmark that every investment decision is weighed against. In truth this is easier said than done, and takes discipline and thought to achieve. Which got me thinking … this applies in all of our lives, not just our businesses.
For example, say you are a trustee of a family trust or you hold a power of attorney for your aging mother. Having the basics right from the start, is vital. You have to know what you are trying to achieve. So work backwards. What does the family member or beneficiary require to live comfortably and without stress? This involves numbers! You can’t just be airy fairy and say I want my mum to be happy and comfortable. What will that look like? Discuss this with family. Communication is vital. You need to be able to formulate how much money your investment needs to provide to have the outcome desired.
This is where we help you. It’s often new territory you’re treading, so having the support at hand, with an expert on your team, is invaluable. We care! Call us!
John Barber