Summary
Paul is the founder of Inspiring Advisers, a lifestyle financial planning training programme and Life Centred Planners, a fast-growing global community of advisers from around the world who believe that it is time to put the client and not their money at the centre of their plans. Paul is also the author of the brilliant book Enough?: How much money do you need for the rest of your life. A book that we give out to for free and has had such an impact on many of our clients. Paul began life as a financial planner back in 1982 and in 1990 he was one of the very first to see the light and start the movement of what is now known as lifestyle financial planning, focusing on the human and not their money. As well as helping and inspiring many financial advisers across the globe, Pauls overarching mission is to educate and change the lives of people by showing them the REAL benefits of how lifestyle financial planning can help them live their best life.
In this episode, Paul and I talk about his wake-up call, when his mother passed away suddenly, leading him to realize that life is not a rehearsal. He shifted his focus to lifestyle financial planning, putting life at the centre of financial plans. Paul emphasizes the importance of understanding how much is enough and helping clients live a great life now. He also discusses the three types of people when it comes to retirement planning: not enough, got too much, and just right.
Paul discusses the importance of redefining retirement as financial independence and freedom ant that true financial independence means having the choice to work or start a business because you want to, not because you have to. Paul encourages everyone to pursue new opportunities and passions during this retirement with the idea of leaving behind memories and experiences, rather than just money.
Takeaways
- Life is not a rehearsal, and it's important to live a great life now.
- Financial planning should revolve around a client's life and desired lifestyle, not just financial products.
- Understanding how much is enough is crucial for financial planning.
- Many people worry about money when they will be financially okay.
- The financial services industry often focuses on fear and insecurity, but real financial planning should provide peace of mind and freedom. Financial independence means having the freedom to choose whether to work or not.
- Redefine work and find purpose in retirement by pursuing new opportunities and passions.
- Focus on leaving memories and experiences, not just accumulating wealth.
- Craft a lifestyle financial planning message that emphasizes the connection between life and money.
Chapters
00:00 Introduction and Impact of the Book
01:27 Paul's Journey and Frustration with the Financial Services Industry
04:22 The Wake-Up Call: Paul's Mom's Death
06:45 Realizing Life is Not a Rehearsal
09:05 The Concept of Time and Aging
11:27 The Shift to Lifestyle Financial Planning
13:48 The Book 'Enough' and Putting Life at the Center of Financial Plans
19:33 Retirement and Understanding the Concept of Time
21:51 The Three Types of People: Not Enough, Got Too Much, Just Right
47:28 Financial Independence and Freedom
48:23 Redefining Work and Purpose
49:13 Exploring New Opportunities in Retirement
50:08 Leaving Memories and Experiences, Not Just Money
51:30 Crafting a Lifestyle Financial Planning Message
53:02 Understanding What You Want and Don't Want
54:29 Maintaining Your Current Lifestyle
55:00 Planning for Your Future
55:30 Spreading the Message of Financial Planning
Episode Links & Resources
The Humans vs Retirement Podcast