Whether you’re looking for a change of pace in your current career, or looking to change direction completely, it’s important that you have a sound financial plan to give you the peace of mind that, whatever path you choose to take in the future, you will be safe in financial terms.
Below we give the example of Rupert and Sophie Casey and how we helped them make a change in their lives together.
Rupert and Sophie Casey – their scenario
Rupert worked long hours in the city and he and Sophie had talked about him leaving his job to enable them to have more time together as a family, but they weren’t sure about whether they could manage financially. When they originally contacted Mike they were considering whether they could be in a financial position for this change to happen within the next few years, they were pleasantly surprised by the answer!
The catalyst for change
They were referred to Mike through a friend and had a couple of informal chats over coffee (and some wine!) to establish their current financial position along with where they wanted to be and what they wanted from life, and how they might need to change their financial investments (and general financial approach) to achieve this change.
Rupert said “It’s the sort of conversation that you very easily say you want to have but sometimes you just need to have somebody turn up in your kitchen and make you have it! It propels you into the situation and then it’s a really lovely thing to be able to sit and work through.”
Mike took them through the planning process including the more “formal” side analysing their existing assets and income and any future income streams, and reviewing their outgoings, what these were and how these could be tailored in the future. He also spent time discussing bucket lists, what Rupert and Sophie really valued in their lives, their individual and family goals, and what they wanted for their two boys. This culminated in building a financial projection for their future income based on various different scenarios.
The outcome (AKA Escape from the City)
Looking at the different scenarios Rupert and Sophie were thrilled to learn that these changes could happen sooner rather than later. After just one year Rupert left the City and now works from home for a forward-thinking law firm (and even managed to get some time out to go sailing after leaving the city). Sophie is considering her next career move, perhaps starting the business that she’s been thinking about for years, whilst also remaining very active in her local community (and of course running the household!). Their two boys get more family time with their parents and are enjoying their new (and very lively) canine addition to the family!
Final thoughts about undertaking the planning journey from the Caseys
Rupert – “It’s our life, we’ve only got one of them so we may as well plan it and why not do it sooner rather than later? Nothing is written in stone and nothing’s certain, but at least we have a framework.”
Sophie – “You’ve got to be open to the reality check. You have to accept that you can’t have everything and that you’re investing in your future. There is a bit of a mindset change and you have to be pretty open and have some conversations that you’ve maybe been putting off. Definitely do it!”
So if you are considering your options for you and your families future – whether it’s around a change in career, starting a new business, retiring to the golf course, relocating overseas or just taking a step back for a while – contact us for a chat over coffee. You never know where it may lead, and there is never a better time than now to make a change.
“Mike and the team made it a very pleasant process. They also help with the perennial fear that we are missing something obvious “we’ve covered bases one, two, three, four, but what about other things that people think about?” – which is really what we needed. They ask the questions we don’t know we should be asking because we’ve never been through it before.”
Rupert and Sophie Casey
Jobs for life are increasingly becoming a thing of the past, this combined with many people retiring later than ever, and a shift to people adopting an approach of lifetime learning, means that more people than ever are now choosing to have a complete change of career at some point in their working life. Some people of course love their chosen career but want to take a step back – whether that means retreating from the city to somewhere more rural, choosing to work for themselves rather than for an employer, or cutting back hours to spend more time with their families or take part in their favourite hobbies.
With any of these changes there are of course important financial decisions that need to be made before making a leap into the unknown. It is vital that any change in career is made knowing that you have the ability to look after yourself, and your family, financially in the short term and into the future. Our financial planning service will help establish your current financial situation and draw up a plan for what you will need in the future, and how best to structure your finances in order to make that happen. It will give you the peace of mind that you are covered financially for any changes that you want to make in your life – allowing you to take that step with confidence!