During or after a divorce is a great time to sit and think and plan.
Our clients should ask themselves ‘What do I really want for my life now?’
This is one of the key things we talk to divorcee clients about when they come and see us. We reflected on this recently as 6 October was annual World Financial Planning Day and statistics showed that 80% of people in Australia advised by a financial planner believe the advice they received has given them more confidence in making wise financial decisions.
This is particularly important for divorces as they are often in a greater period of uncertainty and may also be lacking clarity and confidence to make big decisions.
So where should they start?
Step one to achieving anything in life, financial or otherwise, is creating a really clear vision of what you want and then devising the most effective strategies to achieve it as efficiently as possible.
We suggest this is the best place for divorcees to start and they can do so by writing down everything they now want for their life and if applicable their kids lives.
What are your lifestyle goals? Surely some holidays are on the cards after Covid? Maybe some time and money put towards getting into some old hobbies or passions, or making sure you are in a new home that makes you feel happy and comfortable.
What are your financial goals? Do you want to make sure your retirement is still on track after the divorce, make sure the kids will still get the outcomes you always hoped for, or has the change in marital status meant you need to review a range of things such as insurances, superannuation, taxes and investments? It’s likely that setting a whole new series of financial and investment goals will be required, so write down what success now looks like in regards to your money.
Work and family goals? Do you want to change jobs, start a business, grow an existing business, or work less and have more time with the kids?
Get clear on all these things by writing them down and include timeframes and how much they will cost.
A great way to do this is with a journal or a vision board.
Now you know what you want, you just need the most efficient strategies and investments to get you there. This process should be fun, aspirational and exciting and set you on a new pathway and journey.
So….happy journaling and vision boarding and if you need help to get the ideas flowing or to work out the best way to achieve them, just get in touch with us!