Do you have a “Plan B”? All Financial Planners have to make some assumptions when forecasting a person’s financial future, like the rate of inflation, rate of return and expenses in retirement. But like most well-laid plans, life is sure to throw you curve-balls. Then what? Life is dynamic, not static, so it’s important to ensure that you update your financial plan on a regular basis, at least every five years or so….but that’s not what I am referring to as “Plan B”.
Most of my clients, past or present, have common goals. Retire in style, see the world and ensure their loved ones are not left destitute, if they are able to help out. But what about that nagging “Plan B”? You know we all have them, the dream of a very different life than the norm. Yours might be to live in the country and spend winters in a warmer climate. OK, not so radical, right? What about abandoning your permanent home for a life on a boat? What about going to a third-world country to volunteer your time and energy in early retirement? Is our “Plan B” so dream-like that we never consider planning for it? What would happen if we did? Maybe it would bring our alternate dream-like, ‘what-if’ scenarios, into our real life.
I’ve always told my clients to make informed decisions. There is no cost (depending on our financial planner) to explore your “Plan B” and you can do it from the safety of knowing that the exploration isn’t going to affect your current lifestyle. It’s simply an exploration into your dream world.