This is a phrase my clients hear from me all the time and it relates to good Financial Planning.
I know of many people who will die with significant sums of money and other assets left in their estate for the taxman to plunder.
Sadly, without a proper financial strategy, these people are in danger of not only paying too much tax, but not living as well as they could, not fulfilling long held dreams, not feeling able to help their families, working for too long and not enjoying the time they have left with loved ones.
At Magenta we help our clients to understand how much money they will need to keep for themselves to securely live their desired lifestyle and then how much extra they can afford to spend on things that make them happy.
Once we have determined how much is enough, we encourage clients to spend more! We give them the permission they often need to do things that they have never thought about doing before e.g. travelling first or business class rather than economy; employing a gardener or a personal trainer.
And when they have spent as much as they possibly can, we encourage them to give their remaining money away, to help their families and friends with mortgages and school fees and holidays etc. OR to charities and good causes, so that they feel their money has a worthwhile purpose.
Any money not spent or given away could be subject to a 40% inheritance tax charge and unfortunately many people leave their planning so late that they get caught out.
So back to my own plan – I know how much I need to live the life I want, I will build in a contingency fund just in case things change and then I will use anything left over, to benefit my nearest and dearest and a few cherished good causes.
Then when I die (I am hoping for another 30 years but planning for 5!) I will “shuffle off this mortal coil” with lots of happy memories and no money!
As they saying goes- “you can’t take it with you” – if we can help you reprogramme your future planning we would love to hear from you.