Carry out this simple exercise using the Lifestyle Wheel and find out. . .
When life is busy, or all your energy is focused on one special project, it is easy to find yourself out of balance and not giving enough attention to important aspects of your life. Although you need to have focus and drive if you are going to get things done, too much of this can lead to an unbalanced and unsatisfying lifestyle.
The Lifestyle Wheel helps you to consider each area of your life in turn and assess which of those areas are out of line and need more or less attention. It’s a powerful tool giving you a clear visual representation of your lifestyle as it currently is compared to how you’d like it to be.
Score how you feel each spoke of your lifestyle is at present out of 10, then join up your marks. Does your life style wheel look and feel balanced? If it is not round, changes may need to be made where you scored overly high or low. If your circle is round, but small, as with any small wheel, the ride will be bumpy!
Consider these questions:
• This is the most important spoke in your wheel because without good physical health all other areas of your life will be more difficult.
• What objectives do I have in relation to weight loss or additional fitness and how do I intend to achieve them?
• Is life tough, are you stressed or unhappy?
• How does this affect the other aspects of your lifestyle?
• Do I like to think that stress is just a part of life? If so, what can I do to change this?
• Relationships are essential. When you are on your deathbed, it will not be memories of what cars you drove, where you went on holiday, how successful you were at work that are important, but those who are closest to you.
• What do I want to do with/for my partner?
• What do I want to do with/for my children?
• What do I want to do with/for my grandchildren?
• Do I have any other desires under this heading? If so, what and how do I plan to address them?
• Time is a strange thing; it can be long or short, depending on what you’re doing and it seems to speed up as you get older!
• The strange thing about time is that people will trade it for something that is less important!
• Do I have sufficient time to do the things I want to do?
• If not, what do I plan to do about it?
• Are there chores I would consider delegating or out-sourcing? (i.e. cleaning, gardening etc.)
• This is what drives you. It is usually more to do with your career or fun and recreation.
• Is there a course you would like to take or additional qualifications you would like to gain?
• Are there any projects you would like to start?
• A career is not just about money and, in our experience, it can help people stay young. If you enjoy work, why stop? We would suggest the important thing is to not have to work if you don’t want to.
• When do I want to ‘ease off’ – and how would I define this?
• When do I want to finally retire – and what issues will arise at that time?
Fun and Recreation
• This is your time for you.
• What would I like to do more of?
• What would I like to do less of?
• We hope, after completing the first section, you will understand that financial planning is not about financial independence, but about your lifestyle.
• Do I worry about money?
• What can I do about this?
• The purpose of money is to support all the above elements of your lifestyle and the only reason you invest money is because you need to put it somewhere whilst you are not spending it.
• How much money do I need to have to live the lifestyle that I want, without the fear of running out of money?
Once you have plotted your current lifestyle, you should consider what you need to do to achieve your desired lifestyle.
Call us today on 01661 860437 and we will send you our financial lifestyle planning questionnaire, or email us at firstname.lastname@example.org
#LambAndAssociates #CreateYourFuture #IFA #FinancialPlanning