Does the Financial Road Map® differentiate between the resources used to fund Goals vs. those used to fund Lifestyle?

Article ID: 328

Last updated: 20 Nov, 2019

Current lifestyle is funded from cash flow. Future goals from savings and investments. Only a person who is no longer working and living off their assets will have a goals related to “maintaining our lifestyle” which would be funded from assets.

Also listed in

All the Money Conversation™

Financial Road Map® Misc.

« When running through the Financial Road Map® with existing...

What do I do when the partner who goes second during the Values... »

Others in this category

I had a great Financial Road Map® this week however the length of the meeting was way too long. I went through four goals and on one goal the clients had a disagreement on what that goal would be; a retirement date or the option to work or not. We took some time to come up with an agreement on what that goal would be. Effectively, we created one date/goal for each partner. How many goals are ideal and what do you do when they disagree on a goal?

I have had a number of Financial Road Map® Appointments recently where the time of the appointment has gone to two hours. By the time I have thoroughly gone through the values of each partner and then cover their goals (in both instances this has been around 5 goals) and completed the All the Money Conversation™ and the Commitment to Hire Conversation™, it is going on close to 90-120 mins. I cannot see where there is time that we are wasting. There is little chit chat, however, at times, clients discuss some of their goals and that may take a little longer. I am not sure whether I am going too far with this. Can you please provide some comments around this or strategies I can use to reduce the time I spend on each Financial Road Map® Interview?

In my Financial Road Map® Conversations I find that my clients want to talk about the deck, car and the children’s education when I am trying to dig out their Core Values. I am not sure if I am making mistakes or just need to redirect them to their values. I am telling them that we will discuss the Goals in just a few minutes but need for them to go through the Values Conversation™.

How do you deal with paying off debt as a tangible goal when the clients only have a mortgage at a low interest rate and it doesn't make financial sense to pay it off ahead of schedule?

When you have multiple similar goals (2 college funds for kids, 2 wedding funds for kids)… Do you combine them into one shield on the Financial Road Map®?

» More articles